7 factors that affect your car insurance rate | Entertainment News

Car insurance provides drivers peace of mind knowing that if you’re ever in a car accident, the damages will be covered and someone will be there to help you sort out the aftermath. However, peace of mind does come with a price: Car insurance costs American drivers an average of $1,553 per year as of 2022, according to U.S. News & World Report.

If you’ve thought car insurance is too expensive, you might still be obligated to pay for it. Auto insurance is mandatory in every U.S. state except New Hampshire and Virginia. New Hampshire still requires drivers to be able to pay for accident costs if at fault in a car crash. Virginia has laws around auto insurance but does allow drivers to assume all risk and responsibility by paying the state an annual $500 Uninsured Motor Vehicle Fee.

Even though most states require insurance, that doesn’t mean drivers actually have it. In 2019, 1 in 8 drivers did not have insurance, according to a 2021 report published by the Insurance Research Council.

To better understand how insurers calculate rates, Cheap Insurance compiled a list of seven factors that impact car insurance using research from across the internet.

Source link

Leave a Reply

Your email address will not be published.