What Kinds of Factors Affect Car Insurance Premiums?

If you’re in the market for a new vehicle, it is important to consider the cost of auto insurance when determining your budget. Depending on the make, model, age, and fuel economy of the car that you ultimately choose, the insurance premium could end up being the most expensive cost associated with maintaining it.

Auto insurance is essential for protecting both you and other motorists on the road around you. Even with a tight budget, you cannot simply forego coverage.

In the state of Texas, motorists must purchase a minimum amount of car insurance in order to register a vehicle in their name. The coverage requirements are:

• At least $30,000 worth of coverage in bodily injury per person;
• At least $60,000 worth of coverage in bodily injury per accident; and
• At least $25,000 worth of coverage in property damage per accident.

Since catastrophic injuries can result in far more than $30,000 in damages, you should consider purchasing more than the minimum coverage amount; however, it is important to remember that purchasing more coverage will result in higher premiums. Depending on a variety of factors, though, you might still end up paying less for extra coverage than other motorists pay for the minimum required amounts.

Unfortunately, just because you or a driver who hit you has insurance doesn’t mean the insurance company will step up to the plate and cover your damages. If you sustained injuries in a collision but the insurance adjuster is not willing to offer a fair settlement amount, contact the Cooper Law Firm.

A Longview accident attorney from our firm will evaluate your case to determine if you have grounds for a claim. Call 903-297-0037 to schedule a free case evaluation.

Read on to learn what kinds of factors affect car insurance premiums:

1. Your Address

Your address is one of the greatest determining factors when it comes to insurance rates. Insurance providers will assess the crime rates in your area as well as the neighborhood densities, weather patterns, and the number of claims they see from other motorists who live and work near you.

2. Your Age

In general, inexperienced drivers are more likely to cause collisions than motorists who have had their license for decades.

3. Your Driving Record

If you have received multiple speeding tickets or been involved in several collisions, it will affect future insurance rates. Insurance providers will review your driving record when you apply for coverage and again when it is time to renew the policy. Additionally, if your driving record is fairly clean but you receive a ticket or get into a collision, the current premium is likely to increase for a few years.

Other factors that can affect your insurance rates include:

• The make and model of your vehicle;
• The number of licensed drivers in your household;
• Claims history;
• Credit score;
• Gender;
• Marital status; and
• Your vehicle’s safety features.

If you were hurt in a car accident but the insurance adjuster is refusing to work with you, contact the Cooper Law Firm. N. Eric Cooper is a personal injury lawyer in Longview who will compassionately represent your interests.

Mr. Cooper will gather evidence, interview witnesses, and help you fight for the highest possible payout. Call 903-297-0037 to schedule a free consultation. You can learn more about car accident claims in Texas by visiting the USAttorneys website.