When can I expect to see a deduction in my insurance policy?

When can I expect to see a deduction in my insurance policy?

I am single and mature-aged. I'-ve only had my license and an insured car for the past year and a half. During that time I have had no accidents or tickets of any sort. Are there certain milestones that a driver can reach for a reduced policy? More specifically, when should I expect to see a reduction and would I need to contact my insurance company for it.Thanks!!

oklatom

You need to get an established track record with the company, and reach age 24 (26 depending on the company) to see any reduction. The top 5 factors that influence you rates are:1. Age – Your age will greatly affect the rate of your car insurance. Teenagers and individuals who are just beginning to drive will have higher rates for no reason other than their age. There is nothing you can do about this, as you get older and become a more experienced driver your rates will go down. Although they will go down, they will not stay down. When you reach a certain age your car insurance rates will go back up because you are an elderly driver and your eyes and coordination may not be as effective anymore.2. Auto Insurance Companies – This is a factor which you have control over. Some car insurance companies offer lower rates than others for many reasons. It is up to you to choose which one will benefit you the most both now and in the long run.3. Gender – Whether you are male or female will also affect the rate of your car insurance. This is yet another factor which you have no control over. Females generally have lower car insurance rates because according to insurance companies men are seen as potential dangerous and careless drivers who are more likely to be involved in car accidents.4. Type of Vehicle – As much as we would all love to be driving a shiny silver Porsche Boxter all around town, the insurance rates for these types of vehicles are unreal. If you want your auto insurance rates to be low, I would suggest driving a car with a lower price tag. The more money your car is worth, the higher your car insurance rate will be.5. Driving Violations – This is another factor which you have control over. I know how tempting it is to race your friends the moment you get your license for the first time, but the amount of money you will pay in the long run hardly seems worth it. Any form of ticket you receive can potentially raise the rate of your car insurance. If you want to pay less for car insurance I would suggest abiding by the rules of the road.Source(s):http://www.divorcekit.com/Cars/Top_5_Fac…

buttrfly52

If you have a personal agent, you should be able to sit down with him/her and go over your policy for any additional discounts that may have come out. We are only human and don't have time to look at EVERY policy all the time. Most of the time if you have had insurance for 3 years continuously (even with different companies) you should get a discount. Also, no tickets, accidents for 3 years should give you another discount. Then there are some companies that have a 5 year or 10 year discounts. Some companies give you a discount for auto pay (deducted from your bank account) or if you have other lines of business with them. Most of my customers have renters insurance because it saves them about $15/month and costs them $8/month.Source(s):Insurance agent

Kiffin

Depending upon the company. Most insurance companies will review when the third year of coverage by one company has been completed. Dependent upon history, length of possession of driver's license, infractions, claims, even where you live and work and park the car at night, etc. all will affect the amount of your premiums. I wouldn't be in too much of a hurry to get a reduction- you may or may not even be entitled to one at this point in time! The insurance company will let you know if and when you'll get a price break.

questions

oklatom has you covered, exept I just have to add that rates will go down when there are less claims to pay out... less accidents...etc. And I am not sure what you mean by mature age but I know some folks that once they near the golden years rates go up b/c of the risk associated with the age class, just like young drivers have higher risk statistically. Another thing is lots of companies are using credit, keep that in mind, and keep continual insurance if you ever want to see those decreases in the far future.

Ask

insurance

Popular Q&A

What is the best way to relocate from one state to another?
Not too hard but requires planning. SO, for auto insurance simply ask for a quote from your current company based on the city you want to live. If they require an address, find an address based on a location you MIGHT want to live. Housing is easy to find on-line and you will have to rent...

Do Auto Insurance Companies exchange drivers claims history?
Yes, there is a database that all insurance companies use to seach your claims history.A: yes, I've had a total loss claim.

Does auto insurance cover maintainence repairs?
Nope, it does not cover maintenance, or repairs.Your auto insurance physical damage coverage basically "covers" sudden and accidental damage from things like a car crash, your car catching on fire, a tree falling on your car, that kind of stuff.Replacing brakes, oil changes, etc, are all normal...

What car insurance do you like?
I currently have State Farm. There is very little difference between the large insurance companies(Allstate, Farmers, State Farm, etc). Maybe you just don't like your agent. Nevertheless, below is some information to help you decide.The magazine Consumer Reports has rated the top insurance...

Can the auto insurance company pay me directly for my medical expenses or do they have to pay the doctor?
Your medical insurance provider will collect from the insurance company of the driver who caused your injuries. This process is called subrogation. It is standard practice throughout the US.You are not entitled to dual benefit from your injuries. Go ahead and consult an attorney -- he or...