Car Insurance Rates And Where You Live
Most people understand why their zip code affects their home insurance policy. However, they do NOT appreciate the impact on their auto insurance rate.
Getting a clear understanding of its effect will help you make better decisions when buying a new home: You’ll appreciate that saving a few hundreds on a home might actually cost you thousands in auto insurance premium dollars over the course of a few years. Here are the reasons…
1. The distance of your home from places you frequent is important. It has a great impact on your annual mileage. And we all know the effect of mileage on rates.
Consider Who will have a more mileage: A person who lives just 2km from his/her office and another who lives 12km away (If both of them drive to work daily)?
Secondly, the area you live in will determine whether you’ll have access to standard mass transit. Using the mass transit will definitely help you cut down your rate.
2. If your home is in a high crime zone, you’ll definitely get higher rates. This is because you are exposed to a higher risk of theft and vandalism.
So when next you’re moving house, take some time out to calculate these other issues. The little savings you thought you made on the home might be totally wiped out by the higher auto insurance premiums you’d have incurred.
Even if you’ve already bought a home, you can find a better rate if you get and compare quotes from a wide range of insurers. They all attach difference relevancy scores to the various factors used to calculate your auto insurance rate.
To avoid wasting thousands of dollars in auto insurance premiums over many years, get and compare quotes with zip codes of neighborhoods you’re interested in. The results will help you make a more informed choice.
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Date: November 30, 2008, 2:27 pm
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