Age: Young drivers and those who have just earned their license are more prone to accidents and risky driving behavior compared to other groups. This typically equates to higher-cost car insurance premiums. In all states except California, Hawaii and Massachusetts, your age impacts your car insurance premium, with teens paying the most. As you age into your 20s and 30s, car insurance rates generally begin to drop. However, rates may slightly increase again once you reach 70 years of age.
Gender: Males tend to pay higher rates than females due to an increased likelihood of getting into more accidents and more severe accidents. California, Hawaii, Massachusetts, Montana, North Carolina and Pennsylvania do not allow insurance companies to use gender as a factor to calculate your premium.
Vehicle type: The vehicle you drive is another big factor in how much you will pay. Some vehicles are cheaper to insure than others.
Credit rating: It may be surprising, but your credit score may impact your car insurance premium. Drivers with low credit scores tend to file more claims than drivers with higher scores, so insurance companies charge higher premiums to compensate for the increased risk. Not all states allow credit to be used in determining your rate.
Driving record: If you have accidents, tickets or DUI convictions on your motor vehicle record, you will likely pay more for insurance.
Insurance history: Drivers with continuous insurance tend to pay less than drivers with lapses in coverage or no insurance history.
Coverage type and limits: Your premium will vary depending on the coverage type and limits you select. Generally, the more extensive the policy, the more you’ll pay.
Discounts: If you qualify for one or more car insurance discounts, you may be able to lower your premium. You may also save money on car insurance if you are married. And if you are a member of the military or a veteran, you could find specialized discounts or less expensive coverage options.
When shopping for car insurance, you’ll need to decide which car insurance companies to request quotes from. Different companies have different ways of rating policies so prices will vary even for the same coverage.
First, you may want to consider what factors matter most to you. Are you looking for the lowest price possible or certain features like a mobile app or high customer satisfaction scores? By deciding what you want from an insurance company, you may be able to narrow down which companies to approach for quotes.
In addition to the factors listed above, your state has one of the biggest impacts on your car insurance premium. Your state’s minimum coverage laws, the likelihood of getting into an accident, the average severity of accidents and the percentage of uninsured motorists can all impact the average car insurance cost in your state.
As previously mentioned, your age plays a significant role in how much your car insurance costs due to the risk of accidents and claims associated with different driver age groups. Younger drivers usually pay higher rates due to an increased risk of accidents, while older drivers pay lower rates since they have more experience behind the wheel.
The process of shopping for car insurance takes a bit of legwork, but it’s generally the same from company to company. Whether you shop online or work with an agent, you’ll be asked to provide some information about yourself and answer a few questions.
Compare quotes accurately. This may be the most important part of the car insurance shopping process. When you receive quotes back from each carrier, make sure that the coverage types, limits and deductible amounts are identical. Without checking for this, you may mistake one carrier as being cheaper without realizing it’s giving you less coverage.
Understand your deductible. If you have comprehensive and collision coverage on your car insurance policy, you will have a deductible for each. The deductible refers to the amount that you are responsible to pay out of pocket in the event of a covered claim, while your car insurance company covers the rest. A higher deductible might result in a cheaper policy, but make sure the deductible amount is something you could easily pay if you need to file a claim.
Shop after life events. Buying a new car, getting married, adding a child to your policy — all of these could impact your car insurance rate. Because of that, these and other life events may be a good opportunity to reevaluate your car insurance coverage and premium.
A car insurance claim is a request for reimbursement from the insurance company. How the claim works depends on the situation. If you hit another vehicle or cause damage to someone’s property, you will likely need to file a claim with your car insurance company, which can usually be done in an app, online or by phone. A claims adjuster will evaluate the damage, take statements from you and the other party or parties involved, and send payments as needed.
If another vehicle hits you, you may have your damage taken care of by their liability coverage. Still, you’ll need to contact your auto insurance provider to notify them of the accident. They might advise you to reach out to the at-fault party’s insurance at that time, or they may do it for you. If the other driver did not have coverage or does not have enough coverage to pay for your damage, you could potentially use your uninsured or underinsured motorist coverage.
In the vast majority of states, driving without car insurance is illegal. You must purchase at least the minimum required types and levels of coverage in your state; if you don’t, you could be fined and have your license suspended. If you cause an accident and don’t have insurance, you’ll be personally responsible for the costs of the damages and injuries you cause. Even if your budget is tight, purchasing car insurance is an important step in your financial planning. If your bill is too high, you may be able to lower your premium by taking advantage of discounts, shopping around and evaluating your coverage.
Standard Fire And Special Perils Policy“No-fault insurance” is an insurance term that’s often misunderstood. It refers to personal injury protection (PIP), which is typically a required coverage in no-fault states. This coverage helps pay for your accident-related injuries and the injuries of any passengers you have in your car, regardless of fault. PIP may also pay for other qualifying expenses. However, fault is still a factor in car accidents, even in no-fault states. If you cause damage to another party’s vehicle or other property, you’re still expected to pay. Additionally, while PIP may pay for injuries initially, you could still be found liable and your bodily injury liability coverage could pay. If your bodily injury limit is lower than the cost of the injuries, you’ll be responsible for the rest out of pocket.
