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Car Insurance: 3 Unusual Factors That Affect Your Premiums

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When car insurance companies are determining risk levels and premium rates, they look at a number of factors. This includes your existing driving record, where you plan to drive your vehicle the most, the number of miles that you'll drive annually. However, some factors taken into account may be surprising to some. Read on to learn about some influential factors that play a significant role in determining how much you'll pay for car insurance.

Women Pay Less for Automobile Insurance Than Men

Did you know that women are known to pay roughly nine percent less on car insurance premiums than men? Many would jump to the conclusion and say that it is because men are more aggressive drivers. While that may indeed be true in some instances, there is more to it than just that. For one, men typically have vehicles that are more expensive to insure. In addition, women are 50 percent less likely to have a DWI or DUI on their driving record and men are 10 percent more likely to obtain a moving violation. According to this data, men are simply riskier than women.

High-Risk Occupations Land Higher Premiums.

According to the Department of Motor Vehicles (DMV) your occupation can directly impact your car insurance rate. There are certain occupations that tend to have a higher risk of accident than others. Some of the high-risk careers include lawyers, doctors, real estate brokers, and architects. Accidents are more likely to occur with these individuals because of the lack of sleep, extreme stress levels and frequent overtime. Some of the low-risk careers include accountants, scientists, nurses and teachers. These careers are considered to be more stable and detail-oriented, which is reportedly associated with a lower risk of getting into an accident.

It Helps to Have a Good Education.

The DMV also reports that having a good education can help lower your car insurance rate. Did you know that individuals who have a Bachelor's or graduate degrees are less likely to be involved in an accident than someone with a lower or no education? It is for that reason that education matters when getting vehicle insurance.

Insurance companies must base their premiums off of statistics. For more information on factors and statistics that may positively or negatively affect your car insurance premium, consult with an independent insurance agent like those at Biglow & Company before making a purchase. Sometimes you may just feel better knowing the ins and outs of the process.