With a population of more than 1.6 million people, Philadelphia is the sixth-largest city in the U.S. As Philly residents know all too well, that’s a lot of cars, trucks and motorcycles on the city’s roads.
Car insurance rates in Philadelphia are – unsurprisingly – higher than the national average. By one estimate, Philly drivers pay $1,172 more (nearly 80 percent) than the average car insurance rate of all drivers in the state of Pennsylvania. But insuring a vehicle in a crowded metropolitan area like Philadelphia doesn’t need to break the bank.
For Philly drivers, finding affordable car insurance that provides the desired coverage might take some effort, however lower monthly costs can be the reward. You just need to do your research and you’ll see that you can save money by shopping around for the best combination of optimal coverage and affordability.
Research cuts through the noise
Car insurance companies are among the most prolific advertisers in America. Whether it’s the TV, radio, newspaper, magazine, billboard, internet, social media or through the traditional mail, it’s hard to escape the onslaught of car insurance ads.
When considering what coverage to purchase Philadelphia car insurance Philadelphia car insurance buyers require a policy that not only offers good value, but also covers all the bases when there is an insurance claim. It’s time to conduct some research.
Factors that affect Philadelphia car insurance rates
There are a number of factors that will determine an individual’s car insurance costs in Philadelphia. Some of them are:
- Age: Younger, inexperienced drivers generally pay more than people who have been driving for decades, although rates start to creep up again for seniors.
- Driving history: Accidents and tickets can increase the insurance costs, while a clean driving record can reduce the rate.
- Credit profile: It may not seem fair, but people with good credit usually enjoy lower rates than those with credit problems. All other things being equal, someone with an exceptional credit score can save more than half on insurance rates than someone with a very poor credit score.
- Location of the driver’s home within the city or suburbs: Where you live within the city of Philadelphia can affect your car insurance rate. Some Philadelphia suburbs – including Palmyra, Wyncote and Rockledge – actually have higher average rates than the city.
- Vehicle safety features: Technological innovations such as forward collision prevention, blind spot detection, lane departure warning and anti-theft devices can lower car insurance rates.
- Value of the vehicle: New cars cost more to insure than old cars. If the original sticker price was higher than average, the insurance coverage probably will be, too.
- Coverage amounts and deductibles: Choosing the minimum coverage amounts required by Pennsylvania state law for bodily injury liability, property damage liability and medical payments will save money on the insurance premiums, but these amounts may be inadequate to cover a claim. It’s important to make sure you have adequate coverage. A high deductible can also lower premiums, but a low deductible is kinder on the wallet when filing a claim.
Do your homework before buying car insurance
If you’re in need of car insurance in the Philadelphia area, or seeking to change car insurance companies, some important research is required in order to get the best rate and coverage for your situation. A little homework now could help you realize significant savings and benefit from better service if you ever have to file a claim.
