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Auto insurance plan costs can varyPosted On Fri, January 20, 2012
There are many different types of insurance plans, but when comparing auto insurance rates, it may be a good idea to know why the cost is at the level that it is. The Insurance Information Institute laid out some guidelines to follow when trying to figure out how a plan ends up costing what it does.
Driving records can have a significant effect on plans, as the more accidents that a consumer has been in, the higher their premium is likely to be, the source noted. In addition, those who haven't driven before may be subject to higher costs. Car usage can be a factor, as auto insurance rates are lower for those who use a vehicle sparingly.
Younger drivers are typically charged more, and men are held to a similar standard, the source said. This is because both groups are considered higher risks on the road. Also, some vehicles cost more to equip with insurance plans.
With these aspects in mind, it could be a way to not be as shocked to see the cost per year when comparing auto insurance quotes.
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