LOS ANGELES, CA / ACCESSWIRE / January 3, 2021 / Compare-autoinsurance.org (https://compare-autoinsurance.org) has released a new blog post that explains how unemployment influences car insurance rates.
For more info and free car insurance quotes, visit http://compare-autoinsurance.org/how-is-unemployment-affecting-your-car-insurance-rates.
The economic climate of an area plays a significant role in the rate determination process. Insurance companies pay increased attention to areas where there are many unemployed drivers. Find out how being unemployed affects insurance costs and get free car insurance quotes from http://compare-autoinsurance.org/.
- Unemployment has a negative impact on car insurance rates. Drivers without a job can expect to pay 30%- 60% more on car insurance. They pose a higher risk for the company.
- Unemployment is correlated with a high number of uninsured or underinsured drivers. Not having a job forces many people to totally or partially drop coverage. This is another reason why companies charge extra - uninsured drivers. They want to compensate for the potential losses caused by dropping coverage mid-term.
- Unemployed drivers display risky driving behaviors. Companies use statistics data all the time and these point to some alarming facts. Unemployed drivers spend more time on the roads, seeking a new job or going to interviews. More time on the roads means more exposure to an accident. And this translates to higher premiums.
- Unemployed drivers choose less familiar routes. This happens because they have to visit various parts of the city. For big cities, like Los Angeles or New York, this may be problematic.
- Unemployed drivers struggle to pay premiums. Also, they are statistically less likely to be able to afford to maintain their vehicle as well as someone with a stable, regular income.
Compare-autoinsurance.org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.
For more information, please visit https://compare-autoinsurance.org.
"Being unemployed is really unpleasant. Furthermore, the insurance companies will charge unemployed drivers more, fearing an accident or policy dropping," said Russell Rabichev, Marketing Director of Internet Marketing Company
SOURCE: Internet Marketing Company