What Influences Car Insurance Rates And Why?

Gender

Males, on average, have far more accidents than females according to a variety of statistics and studies. It is due to a variety of reasons, such as an increased frequency of driving while intoxicated. Additionally, accidents involving male drivers tend to be more serious than accidents involving female drivers, and male drivers have more accidents resulting in fatalities than female drivers.

As with rates depending on age, as males age, their rates become lower, and at certain ages, this rate can be lower than a female of the same age. Furthermore, many states do not allow insurance companies to use gender as a factor in distinguishing customers. These states include Hawaii, Michigan, Montana, Pennsylvania, North Carolina, and Massachusetts.

Continue reading to reveal the impact an individual's credit score can have on the insurance premium they must pay.