Car insurance rates vary from one insurer to another, but the same insurer charges different rates for different driver categories.
No two insurers are alike – each has its own business model, profit scheme and overheads. And let us remember that it’s a free market, prices are based on where supply meets demand.
When it comes to varied rates for the same product offered by the same companies, rates are set after an assessment of the risk posed by the driver. The underwriter will evaluate your driving record and customize your premium value. The rate will depend on factors like:
Theft protection devices. The more secure a car is, the lower your insurance bill will be. Insurers offer hefty discounts if you show that you care about your car. A GPS tracking device or a measly steering wheel lock will save you some money over the lifetime of a policy.