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Many factors can affect your insurance premiums, are you causing your insurance to cost more?

Do you know how your insurance rate is figured? There are many factors that can contribute to why you are paying so much for your car insurance. Simple things such as age and marital status as well as your driving record, previous accidents, credit history, and the type of car you own can all affect your premium. Premiums can also vary whether you are male or female and which company you decide to hold a policy with. Insurance companies such as Nationwide, The Hartford and Allstate showed they had lower rates for men than women while 21st Century, AAA, Esurance, GEICO, State Farm, and Progressive all had rates that were lower for women. (These figures are based on numbers that are subject to change due to your own personal circumstances) Did you know that drivers between 16 and 25 are the riskiest drivers and generally pay the highest premiums?

A very important factor in keeping your rate down is the way you behave on and off the road. If you have gotten a DUI or reckless driving tickets then most likely you will have a high premium. Also, you should never lend your car out, if the person who borrows it from you gets into an accident, your insurance rate will more than likely increase. Having your premium raised is not fun, but you should never withhold information from your insurance company such as getting into a car accident. Regardless of how bad the accident is for your own protection you should inform them, they will decide if your accident was severe enough that you need to file a claim.

There are many reasons why your premiums may increase, but you can also get a discount on your insurance for things such as getting married and combining your policies, if your child attends college away from home and/or gets good grade and people 55+ can get a discount for taking a driving class. If you have teen drivers in your home you may want to consider buying them their own car and putting their name only as the owner and driver. It is possible to then exclude them from your vehicles which can reduce your rates. However, if they decide to drive your car with or without your permission then there will likely be no coverage. Also keep in mind that you should buy high insurance policy limits not only for yourself, but also for your children. The only insurance coverage that protects you and your family in a car accident is what is called UIM-underinsured and UM- uninsured motorist coverage. This pays for bodily injury damages sustained in an accident with a driver who either has no insurance or not enough to pay for the injuries to those in your car.

If you would like more information on how to buy car insurance to protect you and your family our attorneys at Walker, Billingsley & Bair (we do not sell insurance) offers a book at No Cost that helps Iowans understand insurance laws and regulations. We offer the book because we have seen too many clients make costly mistakes when purchasing insurance and we had to explain their mistakes to them after it was too late. Our office represents Iowans from all over the state including but not limited to Des Moines, Iowa City, Newton, Cedar Rapids, Ottumwa, Oskaloosa, Davenport, and Waterloo. To request a copy of our book go to www.IowaInsuranceBook.com or Call Now 1-800-707-2552 ext. 814 (24 hour recorded message)