Insures look at more factors than just your age when deciding your insurance premium, including factors about you and your car. It’s worth noting that not all insurers look at identical risks in the same way. The main factors are:
Where you live
Your home address, where the car is parked impacts the likelihood of being involved in a road accident or theft, as well as cost of car repairs.
We’ve already highlighted that young drivers are more likely to pay more for their insurance – discover more about how telematics (aka black box technology) can keep the cost of insurance down here
Insurers will look at the risk of you being in an accident, and the anticipated cost of the claim based on what you do for a living. Courier drivers and professional entertainers and sports people may pay more.
Insurers want to know if you’ve had an accident or driving convictions in the past, as this gives them an idea of how likely this is to happen again – a clear record will often mean cheaper premiums.
It’s important your honest to ensure you have the right cover by being honest with the miles you expect to drive. Surprisingly, driving fewer miles doesn’t always mean lower premiums!
The car you’re driving
This is a biggie, it’s unsurprising that the lower the insurance group, the lower the premium, so choosing a smaller, less powerful car should make insurance more affordable. It’s worth noting that if your car’s been modified, that may drive your premium up too.