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Insurance Pricing:The Impact of Your Driving Record |
The typical car insurance company incorporates a number
of different factors into computing and determining what
it will charge in the way of premiums on a car insurance
policy. One of the most important factors that a car insurance
company takes into consideration when developing car insurance
premiums is the driving record of the insured. In point
of fact, no other consideration is more important to a car
insurance company that the driving record of an insured.
In this regard, through this article, you will be provided
with some basic information about how a driving record will
effect the amount of money you pay to a car insurance company
for insurance coverage.
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What is a Bad Driving
Record? |
In reality, you can have a minor
traffic infraction or two without having a significant effect
on the amount of money that you will be paying for car insurance.
For example, if you have a very minor speeding ticket or some
other minimal infraction, you likely will not see a very significant
change in the amount of money that you spend for car insurance
premiums.
However, if you rack up more than a few traffic infractions,
or if you have an alcohol related charge like a DUI or DWI
you will see a major impact in the amount of money that you
are forced to spend on car insurance. Indeed, depending on
the number of infractions that you amass or the types of charges
that you have encountered, you might even find your car insurance
company terminating your coverage or (more likely) not renewing
your policy when it comes time to renew that policy of insurance.
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Do Bad Marks on My Driving Record
Go Away? |
Yes. In time.
Bad marks on your driving record do “go away” over time. Generally
speaking, for more minor infractions, after a few years, these
types of charges will not have any real impact on your driving
record nor on the amount of money that you are forced to pay
for car insurance.
Additionally, when it comes to more major charges against
your driving record, after a period of about five years, you
will find that even some of these more significant charges
will tend to lessen in their impact on your insurance premium
costs.
Should I Shop Around?
Yes. If you have some black marks on your driving record,
it likely will serve you well to spend at least some time
shopping around to find the best bargain on car insurance.
In this day and age, there can be some pretty significant
differences in what different car insurance companies will
charge you in the way of premiums if you do have some smudges
on your driving record.
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Summary & Conclusion |
| If you have any additional questions
about your car insurance premiums, you will want to contact
your car insurance company, you car insurance agent or the insurance
commissioner in your state. These resources can be very helpful
to you. |
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