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Factors that affect car insurance rates include your age, driving history and marital status, and details about your vehicle, such as its model year.

How Gender And Age Affect Auto Insurance Rates In New York

How Gender And Age Affect Auto Insurance Rates In New York

Written by: Daniel Robinson, Written by: Daniel Robinson Writer Daniel is a writer for the Guides team and has published articles in the U.S., U.K. and has written for a number of automotive news sites and marketing organizations across Australia, specializing in auto finance and car care topics. Daniel is the authority on a team of guides on auto insurance, loans, warranty options, auto services and more. the writer

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Edited by: Rashan Michner, Edited by: Rashan Michner Managing Editor Rashan Michner is a Guides team editor with over 10 years of experience covering personal finance, loans, insurance and warranty topics. Senior Editor

Car insurance does not cost the same amount for everyone. There are many factors that affect car insurance rates, including your personal information and the details of your vehicle. In the Guides team we explain 10 factors and how you can get the lowest rate. We also recommend two of the best car insurance companies so you can get a policy from a reputable provider.

The Guides team is committed to providing reliable information to help you make the best possible decision about insuring your vehicle. Because consumers rely on us to provide objective and accurate information, we have created a comprehensive rating system to form our rankings of the best car insurance companies. We’ve collected data from dozens of auto insurance providers to grade companies on a wide range of factors. After 800 hours of research, the final result is an overall rating for each provider, with insurers with the highest scores topping the list.

A lot of factors go into determining the cost of car insurance. Some are as simple as location, vehicle type and driving history. Others, like credit history and marital status, may be a little more surprising.

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The age and type of vehicle you drive affects the cost of car insurance. Insurance companies consider the average cost of claims for different types of vehicles while setting rates. More expensive vehicles with new technology and advanced safety features cost more to repair or replace, so they usually cost more to insure.

Therefore, a newer, more expensive vehicle with many bells and whistles will cost more to insure than an older base-model vehicle with lots of miles. And a sports car is considered a higher risk than a minivan, so it carries a more expensive insurance policy.

The brand of vehicle affects your auto insurance premium. According to Quadrant Information Services, Dodge has the average car insurance cost, and Mazda has the lowest.

How Gender And Age Affect Auto Insurance Rates In New York

Age can significantly affect car insurance premiums, especially for motorists under 25 or over 75. Insurance companies look at perceived risk when deciding rates.

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Inexperienced young drivers are statistically more likely to make mistakes or take unnecessary chances behind the wheel, and older drivers face a higher risk of getting into accidents after age 70.

Where you live and where you park your car at night — known as your garage address to your insurance company — affects your auto insurance rate. For example, motorists in large cities often pay higher rates than drivers in rural areas. Here are some reasons why:

In addition to where you live in your state, the state affects your insurance prices. If you live in a state where hurricanes or heavy snow are common, you are likely to pay more for car insurance. If you live in a densely populated state, you can generally expect to pay higher car insurance premiums.

Car insurance is regulated by states, so each has different minimum coverage requirements, if any. Drivers in states that require more than liability insurance or mandate higher policy limits generally pay more for coverage than people in other areas.

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Based on the average cost of full-coverage car insurance per state, the most expensive states are Michigan and Connecticut. The states with the cheapest car insurance on average are Maine and Ohio.

Having a clean driving record — meaning no tickets or accidents — is one of the most important things you can do to save money on your auto insurance. Many auto insurance companies offer some type of good driver or claim-free discount to encourage safe driving habits.

Of course, accidents happen. But different types of accidents and moving violations are rated differently in terms of risk, so they affect your car insurance rates differently. The length of time an accident or ticket stays on your record varies by state, but it’s usually three to five years. However, some violations, such as DUIs, can stay on your record longer.

How Gender And Age Affect Auto Insurance Rates In New York

A speeding violation 1 to 5 mph over the speed limit results in an average increase of $409 annually for full coverage. If you have three accidents on your record, your rate will increase by an average of $3,620 annually.

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Another factor that affects your car insurance costs is the gender listed on your driver’s license. Men have higher premiums because they are more likely to take risks while driving and get into accidents.

However, the following states do not allow gender to be used as a factor in determining car insurance rates:

In every state except Massachusetts and Michigan, your marital status affects how much you pay for car insurance. Married drivers generally pay slightly less than single drivers.

Part of this comes down to rating, and another part comes down to discounts. Insurance companies consider married drivers safer, less likely to take risks and more financially stable as they pool their assets. Married drivers are more likely to qualify for bundling or multi-vehicle discounts than their single counterparts.

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In most states, providers may also consider your credit history when determining your car insurance premiums. Insurance companies view your credit history the same way they view your driving history. Drivers with low credit scores are more likely to take chances behind the wheel and are considered a higher risk.

Maryland allows providers to use your credit score to set your rate on a new car insurance policy but not to increase your rate when you renew, deny you a policy, cancel it or refuse to renew.

Similarly, Oregon and Utah regulate how credit scores are used by insurance companies. These protections include prohibiting the insurer from canceling or refusing to renew your policy because of your credit after you have held the policy for at least 60 days.

How Gender And Age Affect Auto Insurance Rates In New York

Insurance companies are risk averse and a long claims history will undoubtedly lead to your premium increasing. How much your rate increases and for how long varies by insurance company and state.

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A single insurance claim or even a claim that you are not found to be at fault can lead to an increase in your premium. However, some insurance companies offer accident forgiveness if it’s your first at-fault accident, so your rate won’t go up. Otherwise, claims typically stay on your record for three to five years.

Although many car insurance rating factors are beyond your control, you can directly affect the choice of a higher or lower deductible. Generally speaking, the higher the deductible, the lower the insurance rate. But that doesn’t mean it’s always a good idea to go for a higher deductible to pay a lower premium.

If you decide to go with a higher deductible, one option is to put any money you save on your premium into a savings account.

The types of insurance you get and the coverage limits you choose affect how much you pay for auto insurance. Every state except New Hampshire and Virginia requires some form of auto insurance. But beyond your legal obligation and meeting the minimum requirements for your state, you have many options for additional car insurance coverage.

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Understanding your needs and your finances is important when choosing insurance types and their coverage limits. Decide whether minimal or full coverage is best, as well as whether you’ll benefit from other add-ons.

Nationally, average car insurance rates for a married 35-year-old driver with a clean driving record and good credit are $1,730 a year for full coverage and $635 a year for minimum coverage. How much car insurance costs for you will vary based on some or all of the 10 factors we’ve discussed here. Comparing your quotes from different providers can help you decide if you’re getting the best deal.

If you’re shopping for car insurance, there’s not much you can do at the moment about your marital status, credit score, claims history or the rest. But that doesn’t mean you can’t do anything to try to lock in the best car insurance rate.

How Gender And Age Affect Auto Insurance Rates In New York

Because car insurance companies are constantly competing for market share, they often adjust rates up and down

How Much You’ll Pay For Car Insurance For Your Age & Gender

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