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How do UK motor insurance companies determine your premium?
If you have been looking over rates from UK motor insurance companies, you might be a little bit confused. This is relatively normal, too. Many people just pay their car insurance every month, but they don't have any real idea why they are paying that price. They understand that a bill comes in the mail every month and they understand that it has to be paid by a certain date. Beyond that, what UK motor insurance companies do is a mystery to many. It doesn't have to be that way, though. The UK motor insurance companies are not that difficult to understand and how they set their rates is even easier.
So what things do the UK motor insurance companies take into account when they set out to give you a rate quote? The first of those things has to do with your own personal profile. One of the challenging things about this is that you can't change your profile for motor insurance purposes. This has to do with your age and what sort of car you drive. In addition, the insurance companies care if you are a woman or a man. Women are safer drivers on the whole, so they will receive better rate quotes from UK motor insurance companies. Men are more dangerous (not individually, but collectively: they tend to drive more quickly and more aggressively), so they require a higher rate from the various companies.
Your profile is not the only thing that the motor insurance companies will take into account, though. More important is your driving record. Some people are safe drivers and some people aren't. Though you can certainly change and become safer over time, most people are what they are in terms of driving safety. What the insurance companies want to know is how many traffic points you've picked up and how many accidents or other losses you have been in. For car insurance companies, it is all about risk. They have to determine your level of risk so that they can set rates to balance that risk. If you have been in more accidents and have got more convictions than someone else, you are going to be a bigger risk.
Ultimately, you aren't damned to the worst rate that the insurers provide. You can actually find a good deal or two if you have the ability to look online for different prices. There are some really nice comparison sites that will take the rates and the details from every insurance company in order to provide you with a clear look. The UK motor insurance companies all compete with one another for your business. If you can find one that offers a special deal for someone with your profile, you'll come away with big time savings over the course of a year.
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