Unfortunately, yes. Based on Bankrate’s analysis of data from Quadrant Information Services, average car insurance rates are increasing. Car insurance companies take numerous factors into account when pricing policies. Inflation has driven up the cost of claims as auto parts, mechanic’s labor and medical care steadily increase in price. Furthermore, the severity and frequency of auto accidents continue to rise. Consequently, auto insurance companies are raising rates to ensure they have enough money to pay out claims.
Bankrate conducted extensive research to identify the best insurance providers for 2023. Based on their findings, Geico, Amica, USAA, Safeco, Auto-Owners, State Farm, Progressive, NJM, Liberty Mutual and Travelers provided the most value to drivers. To determine which provider is best for your individual needs, review several companies’ coverage types, policy features, discounts and premiums to make an informed decision. You can also use Bankrate’s interactive map to browse average premiums in your state. Doing so may help determine if the quotes you receive are competitive.
Picking a health care plan can be intimidating. Between the unfamiliar terms, mysterious acronyms, health savings accounts and optional coverage, there’s a lot to get up to speed on. Wouldn’t it be great if you could find all the information you need on how health insurance works in one place?
Well, you’ve come to the right page. Here we break down everything you need to be prepared for open enrollment, the annual period when you choose your health coverage for the year ahead. No need to study it all ― pick and choose what feels most relevant to your life. Before you know it, you’ll be ready to select your coverage with confidence.
Many people’s first question is about where their money is going. These insurance terms refer to different kinds of payments that consumers are responsible for. The amount you’ll pay varies from plan to plan: For instance, higher premiums often mean lower deductibles. Learn what each term means by watching the short video, then read the customer scenarios to discover which plan makes sense for your life.
Each of these acronyms stands for a type of health care plan that lets you access doctors and services in a different way. Some plans require referrals to see a specialist while others do not; some plans offer a nationwide network of doctors, while others have a local focus. In the video, you’ll find out what makes each plan special. Read the customer stories to figure out which one fits your needs.
Each of these acronyms stands for a type of health care plan that lets you access doctors and services in a different way. Some plans require referrals to see a specialist while others do not; some plans offer a nationwide network of doctors, while others have a local focus. In the video, you’ll find out what makes each plan special. Read the customer stories to figure out which one fits your needs.
If you like saving money, you’ll want to know more about Flexible Savings Accounts and Health Savings Accounts. Both let you deposit pre-tax dollars to cover health care expenses, saving you about 30 cents on the dollar. Find out the unique advantages of each account in the short video. Customer profiles can help you decide which account is right for your financial and health goals. Then learn about eligible expenses you can pay for with your health account.
Your health plan may offer benefits you don’t know about…but should. Some will subsidize your gym membership; others have a medical hotline you can call 24/7. Read about other perks you might have access to, so you can make the most of your health insurance.
Most medical plans don’t cover prescription glasses and contacts. For that, you’ll need to supplement your plan with vision insurance. Even if you have great vision, an annual eye exam can catch early signs of general health problems.
Vision insurance isn’t the only way you can supplement your medical plan. During open enrollment, you may be offered optional, or “voluntary,” plans to cover dental expenses, hospitalization, disability and more. Watch the video to discover more about your choices, then read the article to see how other people selected extra coverage based on their health and budget.
If you’re hoping to get pregnant in the coming year, you’ll want to check potential plans for their maternity and newborn coverage. Is your hospital or birthing center in-network? Does your carrier offer breastfeeding education and support? Learn more about what to look for in a health plan when you’re expecting to expect.
Does your health insurance provider support you outside the doctor’s office? When you’re selecting a plan, ask about programs that help you achieve your health goals. For example, some plans will connect you to one-on-one coaches with expertise in smoking cessation, weight loss, infertility, sleep problems, stress reduction or condition management.
There’s no substitute for human support, but sometimes the right digital tool is all you need. Some plans give you access to a suite of health tools that can deliver health information whenever and wherever you are. Teladoc, for example, allows users to video-chat with doctors from a computer or smartphone for a preliminary diagnosis. Cost estimator tools can help you predict fees for a variety of tests and procedures. These are just two ways that technology can improve your health care experience ― and your health.
Open enrollment is the annual window when you can make changes to your plan or choose a new one. But some special circumstances ― called qualifying life events ― allow you to make changes outside that window. Find out which planned or unexpected occasions allow you to update your plan.
Car insurance policies (excluding CTP) have a Product Disclosure Statement (PDS) that outlines what the policy does and doesn’t cover. It’s important to read this and any Supplementary PDS (SPDS) and the Target Market Determination (TMD) before you decide.