Factors that impact the cost of your car insurance policy in Lakeland
When calculating the cost of auto insurance in Lakeland, insurance companies take into account numerous factors that shape your rates. These include:
State requirements: Your policy must meet Florida’s minimum coverage demands, which entail $10,000 for damage liability and $10,000 for personal injury protection (PIP).
Age: Younger drivers face higher premiums due to their limited experience and higher likelihood of accidents. Rates generally start to decrease after reaching 25.
Car make and model: The safety features of your vehicle impact your rates. For instance, insuring a modern Toyota Corolla tends to cost less than a Chevrolet Corvette.
Driving record: Past accidents and traffic violations can significantly raise your insurance rates since they indicate a higher probability of future claims.
Yearly mileage: Those with long commutes typically pay more than infrequent drivers.
Credit history: Insurers have observed that individuals with higher credit scores tend to file fewer claims, leading to lower rates.
Zip code: Your work location and where you park your car at night can affect your rates. Discounts or increases may apply based on the likelihood of vehicle damage or vandalism in your area.
Marital status: Married drivers often enjoy lower rates compared to single drivers.
Gender: Around the age of 45, men tend to pay approximately 6% less than females of the same age. However, this gender gap tends to level out for drivers in their 30s.