Factors that affect Mitsubishi insurance premiums
Calculating insurance premiums is far from straightforward. A wide range of factors are considered when determining insurance rates, and each insurance company weighs these factors differently. Therefore, a quote from one insurer likely won’t be the same as a quote from another. For this reason, working with an insurance broker is key. A broker can help you obtain and compare quotes from all the leading insurance providers in Canada, ensuring you find the best policy at the most affordable price. To learn more about the factors that will affect the cost of your Mitsubishi car insurance, keep reading.
Age
Your age can be used to determine how much you pay for Mitsubishi car insurance. Young drivers typically pay the highest insurance premiums because they lack experience. Further, statistics show that drivers over the age of 60 may be more likely to get into accidents on the road and may pay more for car insurance accordingly.
Location
Where you live and work (if you drive to work) may also impact your insurance premium. If you live in a major city like Toronto, Vancouver, Montreal, or Calgary, your insurance premium may be higher. This is because high-density cities have more traffic, which increases your odds of getting into an accident. In contrast, if you live in a rural part of the country, your insurance premium may be less because there are fewer cars on the road. Lastly, if you live in a region that is prone to climate related incidents, such as floods, your Mitsubishi car insurance may be more expensive.
Driving experience
The amount of driving experience you have speaks to skill and risk levels, which is why insurance companies take it into account. Young drivers with little to no driving experience often pay the highest insurance premiums, whereas drivers who have years or even decades of experience under their belt may pay less.
Driving record
Insurance companies may require a copy of your driving record when calculating your insurance premium. Why? Driving records are clear indications of a driver’s risk level. The cleaner your record, the lower your insurance premium will be. If you have a poor driving record, such as one filled with speeding tickets, accidents, and DUIs, then you may pay more for insurance. To keep your record as clean as possible, always drive the speed limit, obey the rules of the road, and drive defensively rather than offensively.
Model and year of Mitsubishi vehicle
Which specific Mitsubishi model you purchase can also influence your insurance premium. More expensive vehicles tend to cost more to insure. Since Mitsubishi is an affordable car brand, insurance rates could be lower, especially if you choose one of their cheaper models, like the Mirage or RVR. Additionally, buying a used car vs. a new car can also affect your insurance rate. Finally, the safety rating of the vehicle you drive may also come into play.
Annual mileage
Lastly, how frequently you plan to drive your Mitsubishi may impact your insurance premium. If you only drive a few times a week, then your odds of getting into an accident are less and you may pay less for low mileage car insurance. Oppositely, if you have a long daily commute during rush hour or drive as part of your job, then you may spend an above-average amount of time on the road, which could result in higher car insurance rates. Frequently driving on major highways or at night may also raise insurance premiums.
