Because statistics prove that as separate groups young single males and single females have more accidents and moving violations than their older and married counterparts, their premium rating factors less difficult higher than the nation’s average of a single. However, in the event you fall into either of these categories, don’t despair.
There are several premium saving options available to you. Need more info? one-time offer. Before we look into these premium saving maneuvers, you need to know the exact age, sex, and marital status breakdowns standard among most insurance companies throughout the country. The highest-rated group is single males under age 21, accompanied by ages 21-24 then 25-29, with the rates decreasing at each higher generation. The following rating factors pertain to principal operators-those who drive at least 25 percent of the entire mileage and possess their vehicles registered in their own names. Single males aged 21-24 have a rating component that can vary.
Which means their final premiums can range from a low of $630 to as much as $900. Again, the differences in the premiums are staggering, as well as in this case a single male could save 30 percent just by shopping for the insurance company with the lower $790 rate.
Single males aged, who have a low rating factor, might have premiums including a low of $850 to a high of $1650. The staggering Forty percent contrast between those two premiums is born entirely for the arbitrary utilization of different rating factors among the various insurance companies.
Single males under age 21 have a rating factor that can vary from 2.00 to three.00 with respect to the company-double to triple the normal premium charged for an adult male (30 and older) or a married male 25 or older. When compared with our standard example, where the adult /married premium is $360 (based on a 1.00 rating factor), the last premium for a single male under 21 would range from a low of $720 ($360 X 2.00) to some high of $1,080 ($360 X 3.00), based upon the rating factor used by the insurance company.
As you can see, the premium differences among various companies could be very staggering. In cases like this, you could save around 33 percent annually by simply understanding how to shop around, a topic we’ll be examining thorough