AffordableInsurancePlans.com Reveals How Income Impacts Auto Insurance Premium
AffordableInsurancePlans.com is an all-in-one stop for news, tips and quotes on auto insurance. Study finds consumers with higher income will have lower rates on auto insurance. The difference in income may have an impact on auto insurance premium by up to 30%.
New York, NY (PRWEB) July 30, 2012
AffordableInsurancePlans.com, part of the Insurance Quotes USA Finance network, is an all-in-one stop for news, money-saving tips, and quotes on auto insurance. The company has conducted a research and in-depth data analysis from months of data collected to date and has found that the income level of an individual impacts the cost on auto insurance premium. "Studies indicate consumers with higher income will have lower rates on auto insurance," said Eric, Senior Advisor of AffordableInsurancePlans.com. "We hope through this research and by releasing the results will help consumers further understand how auto insurance premium is determined and the factors affecting it, so that consumers can be better prepared and know what to expect when looking for auto insurance."
The company has recently obtained more than 200 quotes from multiple insurance companies. Research results indicate drivers with higher income will have lower auto insurance rates, given the same sex, vehicle, and driving experience.
For a 30 year old man, married with 10 years of driving experience living in New York, quotes for a Mazda CX-7 SUV 2012 returned the following average rates for different income levels:
- Less than $20,000 a year income: $3,145.32
- $20,000 to $30,000 a year income: $2,791.83
- $30,000 to $40,000 a year income: $2,532.67
- $40,000 to $50,000 a year income: $2,413.72
- $50,000 to $60,000 a year income: $2,231.82
- $60,000 to $70,000 a year income: $2,228.42
- $70,000 to $80,000 a year income: $2,223.14
- $80,000 to $90,000 a year income: $2,215.82
- $90,000 to $100,000 a year income: $2,214.74
- More than $100,000 a year income: $2,211.32
"Studies have revealed that the level of income will have an impact on the insurance premium," said Eric. "The difference is clearer on income with less than $50,000 a year." AffordableInsurancePlans.com recommends drivers who are applying as a couple to have the individual with higher income as the primary driver for more savings.
"Although the income level factor has an impact to car insurance premium, there are several things consumers can do to save more on auto insurance, such as improving the security rating of a vehicle," Eric added.
About the Insurance Quotes USA Network
The Insurance Quotes USA (IQUSA) network currently has 4 web properties within the network – InsuranceQuotesUSA.com, AffordableInsurancePlans.com, InsuranceCalculator.net, and PropertyInsuranceCoverage.com. Each website serves a unique purpose for consumers in the United States. With the company's I.Q.U.S.A. service model – Instant insurance quotes, Quotes from multiple companies, Unbeatable coverage types, Smooth user experience, and Affordable policy rates – the company aims to build a strong online presence in the insurance industry through new domain acquisitions and development. In addition to car insurance, the IQUSA network also provides home, health, life, business, and travel insurance quotes.
How does AffordableInsurancePlans.com work? When a zip code is entered, the system automatically determines the location of the zip code, connects with insurance providers in the specific area, and then displays quotes from multiple companies on the screen. The entire process completes in a matter of seconds. Compare and save money on affordable insurance plans today.
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