Factors that impact the cost of your car insurance policy in Orlando
When calculating your auto insurance costs in Orlando, insurance companies consider various factors that can affect the final amount. These factors include:
State requirements: Your policy must meet Florida’s minimum coverage standards, which include $10,000 for property damage liability and $10,000 for personal injury protection (PIP).
Age: Younger drivers generally have higher rates due to their lack of experience and higher chances of accidents. Rates often decrease after the age of 25.
Car make and model: The safety of your vehicle can impact your rates. Safer cars, like a late-model Toyota Corolla, usually have lower insurance costs compared to sportier cars like a Chevrolet Corvette.
Driving record: Previous accidents and traffic violations can lead to higher insurance rates because they indicate a higher risk of future claims.
Yearly mileage: The distance you drive each year can affect your premiums. Longer commutes tend to result in higher rates compared to shorter drives.
Credit history: Your credit score can also play a role in your rates. Generally, individuals with better credit scores file fewer claims, leading to lower insurance costs.
Zip code: Your location can impact your rates based on factors like the likelihood of vehicle damage or vandalism in your area.
Marital status: Married drivers often enjoy lower rates compared to single drivers.
Gender: While men around the age of 45 may pay slightly less than females of the same age, the difference tends to level out for drivers in their 30s