Low Cost Car Insurance. Everyone wants to save money on their auto insurance, each company has their own price structure, that is why it is so important to use an agency that can shop a variety of different carriers to search for the best rate for your situation. To start it can be helpful to understand the factors Insurance companies use to set their prices.
The rate an insurance company charges for coverage, based on two basic factors, the total amount a loss (accident) will cost them, and the likelihood that such an event will take place.
If, let’s say, your car is in an accident how much would it cost to repair or replace your auto? As you would expect, the more the potential cost of the car, the more money the insurance carrier needs to charge. This goes beyond just the cost of replacing the car, most accidents are not “Total losses,” and while two cars might sell for the same amount, some are more expensive to repair. For example a $25,000 used BMW as compared to a new Ford, both cost the same, but the parts will be far more expensive on the BMW.
The other major factor is “What is the likelihood a claim will occur?” Here is where a wide range of factors come into play. Some of the obvious ones include the age of the drivers, (younger equates to less experience), where you live, where you work, and your driving and prior insurance records . The greater an insurance company believes your risk to be, the more they want to charge. Some insurance companies may also use credit history-related information. At Urban Insurance Agency, we represent carriers that do not require a credit check. This can save you hundreds of dollars.
Understanding how companies set their prices can help you search for low cost car insurance. Urban will help by finding the best fit to save you money while guaranteeing you the coverage you need.
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Urban Insurance Agency, LLC 800 W Huron St #301, Chicago, IL 60642 312-664-8088