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Top 5 Factors Determining Your Car Insurance Rate

Top Five Factors that Determine Your Car Insurance Rate

Car insurance on Commodore's can be confusing to say the least. Insurance companies will generate a fee based on all of the factors that come into play.

  1. Age: The first factor that will greatly affect any rate you are offered is your age. Younger drivers, especially probationary licence holders, will be subjected to substantially higher rates than an older person. As you get older, these rates will drop to a point then continue to rise again due to old age.
  2. Gender: Contrary to popular stereotype, insurance companies do not believe that men are superior drivers to women, in fact men will usually be subjected to higher premiums solely because they are viewed as more likely to be involved in or to cause an accident.
  3. Company: Many car insurance companies are targetted at certain markets, and as such, if you are outside of the target market you may be subjected to higher rates than you could get elsewhere. Remember to always shop around the different companies before taking on a policy as you may be getting bang for your buck.
  4. The Car: Automotive insurance companies use complex formulas based off gathered data to calculate what cars are stolen more, involved in accidents more, etc. Classic vehicles such as an American Muscle car will generally cost you a lot less to insure than a Commodore due to higher number of accidents and thefts Commodores are involved in.
  5. You: Your driving history and claims history plays a big part in the insurance rate you'll be offered. If you have a long history of claims, your premium will be bumped up significantly and depending on the circumstances you may not be able to obtain insurance at all.

Although the factors listed above are the main things that will determine the insurance rate, there are many other smaller factors which play a part. If you want to know more about the little things, do some heavy research so you can find out exactly what you can do to lower your premiums and keep them low. Enjoy safe driving!


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