Trying to decide what your Florida auto insurance rates will be by comparing your situation with another person is usually futile because similar people who are covered by insurance with the same company can have very different factors that determine their premiums. There are many items that help to figure insurance rates such as the following.
Your Age
Age is a factor in figuring premiums for insurance, since young drivers normally pay more for insurance. This is because they are considered a higher risk given the fact that they are involved in more accidents. Drivers under age 24 pay very high premiums as a rule. The very highest costs usually are charged not only by the driver’s age, but also by younger male drivers.
Your Gender
Florida auto insurance rates are higher for young unmarried male drivers than they are for female drivers. In order to protect themselves from high risk, insurance companies charge more for younger men because statistics show they are the demographic that normally are involved in more accidents and file more claims. Although a difference among age and gender continues through the years, the high premium cost drops a bit for men when they get into their late twenties.
Place of Residence
Your home address may be the most significant of all factors determining your Florida auto insurance rates. Insurance companies use complex formulas to determine an individual driver’s rates, and even the side of the street you live on may make a difference, sometimes even of several hundred dollars. Again using statistics, actuaries determine how likely it is that an accident will occur in your zip code or even your neighborhood.