Here are some factors that might impact your insurance premiums in Fredericton:
Your driving history: Insurers like to see a lot of driving experience (typically eight years or so). They reward long-time drivers who are conviction and claims-free with lower rates. This fact also makes it harder for new drivers in Fredericton who need car insurance to find affordable rates.
In addition, if you’ve been deemed a high-risk driver and you need car insurance in Fredericton, your driving history may become an obstacle to obtaining a cheaper rate. Click here to learn more about high-risk car insurance quotes for Fredericton drivers.
Your postal code: Insurance companies also rely on postal code regions to price auto insurance. Some postal code regions pay more in insurance than others because the insurance company believes that customers within that region are more likely to file a claim based on historical data. Situations that can lead to a claim being filed include theft, vandalism, and collisions.
Your mileage: Insurance companies will ask you how many kilometres you drive each day. The longer your commute, the more time you spend on the road, which increases the probability that you’ll be involved in an accident.
Your car: Insurance companies can estimate how much it will cost to repair or replace your car based on the model.
Your age: Like many other provinces, car insurance for young drivers in Fredericton may be more expensive until age 25. Like the rest of Canada, where rates tend to drop after age 25 and level off by age 30.
This is why cheap car insurance for new drivers in Fredericton can be hard to find (learn more about shopping for car insurance for students in Fredericton).
This isn’t the only way your age can impact your car insurance rates. Adults between the ages of 50 and 70 get some of the lowest car insurance rates. If you belong to this demographic, you probably have a long history of being insured and you might even have bundled your home insurance policy with the same provider of your auto insurance. After age 70, seniors might see their rates begin to creep up. People in this age group are more statistically more likely to need to file a claim and need longer to recover from an injury. This is also why car insurance rates for seniors in Fredericton may be more expensive than residents of other ages.
Your gender: Your gender also plays a role in determining your auto insurance rates. Men are known to pay more than women for a variety of reasons.
Your insurance history: Missed a car insurance payment? Insurance companies give preference to customers who always pay on time and have no gaps in their insurance history. This is why one of the best ways to gradually reduce your car insurance costs in Fredericton is to make your payments on time, every month. In Fredericton, a lapse in, or absence of, an insurance history can also impact your rates. For example, cheap car insurance rates for new immigrants in Fredericton may be harder to find than for other residents.
Other factors that cannot impact your car insurance rates in Fredericton include your marital status, the age of your car, accidents in which you were not at fault, being previously refused insurance by another company and being insured with the Facility Association (insurance pool funded by car insurance companies that specializes in covering high-risk drivers, i.e., the insurer of last resort).