5 factors that affect what you pay for auto insurance

Your Deductible00:00:16

Your deductible significantly impacts your auto insurance premium. While a common deductible is $500, choosing a higher amount like $1,000 can save you about 9% on average. However, be prepared to pay this higher amount out-of-pocket before your insurer covers repairs.

Your Vehicle00:00:36

The make, model, and year of your car play a major role in your insurance cost. More expensive cars generally cost more to insure. Additionally, if your car model is frequently stolen, your insurance rate may increase.

Your Mileage00:01:03

The number of miles you drive annually affects your rate because more time on the road increases accident probability. Driving 9,000 miles or less per year often qualifies you for a low mileage discount, but your insurance company needs to be aware of your actual mileage.

Your Driving Record00:01:27

Your driving record has a substantial impact. A single speeding ticket can raise your premium by nearly 30%, while more severe offenses like a DUI can double your rate or more, depending on your location.

Your Personal Information00:01:45

Personal factors such as age, gender, and marital status also influence your auto insurance rate. Younger drivers, especially men, typically pay more, while being married can lead to lower rates; for example, a married 20-year-old pays 21% less than a single 20-year-old.