Because statistics prove that separate groups young single males and single females convey more accidents and moving violations than their older and married counterparts, their premium rating factors tend to be higher than the national average of 1. However, in the event you fall into either of these categories, usually do not despair.
There are numerous premium saving possibilities to you. Need more info? recommended reading. Before we look into these premium saving maneuvers, you have to know the exact age, sex, and marital status breakdowns standard among most insurance firms throughout the country. The highest-rated group is single males under age 21, then ages 21-24 after which 25-29, with the rates decreasing each and every higher age group. The following rating factors pertain to principal operators-those who drive a minimum of 25 percent of the total mileage and also have their vehicles registered in their own personal names. Single males aged 21-24 possess a rating component that can vary.
Which means their final premiums can vary from a low of $630 to as much as $900. Again, the variations in the premiums are staggering, as well as in this case a single male could save 30 percent just by shopping for the insurance company with all the lower $790 rate.
Single males aged, that have a low rating factor, could have premiums which range from a low of $850 to a high of $1650. The staggering 40 % contrast between those two premiums is born entirely for the arbitrary utilization of different rating factors among the various insurance firms.
Single males under age 21 use a rating factor that can vary from 2.00 to 3.00 with respect to the company-double to triple the normal premium charged for an adult male (30 and older) or a married male 25 or older. When compared with our standard example, in which the adult /married fees are $360 (based on a 1.00 rating factor), the last premium for a single male under 21 would vary from a low of $720 ($360 X 2.00) with a high of $1,080 ($360 X 3.00), depending upon the rating factor employed by the insurance company.
As you can see, the premium differences among various companies could be very staggering. In this instance, you could save up to 33 percent annually by simply focusing on how to shop around, a topic we’ll be examining in depth