What Can Impact Your Insurance Rate

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What Can Impact Your Insurance Rate

There are many factors that can impact your insurance rate. Whether it’s a car or home insurance policy, make sure you’re getting the best rate available with Staples & Associates. You may qualify for discounts and lower rates than you ever thought possible! 

Every car and homeowner needs to have insurance to protect their assets. How much does it cost? Well, that’s not a simple answer. See what factors will impact your rate.

5 Factors That Impact Homeowners’ Insurance Rates

  1. Location: Where you are located can influence your premium rate. This can be positive if you’re in a safe and cheaper area. An area with a history of break-ins, bad weather, far away from a fire station, and more could all increase your rates because of higher risk.   
  2. Home Security: Did you know that you can get discounts on your premium rates by installing security features in your home? Safety systems can reduce the risk of insurance claims and keep you protected in the long run. Research added alarms, deadbolt locks, security cameras, and more. Contact Staples & Associates to see what discounts are offered for your home insurance.
  3. Credit Score: Your credit score is a way for insurers to assess the level of risk with your homeowners’ insurance. A good credit score, timely payments, and a lower likelihood of filing claims will help you qualify for better rates than those with poor credit scores. 
  4. Home’s Age & Condition: If your home is older or will need improvements, it’s likely you’ll need a higher insurance premium. Notify your insurance agent if an inspection is being done to determine if heating, plumbing, and electrical systems need to be upgraded.
  5. Deductible: Your deductible is what is paid out of pocket for damages and expenses. A higher deductible will decrease your premium.

5 Factors That Impact Your Car Insurance Rate

  1. Type of Vehicle: How safe is your car? Safer cars provide assurance of fewer claims and will help you get a lower insurance rate. When car shopping or applying for insurance, think about the statistics for that car’s make and model. The safer the better but also less statistically likely to be stolen. 
  2. Your Age: Age is a big factor in insurance rates. Younger drivers pay higher car insurance rates because they are less experienced, and seniors over the age of 65 have higher rates for the likelihood of accidents and injuries. Once drivers reach the age of 25, rates begin to decrease.
  3. Traffic Violations: What does your driving record look like? If you’re a safe driver with minimal to no traffic violations or accidents, your insurance rates are great. Multiple violations can make you a high-risk customer for insurance companies and raise pricing significantly. 
  4. Mileage: The less you drive, the less risk you incur. Insurance companies may charge more depending on your yearly mileage and what your time on the road looks like. 
  5. State Requirements: Every state has its own requirements and minimum coverages for car insurance. Reach out to Staples & Associates to become familiar with Maryland and Delaware coverage.

Want to learn more about what impacts your insurance rates? Whether it’s for car insurance or homeowner’s insurance, get the lowest prices and answers to all of your questions from our experienced agents at Staples & Associates!

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