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Globally, nearly 1.3 million people are killed in car crashes each year; that's an average of 3,287 deaths per day, a staggering amount.  The average auto liability claim for property damage was $3,073 in 2012, while the average bodily injury claim was $14,653.  The average collision claim has increased over $1,300 since 2012.

Car insurance is mandatory and what you pay is determined by, not several, but hundreds of factors that only actuaries could possibly explain.  Here are some examples of why our rates keep going up:

CREDIT SCORE:  Do you have a good or bad score?  This could help or hurt your car insurance rates.

DRIVING HABITS:  If you have a lead foot and your driving record reflects tickets, your rates will be higher.  Same goes for more severe violations such as DUI's, reckless operation, fleeing; you would fall into a much higher insurance price.  Obey the laws, drive with caution and consideration; it all helps your rates.

NUMBER OF DRIVERS:  There is this "driver to car ratio"; again, this can help or hurt you.  Young drivers will increase your rates but if they qualify for good student, driver training or other optional discounts that are company specific, it will help reduce the sticker shock.

WHERE YOU LIVE:  Yep, this all matters.  Some geographic areas are inherently riskier because of traffic, weather, crime, etc...  

WHAT YOU DRIVE:  Oh, we've all dreamed of that sports car (corvette comes to mind?  Me personally is the Denali full size SUV) or that high end luxury car; it all matters.  Before you buy, call your agent for a quote.
There are new lists compiled, probably annually, that tell you what the most popular brand/type of vehicle is a high theft item.  There are several Honda models, full size pick up trucks (thieves seem to like all brands here), the Dodge Caravan (yeah, don't laugh), Jeep's and some Nissan's.  

So, what can you do to help lower your auto insurance rates?  Several things.

    1)    Practice safe driving by obeying speed limits and other related traffic rules.
    2)    Keep track and improve your credit score.  Basically, pay bills in a timely manner with no late pays.
    3)    Stay out of jail (yep, even your court record can impact your auto rates)
    4)    Keep your vehicles longer since collision and comprehensive rates decrease over time.
    5)    Evaluate your coverage annually to be sure you're not overpaying or paying for coverage no longer needed.
    6)    If you have a teen driver, be sure you're getting all the available discounts.
    7)    Package your policies to maximize discounts.  Even having life insurance with the same company can help reduce your car insurance rates.

For more information, call us; we're here for you.

Posted 1:32 PM

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