PreHeader Home Page Join Our Referral Program Like Us on Facebook Follow Us on Twitter Join Us on LinkedIn Read Our Blog RSS Feed Youtube Life & Financial Health & Benefits Home & Auto BusinessSite Header

Premiums paid for Chicago car insurance coverage are determined by the likelihood of the insured being involved in an accident or the chances of the car being stolen. Insurance companies use different indicators to determine the likelihood of an insured vehicle being involved in an accident or being stolen. 

Some of the usual and known factors that could raise your insurance premiums include, age, gender, and claim history. However, there are other less obvious factors that could affect your insurance premiums without your knowledge and these include:

Where you live

Insurance companies tend to charge more on premiums if you live in urban areas compared to if you live in a rural or less crowded area. This is mainly due to two factors. First, there are more incidences of car theft or vandalism in urban areas. Secondly, due to more traffic on the roads in urban areas, the chances of drivers being involved in accidents are higher.

Your level of education

Some insurance companies tend to charge lower premiums for people with higher levels of education. This is because statistically, people with higher levels of education are less likely to be involved in car accidents. Insurance companies also argue that highly educated people are more responsible, hence are less likely to be involved in car accidents.

Where you park

Where you park can either raise or lower your insurance premiums. People who park inside their garages and lock them pay lower premiums than people who park their cars out in the open. This is because the chances of your car being stolen when stored in your closed garage are lower than if you park it out in the open.

Marital status

Higher insurance premiums are charged to single people compared to married people. This is because statistically single people are involved in more car accidents than married people. Also, when married people are involved in car accidents most of the times it is not as serious as accidents caused by single people.

Credit rating

People with low credit ratings are charged higher premiums compared to people with average or good credit ratings. This is because insurance firms consider credit ratings an indicator of how responsible and reliable an individual is. Since people with good ratings are considered to be more responsible and reliable, they pay lower premiums.

What you do for a living

Statistically, people in certain occupations are less likely to be involved in car accidents. For example, people in law enforcement are rarely ever involved in car accidents. Hence people in certain jobs for example; teachers, librarians and law enforcement officers are charged lower insurance premiums.

For more information on auto insurance or to receive a quote please feel free to contact Thornton Powell Insurance directly at: 708-597-2800.

Share |

1 Comments said...
Nice post thanks for sharing information.
MONDAY, MARCH 20 2017 5:33 AM

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2017
  • 2015
  • 2014
  • 2013
  • 2012

View Mobile Version