Because statistics prove that separate groups young single males and single females have an overabundance accidents and moving violations than their older and married counterparts, their premium rating factors tend to be higher than the national average of a single. However, should you fall into either of those categories, do not despair.
There are several premium saving solutions to you. Need more info? he said. Before we look into these premium saving maneuvers, you need to know the exact age, sex, and marital status breakdowns standard among most insurance firms throughout the country. The highest-rated group is single males under age 21, then ages 21-24 after which 25-29, with the rates decreasing at each higher age bracket. The following rating factors pertain to principal operators-those who drive no less than 25 percent of the total mileage and possess their vehicles registered in their own individual names. Single males aged 21-24 have a rating ingredient that can vary.
Which means their final premiums can vary from a low of $630 up to $900. Again, the differences in the premiums are staggering, and in this case a single male could save 30 % just by shopping for the insurance company with the lower $790 rate.
Single males aged, that have a low rating factor, could have premiums including a low of $850 to a top of $1650. The staggering 40 percent contrast between both of these premiums arrives entirely towards the arbitrary use of different rating factors among the various insurance firms.
Single males under age 21 use a rating factor that can vary from 2.00 to 3.00 based on the company-double to triple the standard premium charged to an adult male (30 and older) or even a married male 25 or older. When compared with our standard example, where the adult /married fees are $360 (based on a 1.00 rating factor), the ultimate 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 utilized by the insurance company.
As you can tell, the premium differences among various companies can be very staggering. In cases like this, you could save up to 33 percent every year by simply knowing how to shop around, a subject matter we’ll be examining thorough