It is no secret that certain cars are more expensive to insure. Most people already know that a more expensive car tends to be more expensive to insure, but not everyone knows all the factors that lead to increased auto insurance costs. Below we cover the major factors that go into deciding the insurance rate for a particular type of automobile.
Likelihood that the car will be stolen or vandalized.
Cars that are more likely to be stolen or vandalized cost more to insure. The cars that are most often stolen might surprise you. Some of the top stolen cars include the 1994 Nissan Sentra, 2002 Ford Explorer, 1998 Honda Civic, and 1994 Honda Accord. These cars are generally easier to steal and their parts are in high demand.
Cost to repair the vehicle after a collision.
Certain cars are expensive to repair after an accident, even if the car itself is not that expensive. Cars that are expensive to repair are more expensive to insure.
Amount of injury or damage your car can cause to a person or vehicle.
Vehicles that are not very safe are more costly to insure due to the amount of property damage and injury that can occur in the event of an accident. Less safe cars can cause more damage to other vehicles, and greater injury to those involved in the collision, both outside your car and your own passengers. Vehicles with enhanced safety features often qualify for discounts on auto insurance.
If you are looking at purchasing a new or used car, consider the costs of auto insurance when figuring out what type of vehicle to purchase. You can even get quotes for different vehicles before you buy so there are no surprises when it comes time to purchase auto insurance for your vehicle.