A Look At The Factors That Determine Car Insurance Philippines Price

Are you planning to buy car insurance in the Philippines very soon? If you do, it would be a good idea to educate yourself on the factors that determine car insurance Philippines price. A rating factor is an individual characteristic of a customer used to price car insurance premiums. In simple terms, the less risky your rating factors are, the cheaper your car insurance policy will be. Some car insurance rating factors, such as vehicle and driving record, have relatively sizeable impacts on car insurance costs. Other factors, such as marital status and gender, are less important. The following are some of the important factors that determine the price of car insurance.

Your age is without doubt one of the factors that will determine your car insurance price. This rating factor is very important, especially for young drivers. Between the most expensive insurance premiums (paid by teenage drivers) and the most affordable (paid by 50-year-olds) is a cost gap of over $5,500 per year. Most insurance providers consider teenage drivers as very risky and potentially expensive clients to insure. Most teen drivers drive more recklessly and get into more accidents compared to drivers in any other age group, so it makes sense why insurance companies will want to charge them higher to get car insurance.

You are probably wondering at what age your car insurance rates will go down. Age becomes a less important rating factor when you attain the age of 20 years, and even less impactful at the age of 25 years. Car insurance premiums reach their low point in a driver’s mid-50s before they rise for older drivers aged 70-plus.

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