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Gant Insurance Gant Insurance
  • Home
  • Personal
    • Auto
    • Homeowners
    • Umbrella
    • Motorcycle
    • Personal Quote
  • Business
    • Commercial Auto
    • General Liability
    • Commercial Property
    • Business Owners
  • Life
  • Health
  • Carriers & Claims
  • Become An Agent
  • About Us
  • Blog
  • Contact Us
    • Write A Review
Jul 09
auto insurance

4 Things That Affect Your Auto Insurance Rates

  • July 9, 2020
  • auto insurance

When it comes to purchasing car insurance, shopping around is probably the best thing you can do to lower your overall coverage costs. However, if you’re getting similar prices from most insurers, it may be because of a few latent factors.

Here are 4 factors that can directly affect your auto insurance rates:

1. Your Address

Statistics suggest that most accidents tend to occur near your home. Hence, if you are a resident of a densely populated area, your chances of thefts and accidents are likely to increase. Likewise, certain neighborhoods have higher repairing costs, thereby raising your auto insurance rates.

2. Your Credit Score

Most car insurance companies tend to take your credit score into consideration while generating interest rates. Generally, your credit scores and insurance rates are inversely proportional to each other: the higher your credit score, the lower the price of your monthly premiums.

3. Safety Rating of Your Vehicle

If you purchase a vehicle with a higher safety rating, it means that your chances of getting into major accidents and incurring huge expenses on medical and repair bills will be relatively lower. This automatically reduces your insurance costs. However, if your car has lower safety ratings, you may end up paying a higher price.

4. The Age of Your Vehicle

If you are purchasing insurance for an old or second-hand vehicle, your insurance company will likely quote you a higher car insurance rate. This is because the cost of repairs for older cars tends to be higher than newer cars. Also, old cars are at a greater risk of getting ‘totaled’ in accidents, which, in turn, lowers their collision coverage rates.

These were some important factors that determine the price of your car insurance. If you need assistance in choosing the right auto insurance, contact the experts at Gant Insurance Agency in McKinney, Texas. We can help you with all your coverage needs.

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The Gant Insurance Agency, Inc is a family owned Texas Insurance agency located in the heart of McKinney, Texas. Since 1987, the Gant family has provided affordable insurance products to North Texas.

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