Insurance companies in Arkansas and throughout the county rely on statistics to calculate a driver’s potential chances of getting into a car accident. If you are a driver with speeding violations or previous accidents, you have a statistically higher chance of experiencing a car crash.
Some other factors insurers consider are your age, financial history, and driving experience. It is not surprising that older drivers with clean driving records and good credit scores usually have the lowest insurance rates. Where you live also influences the cost of insurance. For example, if you live in an area with a high crime or accident rate, your payments will be higher.
If you have been in an accident, fault could play a role in whether your rates increase. That is one reason why it is important to have an experienced Fayetteville, AR car accident attorney investigating your case and representing your interests. You should not hesitate calling GKD Law at (479) 316-0438 if you have been in a car accident.
The most important factor an insurance company will look at is your driving record. If you had any previous accidents, driving violations, or made any other insurance claims, your rates will likely be higher than those of a driver with a clean driving history. One way to keep your record clean is to have our Harris car accident attorneys ascertain if a wreck was the fault of another driver. Many of these factors diminish over time. If you were a reckless teenager, you could lower your rates by compiling years of safe and uneventful driving.
The number of miles you drive could also impact your insurance rates. People with a long driving commute will generally have higher rates than people who take the train to work or drive a significantly shorter distance. The lower rates are usually offered as discounts if you do not drive much. In many cases, a driver will have to ask for these discounts – they are not always offered or advertised.
Insurance companies will look at demographics to determine insurance rates. For example, your age, gender, marital status, credit score, and geographical location will affect your insurance rate.
Young men typically have higher rates than women of the same age. However, this disparity switches as people age. Statistically, older women will likely get into minor accidents, so older males have slightly lower premiums.
Statistically, married individuals get into fewer accidents than single folks. Therefore, tying the knot could be one way to lower your insurance payment. This is especially true for males. If a male has a clean driving record, they could see their premiums cut in half after marriage.
Because most accidents occur close to home, your rates will be affected if you live in a very populated area. Another consideration is the economic status of the area. For example, insurance rates are usually higher in dense urban areas with high levels of unemployment.
The kind of car you drive will also affect your insurance rates. Cars with higher safety ratings usually lower the odds that you will require expensive medical treatment if you are in an accident. The higher the safety rating, the lower the monthly premium.
Additionally, certain vehicles are statistically more dangerous or prone to theft. If you own one of these cars, your rates will likely be higher.
Another factor that could affect your insurance rates is the age of your vehicle. While older cars are more likely to be considered totaled after an accident, newer cars are much more expensive to replace. Therefore, the collision rates for new cars are higher. In fact, if you have an older car, you could remove collision coverage, lowering your premium.
Arkansas Insurance Laws and Insurance Rates
Most states fall into one of two categories concerning auto insurance: no-fault states and fault states. In a no-fault state, a driver will typically file an insurance claim with their provider no matter who caused the accident. In fault states, the motorist who caused the crash is responsible for any damages.
Arkansas is a bit different. The Natural State follows a set of insurance laws commonly known as add-on liability insurance. This system is a hybrid of fault and no-fault laws. Under Arkansas law, an accident victim has a right to sue even if you caused an accident. Because of this, it is usually advisable to have insurance coverage that exceeds the required minimums. However, this increased coverage will be reflected in your insurance rates.
If you are a driver over 55, insurance companies are required by law to offer you a discount if you complete an accident prevention course that has been approved by the state’s Office of Motor Vehicles. You should ask your insurance provider about this discount.
Getting the Lowest Auto Insurance in Arkansas
Despite the factors that affect your insurance rates, you can take steps to ensure you have the lowest premiums possible. The first step is to shop around. Different companies will have different rates. The price variation could be significant, so you should get multiple quotes before making a final decision.
Most insurance companies offer various discounts. For instance, discounts could be available based on the number of miles you drive or if you are a veteran. In many cases, you need to ask about these discounts. Many insurers will not inform a potential policyholder of the available discounts.
If you have been in a crash, you should have our experienced Bentonville car accident attorneys working on your behalf. By establishing that you were not at fault, you could lessen the impact of the crash on your driving record. A quick settlement or an admission of fault could adversely impact your insurance rates going forward.
Contact Our Experienced Arkansas Car Accident Attorneys if You Were Involved in a Crash That Was Not Your Fault
Insurance companies will consider many different factors when calculating your premium payment. Many of these, such as age and gender, are beyond your control. However, there are some factors that you could influence, such as geographical location and type of vehicle. You also have the ability to lessen the impact of an accident by establishing another driver was to blame. Our Arkansas car accident lawyers are available to help you prove you did not cause a crash. Call GKD Law at (479) 316-0438 to schedule a free consultation.