NEW YORK (MainStreet) Some 43% of Americans mistakenly believe their income affects how much they pay for car insurance, according to a new insuranceQuotes.com report.
Consumers also incorrectly believe that their employment status affects their car insurance rate with only 36% of Americans who know that it doesn't.
Car insurance providers consider factors that affect a consumer's risk level such as their age, gender, credit history, marital status, education level and other information.
"Drivers can control most of these factors," said Laura Adams, senior analyst at insuranceQuotes.com. "In addition to maintaining a good driving record and credit history, drivers should consider all available discounts, including pay-as-you-drive programs. They should compare rates from at least three carriers annually."
More eight in ten people know that car insurance companies consider criteria such as the make and model of the vehicle with 84% who provided the accurate response, the age of the car or 86% are aware of this and the age of driver or 88% who know this.
Whether you live in the city or suburbs is another factor with only 63% who recognize this. Some 58% of Americans are mindful their marital status impacts car insurance rates, and 53% know that owning a home is another consideration.