Auto insurance, how much does it cost?
pro auto insurance price
In terms of insurance, regardless of the property or the person insured, the rates are not regulated: the premiums are freely set by each insurer. Then it's up to the customer to make their choice.
Above, an average representation of the cost of auto insurance per city, although the rates will vary greatly depending on additional elements that we will detail below.
How are auto insurance rates set?
Even though insurers compete on their rates - and advertise it - they all use roughly the same criteria to set the price of an auto or motorcycle insurance contract.
The principle is simple: the less the insured has had and will have responsible accidents, the less it will cost his insurer. Then, the principle of the bonus-malus makes it possible to do it on a case-by-case basis, as well as the history of the insured as a driver. Drivers who are responsible for accidents can see their auto insurance premium increase up to a maximum of 400%. However, these increases are withdrawn after two years.
The driver's profile
To estimate how much an insured will cost, loss statistics provide some trends, which suggest that some risks will materialize faster for some drivers, less for others. Thus, gender, age, family situation and length of driving license are criteria that insurers take into account when setting a price for car or motorcycle insurance.
Gender: Women have fewer serious accidents than men, mainly because they generally drive smaller cars, especially in town (therefore at low speed) and rarely under the influence of alcohol. They have more hang-ups than men, but less expensive;
Age: young people between 18 and 25 years old, commonly student drivers, have more accidents than their elders, because they are less experienced, drive older vehicles, a little too fast and more often after drinking ;
Family situation: drivers with families generally drive more carefully than drivers who are single or without children;
The length of the driving license: "young drivers" have more serious accidents in the period immediately following obtaining their driving license.
"Young drivers" who take out insurance in their own name pay, in the first year, an additional premium equal to a maximum of 100% of the base rate. This is halved in the second year and disappears completely in the third year. However, it can be halved if the driver has benefited from early learning to drive (i.e. accompanied driving).
It should also be noted that insurers consider as "young drivers" those who have had their license for a long time but were not personally insured during the three years preceding the subscription of the contract.
One or more drivers?
The insurers distinguish the drivers named in the contract, often the two main drivers, from occasional drivers of the vehicle. Those who appear by name on the contract are those who regularly use the vehicle. Those who are not appointed may only drive it occasionally. When an occasional driver is called upon to use the vehicle regularly, he must be reported as such to the insurer, so that he can benefit from the same guarantees as the official driver.
Note that some mutual insurance companies allow all their members to lend their vehicles to each other, whether or not they are from the same family and without having to make a specific declaration to them. This can be useful for carpooling, and will prevent you from having to modify your existing auto insurance contract to lend your wheel to the passengers in your vehicle.
Finally, it should be noted that, when a person drives an insured's vehicle without his knowledge and is responsible for an accident, the insured's bonus-malus coefficient is not changed.
The driver's background
As you would expect, the more accidents the driver has had at fault, the higher his insurance rate. To assess this parameter, the insurer uses a statement of information provided by the previous insurer, entitled "Declaration of antecedents". In particular, it includes the following information:
The date of subscription of the contract;
The registration number of the vehicle;
The last name, first name, date of birth of the drivers designated in the contract;
The number and date of issue of their driving license;
The number, nature, date of occurrence and share of responsibility retained for claims that the driver has had during the previous five years
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