There are many factors that impact upon how much you are quoted for your motor insurance by one or more insurers so let’s have a look at some of them.
There are a number of factors used when calculating the cost of motor insurance.
For instance, all cars are placed into one of fifty insurance groups based upon a variety of factors such as the make and model of car, its value and how powerful it is when being driven. If you wished to arrange cover on a car in Group 1 it is going to be cheaper than a car that comes under Group 50.
Your age and driving experience will have a bearing on the quotation. For instance, if you are 18 years of age having just passed your driving test then you are likely going to be charged more for your cover than if you were 50 years of age with 30 years driving experience.
If you have made several claims on your motor insurance then it is likely that you will be charged more for your cover than if you had never had to claim on your car insurance policy.
If you have been convicted of one or more driving offences such as speeding then you are going to have to pay more for your cover than if you have a “clean” driving license with no penalty points on it.
Where you live impacts on the cost as some parts of the UK are statistically more likely to have cars stolen and/or damaged in certain localities. This increases the payouts that insurance companies make with this cost being passed onto the policyholder.
Your occupation has a bearing on how much your insurer will charge you for car insurance as statistically drivers in certain occupations are more likely to be involved in a road traffic accident than others.
The level of cover that you require such as third party, third party fire and theft or fully comprehensive cover impacts on the quote.
If you use the car for social, pleasure and domestic purposes including commuting to work then this is likely to be cheaper than if you also wanted to include cover for business use where you are travelling to more than one place of work.
The age of the car and its value also have a bearing upon the cost of insuring it as does whether you have any security devices fitted such as an alarm and/or engine immobiliser.
The more miles that you travel in the vehicle each year also has a bearing on the car insurance cost. For instance, if you only travel say 5,000 miles per annum then your cover should be cheaper than if you travelled 50,000 miles every year as the more miles you do the more likely you are to be involved in a road traffic accident.
