Do you want to ask your questions about how to calculate car insurance? So you are in the right place. In today’s article, I will explain how to make this calculation and the factors that make the value go up or down.
Before calculating an Auto Insurance, it must first be understood that it does not have a fixed price. Today you carry out an insurance quote and it may cost an amount, the following month this price should already be different. This price dynamic for Geico Auto Insurance is mainly due to the factors that are taken into account when measuring the price.
Therefore, even under very similar conditions, the price of insurance may vary upwards or downwards. For clarity, imagine the following situation: you and your neighbor have the same model of car, but he has already had an accident and has an additional driver on the policy.
Given this scenario, insurers would hardly charge the same price for both. To learn more about the factors that are used when calculating a Car Insurance, see our text below.
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How to know the value of insurance on a vehicle?
To find out the price of insurance for your car, you need to get a quote from an insurance broker, or an insurance company. That way, you can follow the steps and know the insurance value for your vehicle.
What is taken into account when calculating auto insurance?
Unlike what many think, when calculating the price of auto insurance, it is not just the car model that is taken into account. As there are many factors analyzed by insurers, we list the most important ones below.
This is one of the reasons that bring variation in the price of insurance. Higher value cards tend to have higher insurance prices. Vehicles that are out of line also tend to have more expensive insurance than cars that are still marketed by automakers because of the difficulty in finding parts.
Still, on the vehicle, other information is relevant for insurance pricing, such as the year of the car, the make, the model, if it is not zero, what is the current mileage, etc.
Someone who travels in a region where crime is high is likely to have a higher insurance cost than people who travel in regions with a low crime rate. This is because insurers understand that there is a greater chance of a car being stolen or stolen in a place where the loss ratio is high.
Other data that also have to do with the use of the car greatly influence the price of insurance, such as the mileage is driven per month, which is the zip code with the longest travel, which will be the overnight zip code, if the car is going to spend the night on the street, whether in a garage (covered or uncovered), in addition to how the car is used, whether for leisure, only on weekends, daily to go to work, commercial use, etc.
Main driver profile
The profile of the person who is taking out the insurance and will drive the car most of the time is one of the main factors when quoting the insurance, as various information is taken into account, such as age, sex, marital status, where you live. , study or work. A young driver, with little time on his driver’s license, for example, tends to have more expensive insurance than an experienced driver.
When choosing toppings for your vehicle, keep in mind that they will impact the final price. The more coverage you choose, the higher the price of insurance, but the more protected you will be.
When choosing covers, choose those that make sense for your profile and make your protection complete according to your needs.
Vehicle Theft Index
SUSEP has an index called IVR (Stolen Vehicles Index). When quoting Auto Insurance, it is also taken into account. In Brazil, there are cars where the theft rate is much higher than that of others, mainly because of the ease of selling parts. Thus, a car that is considered the biggest target of criminals is more likely to have more expensive insurance than a vehicle that has a low IVR. BRL 1,463.37
See a simulation of auto insurance values
Below, we have brought you an insurance quote table with some examples with different profiles so that you can analyze the price difference, taking into account some of the factors listed above, such as place of residence and gender.
How to get an auto insurance quote online?
Getting an insurance quote for your car is very simple. First, you need to deal with this matter with a professional in the area or with a company that has authorization from SUSEP (Superintendence of Private Insurance) to sell insurance.
To get a quote is very easy and fast! We are a multichannel company, that is, you have several possibilities of insurance quotes for your vehicle. You can fill out a form on our website by clicking the button below or, if you prefer, call toll-free on 0800 773 3000.