How familiar are you with the ins and outs of car insurance? It’s not the most salacious subject, but here at Jake Sweeney Chrysler Dodge Jeep® RAM your commercial RAM truck dealer in Cincinnati, OH, we know that it is an important one for drivers all over the country.
We’ve found that the area most people are most concerned with is the cost of their premiums. There are a lot of things that go into formulating a particular person’s premium, but most of them fall into one of these three groups.
Background
‘Who you are’ plays a big part in determining your premium. The biggest factors have to do with your driving record. However, other personal information is used as well. Don’t be surprised if where you live and even your credit score are taken into consideration.
Vehicle
This one is a little more cut and dry. When you buy new, the car is more valuable than when you buy used. A 2019 RAM 1500 is going to cost more to insure than a used model pretty much every time.
Coverage
This is where the ball is really in your court. Aside from Liability insurance, which is often mandated by law, you have your choice of a bunch of different coverage options. Collision and Comprehensive provide the best baseline of coverage but there are various options even beyond those.
Even within the coverages, you can set higher or lower deductibles to augment the premium even more. Keep in mind though, a high deductible will lower your premium, but you will be on the hook for more in the event of an accident. If you feel financially comfortable with paying repair costs out of pocket, this might be the route for you.
This should be considered only an introduction to the subject. There’s a lot more to learn. If you find yourself with any questions, we can answer them here at Jake Sweeney Chrysler Dodge Jeep RAM.
