Auto insurance rates and car types
- by admin
People who complain about their cars being expensive to insure may use different factors as an explanation of the higher premiums they are forced to pay. Of course, your driving record or place of residence will have a significant impact over your premiums. However, quite often car owners tend to forget that the first and foremost factor that will have the utmost significance when determining insurance costs is the car they drive. That’s right, the car you are trying to insure will have the largest weight in the final rates you’ll be charged with. And it really makes a difference what type of car you are driving, since there are different criteria used by insurance companies to asses the risk of different car types. So it’s really useful to know what to expect in terms of insurance when driving different vehicle types.
Small cars
Small cars are gaining popularity these days thanks to their good gas mileage and low cost. And while there are really good and sturdy models available on the market, smaller cars tend to be a bit more expensive to insure since the damage they will take in a serious car accident is usually to high. This also involves increased injuries of the passengers, which pushes the insurance cost even higher. Although, it really depends on the make and model you choose to purchase.
Medium sized cars
Middle class and size cars are the meat and potatoes of auto insurance since they tend to have all the risk factors on a reasonable level. Cars of this types tend to have good safety features, sustain less damage during an accident, be easy and not costly to repair and have low theft rates. Sure, it really depends on the exact car make and model but the overall tendency is that middle class cars are the easiest and cheapest to insure.
Large cars and SUVs
Large SUVs, minivans, jeeps and pickups may cost you more to insure due to a single factor that is still very important. While these cars tend to be very safe for the people inside, they tend to deliver significant damage to other party’s property in course of an accident. Besides, the repair costs for larger vehicles may also be higher. So be prepared to pay up more for having your car insured properly if compared to medium or even small cars.
Sports and muscle cars
Some sports and muscle cars may cost less than middle class cars but they will always have more expensive auto insurance due to a set of factors. First of all, this car type is more prone to accident since there are more claims filed by owners of sports cars. The overall risk taking attitude associated with this class of cars also results in more serious accidents taking place. And when there’s such a great risk don’t expect insurance to be cheap.
Luxury cars
When you’re driving a luxury vehicle that costs like a couple of middle class vehicles don’t expect your policy to be cheap. First of all, luxury cars tend to have very high repair costs due to exclusive and expensive parts being used in their production. And don’t forget that such vehicles often end up as targets for auto thefts.
Classic and vintage cars
Classic vehicles may cost a lot to insure since they have a significant collectible value and may require a special type of auto insurance with many restrictions and special provisions.