Car insurance can get expensive for some people, especially those who want to. However, your rates are determined by several factors, including your credit rating. If you want to buy an F-150, your insurance rates can determine whether or not you continue with the purchase. Let’s look at how insurance rates are calculated and how factors like credit score affect the F-150.
Factors that determine auto insurance premiums
The car is of several different factors. First, there is the age and gender of the driver. The younger the person, the higher the risk of an accident. Of course, you can be an older person and still have high premiums because these companies also take into account your driving history. There are too many accidents in your report, and you are also considered a risk.
Another factor. A minivan with plenty of safety features will get you discounts on your insurance premiums, while also costing you more. The number of miles you drive in a year and theft statistics taken from your area. All of this will contribute to the price of your insurance policy.
A breakdown of Ford F-150 insurance costs when you have bad credit
According to the Ford F-150, insurance costs will run you about $3,024 if you’re older and have a good driving record but poor credit. That’s nearly twice the $1,760 price for those with good credit ratings. If your credit is good, but you have a recent accident on your record, your premium could cost you $2,585.
If you’re 18 with poor credit, you better not get an F-150 because CarEdge indicates you’ll pay about $9,546 annually. If you are lucky enough to have good credit at this age but have a faulty accident on your record, you will end up paying $8,160. This makes these pickups very expensive to own.
You’re in a much better position if you’re 30 and older. If you’re 30 and have poor credit, you’ll likely pay $3,357, which is much better than the roughly $10,000 premium for an 18-year-old.
Many factors determine your car insurance premiums, including age, gender, vehicle type, and credit score, to name a few. If you’ve only been driving for two years, the F-150 pickup is best left to those who can afford insurance and stick to cars loaded with safety gear.
Average insurance costs
If you’re a 40-year-old driver with a good driving record and credit, you could pay roughly $1,835 per year in premiums for a brand-new car. However, if you have poor credit but still a good driving record, you can pay up to $3,151, according to CarEdge. Most insurance companies use your credit score to determine how much risk you are exposed to.
An 18-year-old younger driver is unlikely to have a good credit rating, at least not yet. Therefore, a person with a good driving record at that age could pay about $9,948 for a Ford just for his age and credit score. This is usually why experts recommend these youngsters join their parents’ policies, so the premiums are more affordable, at least until they’re around age 25.
When it comes to where you live, Louisiana is one of the most expensive states in the country in terms of insurance. For good credit, you can pay $3,102, while a driver with poor credit can pay $5,085. Hawaii is one of the cheapest states when it comes to insurance. Premiums can average $849 with a good driving history and $1,153 if you have an accident on your report.
