The premium calculations for car insurance / motor insurance are dependent on a number of factors:
- Personal factors: Age, Gender, Marital Status
Your personal traits never influenced the motor/car insurance rates the way they do now a days. From your age to your marital status, everything counts!
The young age coupled with a single status is deemed as risky by the underwriters. A marital life would surely bring you relief in the form of a discounted insurance rate.
- Non-personal factors:
The country, the state and even the province that you stay in are factored into your motor / car insurance rate calculation. So if you happen to live in a high seismic zone, be ready to shell out more for you motor insurance. Some areas are more developed and disciplined than the others with respect to obeying the traffic ruled. Apart from this, the insurers also have area specific historical data for accidents and claims to back up their calculations.
A history of accident claims on you motor car makes insurance companies charge higher premiums. Multiple drivers also increase the probability of higher rates.
Occupation, credit rating
Your professional occupation, the risks and hazards associated with it are considered during the profiling session / documentation. If you happen to be associated with a job that requires you to travel frequently on the roads (if you use your own vehicle), the chances that you will be charged higher premiums is high.