From minivans to sports cars, your car impacts your car insurance premiums. If you’re looking to buy a new car, you’ve probably considered features, style, etc. But if you don’t consider insurance rates, you could be missing out on total car ownership costs.
With particular types of cars, there is a broad range of factors that will help you determine how much you’ll be paying for insurance.
Approximating Insurance Expenses
Size matters in car insurance. According to statistics, smaller (or sportier) cars are driven at higher speeds by younger drivers. And since they tend to get involved more in accidents, they are more expensive to insure.
For that reason, you may think that larger vehicles, like SUVs, are cheaper to insure. However, that isn’t always the case. Large SUVs can increase your liability premiums because it has the potential of causing more damage to other cars.
Thus, if you’re looking to get cheap auto insurance, you might want to consider cars that are in the mid-size category.
The vehicle’s selling price can significantly affect the total cost of its car insurance. For most insurers, this is the primary consideration when calculating rates. As a general rule of thumb, high-end vehicles are more expensive to insure because of the increased costs of repairing or replacing them in the event of damage or loss.
Thus, if you’re looking to save on insurance, you might as well consider buying lower-priced vehicles.
Cars with Big Engines
Engines can directly affect your insurance rates. The bigger your engine is, the more likely you’re going to drive at higher speeds; thus, the higher your accident risk. Different engine sizes, even in the same makes and models, can cause different insurance premiums.
Therefore, if you want to save money on auto insurance, choose vehicles that have a smaller engine.
Considering buying a sports car? Well, you better ready your pocket for high insurance premiums. Insurers know that sports cars go faster than average cars. Thus, they are at higher risk of getting involved in accidents. Another thing is that they are likely to be stolen. Hence, they are risky to insure and with greater risks comes higher premiums.
Bear in mind though that even if you and your friend have the same cars, insurers will always look at the bigger picture and your rates may differ. That is, other factors come into play when calculating your premiums. Your age, location, driving record, and even credit history may affect your insurance rates.
If you want to know more about auto insurance, our agents here at Roper Insurance Services are willing to help you. You may call us at (828) 388-1851 or visit us today. You can also get a free auto insurance quote online by clicking here.