Main Demographic Components Affecting Automotive Insurance Charges – PR Net

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“When determining a person's risk profile, insurance companies use all available information. Insurers rely on official statistics to determine the likelihood of a customer making a claim, ”said Russell Rabichev, marketing director for the Internet Marketing Company.

Demographic factors play a crucial role in determining a person's risk profile. Insurance companies use a variety of statistical data to predict the likelihood of a person being involved in an accident and to make a claim. The main demographic factors used by insurers are:

  • Age. This is one of the most important evaluation factors. Young drivers under the age of 25 are considered high-risk drivers due to their lack of experience at the wheel. Seniors over 70 are also considered to be high risk. Age-related medical problems, hearing and vision problems that gradually worsen, and prescription drugs are the main reasons seniors are risky drivers and policyholders. The Road Safety Insurance Institute (IIHS) found that drivers between the ages of 30 and 69 are much less likely to be involved in accidents.
  • Gender. Statistical data show that young men are more likely to cause accidents than young women of the same age. Things change with older drivers. Older women are more likely to be involved in minor accidents than their male colleagues.
  • Marital status. According to a study by the National Institutes of Health, drivers who have never been married or divorced have a significantly higher rate of motor vehicle accidental injuries than drivers who have been married. Married people are considered to be more responsible drivers, especially since they bring their spouses with them. Getting married is very beneficial for men from a financial point of view. A male driver with a clean driving record who gets married will almost cut his rate in half.
  • Occupation. Auto insurance companies correlate a person's accident risk and their job and can adjust the premiums accordingly. For example, delivery drivers and journalists are constantly on the move and are therefore more likely to have an accident, while airline pilots often only drive between the airport and home and do not spend much time on the road. Others, like police officers, paramedics and insurers, are considered more cautious than the average driver and receive better rates.
  • The area in which the policyholder lives. This is actually a more complex factor. Numerous details about the postcode are analyzed. In addition to the government minimum, other elements such as car theft rates, the cost of repairing a car, road conditions, unemployment rate, and population density all affect costs.

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