How your premium is calculated?

The main factors influencing the cost of your insurance policy are:

Age of the driver
Sex of the driver
Performance of your vehicle
Number of years you have been driving
Use of the car on a daily basis
Local residential area which the car will be kept

By taking into consideration these elements, your insurer will calculate your annual insurance premium.

The amount you pay for your insurance policy is called the insurance premium and reflects the likelihood of the theft of your car and your involvement in an accident. It is important to note that while your premium will reflect many personal factors such as your age, sex and the area you live, these are based merely on statistical averages and not specifically meant to directly reflect your driving ability. You may be a male under 25yrs and prove to be an exceptional driver, however, your premium will reflect the fact that a high proportion of road accidents are caused by young males, a category which you unfortunately may fall into.

Those most likely to pay high premiums are young, adult males with a high performance vehicle with relatively little driving experience. Conversely, female drivers in their early fifties with a small low performance vehicle who have been driving the majority of their life are more likely to pay a significantly lower premium.

Type of car :

Insurers divide cars into 20 different groups. The higher the group number, the higher the premium. These divisions are based upon a number of factors, such as:

The cost to repair certain body parts.
The ease of replacement of certain body parts.
The ease to find certain replacement body parts.
The acceleration of the vehicle.
The value of the car when new.
The car's resistance to theft.

By collating this information, a sliding scale is calculated for the car which will ultimately correspond to the premium necessary to cover the vehicle.

If you driver a high performance vehicle, then your insurance premium will inevitably be higher to match the value of the vehicle. High performance vehicles are not only more expensive to replace in the event of theft, but the replacement of parts and overall repair cost are far more than your average vehicle, given the specialist nature of the car. The greater your driving experience, the better when you are insuring a high performance vehicle. Young drivers insuring a high performance vehicle will inevitably pay high premiums for insurance.

Young Drivers:

Young drivers are significantly chastised when it comes to buying car insurance. Statistically, young drivers are considered to be the highest risk demographic on the road, as they are far more likely to be involved in an accident than any other age category.

Studies have proven that a 17 year old driver is seven times more likely to be involved in an accident than a middle-aged driver of the same sex, mile for mile.

It is exactly these types of statistics which justify the high insurance premiums which under 25 year olds have to pay.

Female Drivers :

Female drivers are considered to be less of a risk than their male counterparts. The upshot of this is that female drivers across all age categories can benefit from lower insurance premiums. Surprisingly, this is not because female drivers have statistically significant less accidents than female drivers, but rather because those accident women are involved with, tend to be far less serious.

Lower your premiums :

Despite the fact that the majority of factors which affect the cost of your insurance premium are beyond your control, though that is not to say that you are completely unable to influence the amount you pay for your car insurance policy. Car Insurance Express is committed to finding you the lowest priced insurance polices anywhere on the net, click here to read our top tips to lower your car insurance premium.

Comprehensive cover offers a far greater deal of protection, and in addition to cover for your passengers and protection against any claims that may be made against the damage you caused, fully comprehensive cover will also cover you against damage to your car.