The factors that reduce the price of vehicle insurance

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Vehicle insurance is in the process of expansion in the country. Data provided by Fasecolda in the first half of the year, showed that only 38.7 percent of automobiles in Colombia are insured against all types of risks. The organization also warned that almost a third of the cars that circulate in the country do so without SOAT, a factor that constitutes a danger to the lives of people and public finances.

When buying insurance, the following points must be analyzed that contribute to increase or decrease the quota, according to the characteristics of the person who acquires it:

Age: insurers perform calculations with which they determine the price of insurance. "In general, the lowest prices can be found in people older than 33 years, due to the calculation of insurers with respect to the driver's experience," says Inês Neves, Country Manager of ComparaOnline in Colombia.

City where the vehicle circulates: another of the calculations that are made has to do with the average number of accidents and thefts that are recorded in the city where the vehicle normally transits. To give an example, insurance can be up to 30 percent more expensive in Cali than in Bogotá. Although the coverage of the policies is national, some insurers cancel them if they detect that the main city of circulation that the car owner reported is false.

The sex of the owner: although it is generally believed that women are the ones who pay a higher price for insurance, the truth is that they are the ones who do the least. This is because, although their frequency of accidents is greater, the price of these is lower than that of men's claims. The final value of insurance can vary up to 5 percent in favor of women.

The history of accidents: insurers can reduce the price of insurance of the vehicle by half if the driver who wishes to acquire it does not have any type of claims for accidents in recent years. It is advisable to quote the insurance with the real number of the card, so that this record can be checked.

It is important not to trust the price offered to an acquaintance, because the profile between the two drivers can be different and affect the final value of the insurance.

On the other hand, it must be borne in mind that compulsory insurance does not cover material damages that are caused by traffic accidents, since these must be assumed by the person involved. The damages caused by earthquakes, fires or attacks are not part of that coverage either. Only damages to people up to a limit approved by law. While voluntary insurance is extended, SOAT coverage is timely.