Wednesday, April 1, 2009

Auto Insurance Rate: 3 Life Incidents That Can Greatly Affect It

By Chimezirim Odimba

During a lifetime people face some incredibly meaningful times. Although some times are meaningful, some will reflect a change in insurance prices.

Auto premiums are all affected by marriage, divorce, and the death of a spouse. Dependant on the event, it could significantly change your insurance premiums. Often change is welcome and other times it isn't.

Marriage causes insurance rates to get lower. Insurance companies assess people that are married as less risky. Expect to see some favorable modifications in your policy after you say, "I do."

People that are not married pay more for insurance premiums. Insurance companies recognize more risk when people are not married. Plus, you stand to lose the married person discount.

Raising your deductible could lessen the blow. Reducing your policy from full coverage will save you quite a bit.

Your insurance company can give you more information about this. Plenty of information is available via the Web, check it out.

There are great savings when one retires. Not traveling to and from a job will allow cheaper premiums. Conversely seniors have the biggest insurance charges after they reach a certain age.

To save even more, seniors who are married may cut back to one vehicle. Refresher driving classes are presented to senior citizens. Courses allow seniors to boost their driving ability. However, they often show up as a savings for you when you take advantage of them.

Ask your agent about these courses. They should have all of the information needed.

Every circumstance will vary and that should be considered. Sometimes being single will cause a price increase, other times it can be a savings. No longer having high risk spouses can bring forth savings.

If you marry someone that has a DUI on their record being married would not show any savings. These scenarios are applied to typical situations. Outcomes can vary greatly so keep that in mind. When you are faced with them it is always best to see how your auto insurance may be affected.

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