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People in carMillions of Americans would love to save money on their auto insurance. In fact, because of new ways to compare prices, many people switch to new insurers every few years if a better deal is offered. But what factors go into determining insurance premiums? The more you understand about insurance, the easier you may find it to work the market to your advantage.

The predominant determining factor of insurance premiums is simply assessing risk. Each time an insurer pays out a claim, they keep a record of every detail about the claim, including the payout amount, the type and age of the car, the age and gender of the driver, the location etc. Hundreds of similar factors go into building what insurers call a risk profile.

The risk profile allows insurers to determine the risk posed by almost any driver, leading to the dollar amount of your premium. For instance, male drivers in their twenties who drive sports cars are the drivers most likely to be involved in an accident. Because of past events (and since history repeats itself), these drivers can expect to pay higher premiums.

Though you cannot change who you are, you can work the system to your favor by purchasing a less risky car. A white sedan packed with safety features is inherently less risky than a flashy red sports car designed for aesthetic purposes. Because of this, the type of car you drive is a very important factor that affects your risk profile. When shopping for a new car, you may find it helpful to consult your independent agent about what types of cars are generally cheaper to insure. Their guidance may sway your choice in vehicle.

We can find you the right coverage for the right price. Call Key City Insurance at (435) 656-8100 for more information on Salt Lake City car insurance.

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