Because statistics prove that separate groups young single males and single females have more accidents and moving violations than their older and married counterparts, their premium rating factors less difficult higher than the nation’s average of 1. However, should you fall into either of these categories, do not despair.
There are numerous premium saving options available to you. Need more info? here. Before we explore these premium saving maneuvers, you need to know the exact age, sex, and marital status breakdowns standard among most insurance companies throughout the country. The highest-rated group are single males under age 21, accompanied by ages 21-24 then 25-29, with the rates decreasing each and every higher age group. The following rating factors have to do with principal operators-those who drive a minimum of 25 percent of the entire mileage and possess their vehicles registered in their own names. Single males aged 21-24 possess a rating component that can vary.
This means that their final premiums can range from a low of $630 to as much as $900. Again, the differences in the premiums are staggering, plus this case an individual male could save 30 percent just by searching for the insurance company with the lower $790 rate.
Single males aged, that have a low rating factor, might have premiums which range from a low of $850 to a high of $1650. The staggering 40 % contrast between both of these premiums is due entirely to the arbitrary utilization of different rating factors among the various insurance providers.
Single males under age 21 have a rating factor that can vary from 2.00 to three.00 depending on the company-double to triple the normal premium charged to an adult male (30 and older) or perhaps a married male 25 or older. When compared with our standard example, when the adult /married fees are $360 (based on a 1.00 rating factor), the final premium for a single male under 21 would range from a low of $720 ($360 X 2.00) to a high of $1,080 ($360 X 3.00), based upon the rating factor used by the insurance company.
As you have seen, the premium differences among various companies can be very staggering. In this case, you could save around 33 percent annually by simply understanding how to shop around, a topic we’ll be examining comprehensive