There are a number of factors that affect Northwest Territories auto insurance rates. The main one that car insurance companies consider is the applicant’s driving record. The insurance company will look at the number of years that the applicant has been licensed to drive and the number of at-fault accidents or convictions an applicant has on his or her record for at least the past six years.
The make and model of the car being insured is also considered by the company before setting rates. The company will look at the average cost of repairs to the vehicle, as well as how often cars like yours are targeted by thieves.
Vehicle use is another factor that Northwest Territories auto insurance companies consider when setting premium rates. Customers who use their vehicles for pleasure only pay lower rates than those who are using it for business purposes as well.
The level of coverage requested is also factored in when determining auto insurance rates. A person who is requesting a higher level of protection is going to pay more than a customer who wants a lower policy limit.
The policy deductible is something that also affects rates for auto insurance coverage. Choosing a higher deductible and paying more toward the cost of claims yourself means you will be rewarded with lower premium costs. Before you decide to raise your deductible, think about whether you can afford to pay the amount you are considering out of pocket without causing yourself financial hardship.