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How do I calculate my car insurance premium?
I’m curious about how my car insurance premium is calculated. My rate has felt a little too high for a while, and I’m thinking of switching, but I want to make sure I really am being charged too much before I switch. How can I calculate my premium?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Kudos to you for wanting to make sure that you’re paying the right amount on your insurance! Calculating your rate isn’t impossible, but can be tricky, since it involves a lot of different factors. These include:
- Personal details. Age, gender, marital status can all contribute to your insurance costs.
- Your coverage. Thetype of coveragecan impact your rate, as fuller coverage will cost more than minimal coverage.
- Your driving record. Tickets, accidents (even if you weren’t at fault), DUI’s and more can raise your rates.
- Where you live. Each state has different rules and regulations when it comes to insurance factors, and some areas with higher rates of crime may result in higher insurance premiums.
- Your credit score. Although some states have banned credit checks as a way of deciding your insurance rate, others allow it, meaning that a lower credit rate could result in a higher premium.
- Car insurance history. If you have made claims in the past, or if you have a history of lapsed policies, your rate may end up being higher.
- Your car. If your car is expensive to repair, or has pricey parts, you may end up paying a higher premium, since your car would be more expensive to fix in the event of an accident
The reality is that just about everything goes into the calculation which can make doing it yourself a hassle. However, if you want to easily make sure that you’re getting the best deal on the coverage you need, try checking out the
Jerry
app. We’ll get you personalized quotes from top insurers in seconds, so that all you have to do is pick the plan that works best for you. And once you’ve chosen one, we’ll even help you switch!Best of luck, and happy shopping!
MORE: Checklist for switching car insurance companies
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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