Five Reasons You Maybe Unaware of That Could Be Hiking Your Car Insurance Premium

When a car insurance company gives you a quote on a policy, the premium is arrived at after considering a number of factors. You can readily understand that the premium will depend on the car’s make, model, and value as well as usage and the track record of the driver. However, there are a number of other reasons that could be driving up the amount of the car insurance premium. The first step to lower the premium amount is getting to know why it is getting affected in the first place. Some practical tips on what you should be looking out for:

Chrysler Automobile

Home Is Rented Not Owned

While the connection may not be readily apparent, it is true that if you are a tenant you will in all likelihood be paying as much as 6% more than homeowners. According to a report by the Consumer Federation of America that while companies have their own unique ways of arriving at the premium amount, many of the top insurance companies charge more for renters. Ask the company if they differentiate and if they admit they do, you might be better off with another company if you are a renter. Read More