How to calculate vehicle insurance – SeguroAuto.org

When purchasing vehicle insurance, many people pay more attention to the final value of the product. Something understandable, since the costs will change your financial life. But, do you know how to calculate vehicle insurance?

Calculating vehicle insurance is a task for experts. After all, the cost of protection is determined through a series of information, evaluated together.

However, it does not mean that you cannot estimate how much you will pay for your insurance. To help you, we explain in this text how to do this calculation.

First of all, it is necessary to differentiate between the products on the market: vehicle protection and insurance. Car insurance is regulated by Susep (Private Insurance Superintendency) and follows a series of rules.

Vehicle protection is provided by associations and does not undergo inspections. Each option has its advantages, which must be carefully analyzed before hiring.

This text only talks about vehicle insurance, which follows some criteria common to all insurance companies. To learn more about vehicle protection, you can access this text.

To determine the final insurance price, several factors are considered. Overall, they are linked to the car's risk profile.

This means that the greater the risk of suffering an accident, the higher the cost of insurance will be. Do you want to know how to calculate vehicle insurance? Keep following!

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Factors that influence the price of vehicle insurance

As already mentioned, the factors that influence the price of insurance are quite varied, and can change depending on the insurer.

Still, some of them are quite common, and fundamental to defining the cost of vehicle protection. Below, we talk a little about each of these routine factors. Follow along!

Theft and theft rate

The more targeted the vehicle model is by criminals, the higher the insurance value will be. After all, this type of scenario makes vehicle theft or theft much more likely.

Thus, the insurance company will have a greater chance of incurring losses, and will need to protect its profits. For this reason, it will charge more for protection.

To give you an idea, this risk factor can be responsible for 60% of the final insurance price. A result of this type occurs even if the market value of the car is not that high.

Driver profile

When the driver is more likely to suffer accidents, car insurance also becomes more expensive.

The insurer considers younger drivers, who have little experience behind the wheel, to be a risk group.

Single men also tend to suffer more accidents, making the price of their protection higher.

In addition to these, the driver's accident history influences the quote. Therefore, anyone who has been involved in accidents or been fined will have higher-cost insurance.

Type of garage

It may seem silly, but the type of garage the car is kept in influences the insurance quote. If, at home and at work, it is in a closed parking lot with a gate, there is a reduction in the price.

On the other hand, the opposite is also valid. Therefore, cars that are parked on the street do not have much of an advantage. After all, they are more subject to robbery, theft and damage by third parties.

Vehicle use

When calculating car insurance, insurers also consider the type of use of the vehicle. Cars that are used eventually have cheaper vehicle insurance.

The value tends to increase gradually according to the frequency of use, and increases a little more when the vehicle is used as a means of work, to go to college or to work.

Place of residence

Some areas of cities are classified as risky by insurance companies. Not only at risk for violent actions (such as robbery), but also for collisions.

When the driver lives in places where there are more robberies and accidents, it is common for the insurance value to follow this high rate.

Contracted coverages

Another point considered when quoting insurance is the coverage contracted. Both the type of coverage and the number of protections.

If the protection is simpler, the price will be lower. The more coverages are added, the higher the proportional cost will be.

How to calculate vehicle insurance?

When calculating vehicle insurance, you can evaluate all the aspects mentioned in the previous topic. Does your car model have a high theft rate?

Do you live in a risk area? Do you want to purchase multiple coverages? In these scenarios, the cost of protecting the vehicle is usually much higher.

In any case, knowing the exact value of the insurance is only possible through a quote. Because insurance companies give different weight to each factor analyzed.

Some, for example, consider the number of coverages as the main item, while others assess the risk of car theft.

Furthermore, it is important to always tell the insurance company the truth. Even if your profile is high risk — which will result in more expensive insurance.

By lying or omitting information, the user is committing fraud. As a result, the insurance company may refuse to pay compensation in the event of accidents. There are also cases where consumers are sued by the company.

Now that you know how to calculate vehicle insurance, contact a broker. With the help of a professional, you will find it easier to define the best insurance and costs for your pocket.