Factors Affecting Your Pennsylvania Auto Insurance Rates
What factors affect the cost of your auto insurance rates in Pennsylvania? Understanding these factors is important to finding cheap auto insurance rates in Pennsylvania because, after all; Who wants to pay more for their PA auto insurance policy than they owe?
The state of Pennsylvania, like many others, has its own requirements when it comes to auto insurance. The state of about 12 million people is home to many big cities like Pittsburgh and Philadelphia. Rates change based on where people live and what they drive. It’s important to understand that rates are not the same for everyone and that there are many different things you can do to lower your rates. Below, you’ll find valuable information about auto insurance rates in Pennsylvania and key information about how rates are calculated.
Past Pennsylvania Auto Insurance Rates
Although there is no exact figure for the average auto insurance premium rate that Pennsylvania’s everyday resident country today, there are statistics that show how much they had paid in the past. In 2003, Pennsylvania’s average premium was about $909 compared to the national average of about $914. It’s important to understand that premiums have been on the rise ever since simply because cars have become a necessity rather than a luxury. It is also known that the first drop in auto insurance rates occurred in 2007 when most premiums fell from 0.5 to 1% and in 2008 and beyond, experts predict that rates will rise again! !
Determinants of auto insurance rates in Pennsylvania
The Pennsylvania auto insurance industry, like many others, has determining factors in how your rates are calculated. It’s important to understand these important factors because the more you know about what determines your rate, the more money you can save.
1. Place of residence: One of the biggest determinants of PA auto insurance rates is where you live. If you live in a rural community, you won’t pay as much for auto insurance simply because the chance of an accident isn’t that great. On the other hand, if you live in a big city like the ones mentioned above, you will have to pay more per month. Add to the many traffic jams and the number of accidents and the risk of having your vehicle stolen and the premium will increase greatly.
2. Your age and gender: This is one of the most important determinants of rates in the Pennsylvania auto insurance industry. Rates in the auto insurance business are high when you’re a teenager and just starting to drive, lower when you’re a middle-aged American (usually between 26 and 50), and then go back up again when you become a human. of the third Age. One reason for this is that teenagers and older people tend to be at higher risk of accidents than middle-aged people. Your gender will also be decisive because although there is a widespread idea that women drive worse than men, it is men who have more accidents than women because they tend to drive more aggressively. Because of this, men’s rates are often higher than women’s.
3. Vehicle type and year: This is very important because it is the most used determinant when it comes to insurance companies presenting a rate. Every year, insurance companies get a countdown of the 100 cars with the most injuries after an accident and those most at risk of being stolen. Those cars at the top of both categories will be the ones that will be costly to insure because they are the highest “risk” for the insurance company. Another important thing to note that can be bad for drivers who own sports cars is that insurance companies often charge them much more for car insurance. The reason for this is that in the auto insurance business, speed is associated with accidents, and while some may argue that it’s not fair to discriminate against sports car owners, the auto insurance industry does just that.
4. Credit Report: Many people don’t understand why this has anything to do with their car insurance rate. The truth is that for any insurance on the market today, the credit report is very important. If you have a good credit report, you will have to pay less money than someone who does not have a good credit history. This is simply because auto insurance companies are protecting themselves from those drivers who are unable to pay the regular monthly premiums.
Pennsylvania cars with the highest auto insurance rates
Most expensive for theft:
1. Cadillac Escalade four-wheel drive
2. Chevy Corvette Convertible
3. Lincoln Navigator with four-wheel drive
4. Jeep Cherokee four-door
5. BMW 3 Series Convertible
More expensive for injuries:
1. Suzuki Value Four-Door
2.Kia Rio four-door
3.Mitsubishi Mirage two-door
4. Kia Spectra four-door
More expensive per collision:
1. Subaru Impreza four-wheel drive
2. Lexus IS 300 four-door
3. Hyundai Tiburon two-door
4. Porsche 911 two-door
5 Acura RSX
Pennsylvania Auto Cars with the lowest car insurance rates
Less expensive due to theft:
1.Buick LeSabre
2. Buick Park Avenue
3. Volvo 720 Pickup
4. Mercury Grand Marquis four-door
Less expensive for injuries:
1. Two-wheel drive GMC Sierra 2500
2. Chevrolet Silverado 2500
3. GMC Yukon Four Wheel Drive
4. GMC Sierra 2500 Four Wheel Drive
5. Two-wheel drive Chevy Tahoe
Less expensive for collision:
1. Ford Two-Wheel Drive Excursion
2. GMC Safari four-wheel drive
3GMC Sierra 2500
4. GMC Yukon Four Wheel Drive
Find the cheapest auto insurance rates in PA!
If you’ve paid attention throughout this article, you may have seen that rates don’t just depend on one thing, but many factors that work together to determine your Pennsylvania auto insurance rates. If you somehow fit into the categories of factors that will allow you to have a lower rate, congratulations! If, on the other hand, you live in a big city, drive a sports car, and your vehicle is among the most stolen, then don’t panic; you can still find a policy at a good price. Just be sure to look around and do your homework because the more you search, the better your rate!
