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Girl driving carYour auto insurance policy status is changing. It is time to adjust your policy or get a new one.

Regardless of why you change your policy, you should have a full picture of your car before shopping. There are things you need to know about your car and its uses before buying the new policy.

Why? Because it helps your insurance agent help you. With this knowledge, your insurance agent can find a policy with the coverage you need for the best price.

When you buy auto insurance, you often have to consider many aspects of your car. But, there are many elements of a car to consider. You should start by considering four large factors that determine insurance rates.

1. The Car’s Age

Older cars have higher risks of problems than brand new cars. As a car ages, its value depreciates. With this depreciation in value, the cost to insure your car also decreases to an extent.

Your agent should ask you the age of your car as you buy your coverage. The age of the car helps to determine its proper insurance based on the car's market value.

2. The Car’s Value

The dollar value of a car revolves around things like the market value, age and quality. A high-valued older car is generally in good working condition and has had no accidents. These cars can often qualify for the best rates. They don’t have as much risk associated with them.

Keep your car in good working order as it ages. Make sure the car is not at high risk of negligent failures. If you fail to maintain your car, you raise your liability. And, your rate may go up.

Remember, a car’s value isn’t determined solely by maintenance and quality. Low value may hinge on many factors.

3. The Car’s Frequency and Type of Use

Why and how often you use a car can be a determinant in risk factors that affect your insurance rates. If you use your car frequently, that means the risk of incidents is higher. Your rates may be higher.

Additionally, if you drive long distances, you might see higher rates on your insurance. Your risk of an incident is higher because you are on the road for a longer time.

4. The Car’s History

Perhaps you are buying a pre-owned car. You might not know this car’s full history. If the car has a history of accident or breakdowns, your rates may rise because of the frequency of claims.

A car history report can give you a comprehensive background on the car. It can include things like past service and insurance claims. If you see troubling signs on the report, you can choose not to buy the car. Otherwise, you can buy a policy with a higher level of coverage.

Determining rates is always a balancing act, not a one-size-fits-all approach. Your car’s age, use, history and value all weigh as rate determinants.

By knowing these factors, you can look for the best insurance rates. We can help you understand the factors that determine your rates. If you have questions, contact Garland Insurance for more information or for a Tampa auto insurance quote. You can also call us at (863) 683-9334.
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