Average Auto Insurance
Premium of auto insurances can vary to a wide extent. But Average Auto Insurance cost helps a person to look for better policies and premium rates. There are different factors that affect the rate of average insurance.
According to data available online the Average Auto Insurance rate for USA has dropped 0.5% in the beginning of this year. The Average Auto Insurance for males and females differ in premium rates. The average insurance cost also varies for teens, young families and seniors. Teenage drivers pay the highest amount of premium among all groups of drivers. So insurance for youth car is more expensive in the auto insurance market as the numbers of accidents by teen cars are more. Seniors pay the lowest average premiums among all groups of drivers. Car insurance for senior citizens are is less expensive. Again married drivers and established families have to pay less premium rate than the single driver. Male drivers under the age of 25 have to pay the highest rate. Females normally have to pay less to insures because they are not aggressive behind the wheels. Drivers under 25 and married are likely to pay lower premium rates than a single driver of the same age.
The Average Auto Insurance rate may vary from state to state. It is noted that Iowa, South Dakota, Idaho, Wisconsin and North Carolina has lower average insurance rate in compare to Nevada, Delaware, Florida and New York. By adding all insurance premiums the average insurance cost is calculated. The average is calculated on the basis of comprehensive, liability, and collision coverage. Cars that are mainly used for business purposes tend to have high premium rates than the cars used for pleasure have lowest premium rates. Insurers also determine the average insurance rate by the number of kilometers driven in a year. The average insurance rate also depends upon your credit records. You have more credit points then the average insurance rate automatically lowers. Companies lookout for good credit records as the records reflects the financial stability of a customer. The condition of the vehicle insurance market is very competitive and also lucrative. There is a severe competition among the players in the market of vehicle insurance, which in turn leads to the reduction of insurance rates for the automobile. Everybody should keep an eye on the current insurance rate and the fluctuations which is going on due to the severe competition.