How does Bingle calculate your car insurance premium?
Monday, March 24th, 2008
One of the things many people get confused about with car insurance is how their premium is calculated.
Car insurance premiums are mostly based on the risk of insuring the particular car and the people who will be driving it. So it makes sense that if the risk changes, your insurance premium is also likely to change.
The risk factors Bingle considers when quoting you a premium include:
- The insurance, driving history and age of the people who will be driving your car
- The value, age, make and model of your car
- Bingle’s experience of claims frequency and repair costs for your type of car
- Any optional extras fitted to your car
- The postcode where the car is kept overnight
- Whether your car is under finance
Bingle also adds a competitive administrative cost to the premium it quotes, as well as any taxes and charges it needs to apply by law. Bingle works hard to keep these non-risk costs as low as possible.
Bingle is Australia’s leading low cost online car insurance provider. So, if you are over 25, haven’t made any claims in the past three years, and drive a ‘standard’ car, you’re the type of customer Bingle wants.
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