Cost of auto insurance: what are the elements taken into account?

Cost of auto insurance: what are the elements taken into account?

The price of auto insurance varies depending on many criteria specific to the car, but also to the driver and the contract. Type and brand of vehicle, formula and selected guarantees, geographic area, driver history: find out the main elements taken into account in the cost of auto insurance.
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1. The type of vehicle and the brand

The first of the elements taken into account in the cost of auto insurance: the car and its characteristics. Several elements are taken into account in the calculation of the insurance premium:

    the make of the car;
    the model and / or series;
    motorization (gasoline, diesel, hybrid, electric);
    the age of the vehicle;
    engine power;
    the value of the vehicle;
    the nature of the vehicle.

All these criteria make it possible in particular to define the cost of the repair and the risk of exposure to theft. Elements that in themselves make it possible to set a higher or lower cost of auto insurance.
2. The formula and the guarantees chosen

Another element taken into account in the cost of auto insurance: the option purchased, possibly enriched with options to protect the vehicle. To benefit from the protection that best suits your needs and your budget, when purchasing auto insurance, you have a choice of different offers.

Logically, the amount of the premium will not be the same if you opt for third party auto insurance or comprehensive insurance. Likewise, the guarantees included in your insurance contract will not be the same depending on the plan taken out. The more extensive the protection, the higher the amount of the premium.
3. The geographic area

The place of residence and use of the vehicle is one of the elements taken into account in the cost of auto insurance. This criterion directly influences the risk of accidents and / or theft. Thus, the premium of drivers living in a large urban area is generally higher than that of a motorist in a rural area.

One reason for this is that a car parked in a city is statistically more vulnerable to theft. And that a driver who travels frequently in a city where the traffic is heavier is more likely to have an accident.
4. Driver profile and history

Finally, among the elements taken into account in the cost of insurance, we find the profile as well as the insurance history of the driver.

The length of the driving license is also very important. Indeed, a novice driver will pay more for his auto insurance than an experienced driver. This is because, statistically, novice motorists are more at risk of accidents than motorists with more experience.

The driver's history is one of the elements that enter into the calculation of the amount of the insurance premium. Moreover, when taking out an auto insurance contract, you must provide an information statement that lists the claims and responsibilities of the insured over the past five years, as well as the reduction or increase coefficient, also called bonus or penalty. Other information, such as possible suspensions or cancellations of the driver's license, will also likely impact the price of auto insurance.
How to find the best auto insurance?

For optimal coverage, it is essential to find the auto insurance that best suits your daily use, your needs and your budget. Driver's history, age and value of the vehicle, fiscal power, use, geographical area… All the elements are taken into account in order to offer you the formula most suited to your profile.

Likewise, make your car quote online in a few clicks. After answering a few questions about your car and your profile, you will quickly know the most suitable formula, and the amount of your car insurance, in a personalized way.