Often, when it comes to pricing auto insurance, people focus solely on the driving history of the insured. While this factor is a large part of the calculation process, the type of car you plan to insure is also an important factor. Learn more about the role the insured car plays in the overall auto insurance process.
When you see car manufacturers advertise the safety ratings for a vehicle, it's not just a marketing tactic to attract buyers. These figures are also sometimes analyzed by auto insurance companies. Typically, the higher a vehicle's rating, the lower its risk, and therefore, the auto insurance premium might be calculated as such. However, keep in mind, no matter the safety rating of the vehicle, a driver with a history of driving citations and accidents will likely pay more.
Remember, auto insurance is a safety measure you invest in to protect your car. In the event you are in an accident, you expect the vehicle to be repaired and in the event of a major accident, you expect the vehicle to be replaced. As a result, the insurance company will take into account the cost to perform either of these scenarios. Consequently, a luxury car with more expensive parts will typically be more expensive to insure than a less expensive car because of its increased value.
Just how old your car is also another important factor. Typically, the older the vehicle, the less you can expect to pay to insure it, as the parts are often easier to locate and repairs after an accident are less expensive. However, make sure you don't confuse age with value, as there are plenty of older vehicles that are more valuable than some brand-new economy-priced vehicles.
The rate at which cars like yours are stolen is also another important factor. As you might have guessed, a vehicle make and model that is often the target of thieves will likely have a higher insurance premium than a vehicle that is not stolen as often. In this type of scenario, having an after-market theft deterrent system installed on the vehicle can help you work towards lowering your rates.
When it comes to auto insurance, there is no room for speculation. Rather than guess how much it will cost to insure your car, it's a much better decision to get a quote. From the type of car you have to your driving history to the type of coverage you need, an insurance professional can assist you every step of the way.