It may seem obvious that location would affect, for example, home insurance premiums, but did you know that it can even push the price up (or down) of car insurance and even life insurance? If you’re looking for a new place to live, but are concerned about what moving to a new location will do to your monthly expenses, you might want to look into how it could affect your insurance premiums—proximity to certain locations can alter them dramatically. Read on to find out how your location can affect your insurance premiums.
Home insurance
If you live in a town or city with high crime rates, your home insurance premiums will be higher than if you live in an area with low crime rates. Insurance companies will also mitigate the cost of natural disasters, such as flooding, by raising premiums in areas prone to these disasters.
Car insurance
With the majority of car insurance claims taking place within five miles of the car owner’s home address, insurance providers will look closely at the insurance holder’s location when calculating premiums. If there are a lot of uninsured drivers, higher than average claims, fraudulent claims, or high rates of theft and damage in the area, you’ll foot the cost with higher premiums.
Life insurance
Certain areas in the UK have lower than average life expectancy rates, which means that life insurance premiums in these areas are increased. High rates of, for example, drug-related deaths will also push up the cost of life insurance.
How to get the best price for insurance
While it’s impossible to know exactly how much you’ll be paying for insurance unless you do a comprehensive search, getting quotes from different companies is a good way to start. Speak to one of our expert team who can help you get the best quote possible, regardless of your location.
