Ensuring the protection of the investment made in a vehicle is a relevant individual and family need within personal finances. In this sense, before making such an investment, it is necessary to know certain factors that affect the moment of ensuring adequate protection for vehicles. Below is a brief description of how this process works in the United States.
The value of a vehicle insurance policy is significantly different depending on aspects that can range from the type of safety device to be installed, to defensive driving courses included in the insurance purchased; something that can eventually reduce the cost of it.
Generally vehicle insurance is valid for 6 months to 1 year and insurers charge a monthly fee that tends to range between 100 and 200 USD. However, there are some peculiarities that affect the amount to be paid, such as the vehicle model, the driver’s age and even the gender of the person who purchases the insurance.
According to internal studies of insurers, compared to women of the same age, men between 16 and 29 tend to show a higher probability of fatal accidents when driving a vehicle; reason why insurers are forced to pay considerably high amounts as part of the insurance policy acquired by an individual.
Otherwise, the policies acquired by men whose age group is between 30 and 69 years of age, who tend to be more cautious at the wheel and whose sense of care and protection, both of their life and the vehicle, significantly reduces the risk of fatal accidents; something that in turn positively affects the value of the insurance policy that is intended to be acquired.
Despite this, the elderly again increases the costs of insurance, since after 70 years older adults increase the probability of suffering a fatal accident by 50%.
Small -big- details
Not only age and gender are determining factors when calculating the value of a vehicle insurance policy; even the degree of vehicular congestion of a city, its population index, and even the cost of living are elements that modify the value offered by an insurance company to those who are interested in acquiring a policy for their vehicle.
Other elements that may affect this value are, for example, driving history (infractions, fines, traffic accidents, etc.) and the record of payments and / or debts that the client presents in his name in relation to other policies acquired. . Both representing elements that can have a positive or negative impact on the final value of the insurance, and in turn, on the value of the respective monthly installments.
The total amounts to be paid, once calculated taking into account the above and other details such as the range and model of the vehicle, the age and gender of its driver, among others, must be approved by an official entity (Department of Insurance in the case of the United States) that grants its guarantee and authorizes said payment. It should be mentioned that it can be modified according to discounts and / or services that are taken or received by the person who purchases the insurance policy.
Insurance companies have multiple simulators where a potential customer can calculate for himself the possible costs to pay before making this investment. Here you can explore among different insurance options and choose the best alternative by simply indicating your zip code.
If you have decided to purchase insurance …
In the United States the most expensive policies are found in the States of Louisiana, Maryland, New York, Columbia and New Jersey; While states like Iowa, Vermont, Illinois among others have cheaper car insurance. The average annual premium in the United States is $ 1,800 USD. Take this data as a guide when calculating and choosing to insure your vehicle.