Car insurance calculators can be helpful tools in estimating how much coverage you need and what your rate might be, but many factors can alter these figures significantly – the best way to gain an idea of your overall car insurance costs is to obtain several quotes and compare them from various providers.
Most states mandate liability coverage, though the exact amount will depend on both your situation and state regulations. Leasing or financing an auto can have an impact on rates as lenders require you to carry a certain level of protection should an accident happen. Your personal driving history also has an effect; any DUI arrest, at-fault accident or traffic violations on your record are usually enough to increase them; while having had no tickets or accidents might decrease them.
Your car type can also affect your insurance rate; sports cars tend to cost more than sedans since they’re often driven at higher speeds and therefore more prone to accidents or theft. Some models have more costly parts that might need replacing in an accident or theft claim.
Your age also plays a part in your insurance rates; younger drivers tend to pay higher premiums than older ones, although this tends to diminish with retirement age. Marital status and homeownership status also impact rates – getting married may reduce expenses or moving into less densely-populated areas may save money – though the exact savings depend on individual circumstances.
Your credit score is also an integral component in determining your insurance rate in most states. Insurance providers use a variation of your consumer credit score similar to what lenders use when assessing risk as drivers; drivers with better scores often enjoy lower rates while those with poor or fair ones may pay significantly more.
Your job and where you reside can also have an effect on your rates, such as congestion, accidents and vandalism risks in highly populated areas – this increases the chance of congestion charges as well as premium increases – while working in high-risk industries or driving in poor weather may increase premiums accordingly.