During our current economic times, car dealers are offering more incentives to help offset weak car sales. This means you have even more power to get a deal on a new or used car. Before you drive that car off the lot, it’s smart to shop around for car insurance to see how much your desired car model will cost to insure. What you learn could surprise you.
Factors Used to Calculate Car Model Insurance Rates
While you may expect to pay more to insure a luxury car versus a small economy car, insurance companies factor in more than the car’s price tag to determine individual insurance rates for car make and models.
Cost to repair – The cost for comprehensive and collision coverage may be higher for some make and models as compared to others, based on the car’s history and how prone it is to damage. For example, one car model’s bumper may fair well in a minor accident, while another may need the entire bumper replaced.
Auto Theft History – Car thieves tend to have their favorites list, and car models that are more prone to car theft than others will most likely have a higher insurance rate.
SUVs – Car models with fast engines or sports cars are known to have higher insurance rates, but what many people may not know is that sports utility vehicles (SUVs) typically have higher auto insurance premiums versus a standard passenger car. SUVs’ history has shown it causes a higher level of damage when involved in an accident, and for a while, certain makes and models were having a higher than normal rate of flipping incidents.
Benefits of Shopping for Inexpensive Car Insurance
Comparing car model insurance rates before you buy will not only avoid insurance sticker shock, but offers the opportunity to find affordable, inexpensive car insurance.
It may also result in finding a car that:
- Has a better safety rating
- Is less likely to be stolen
- Fares better in an accident, offering the potential to reduce your premium by increasing your deductible
You could also save money on your car insurance if your new car has an anti–theft alarm system, tracking system such as Lo-Jack, anti lock braking system or other safety features. Of course, a good driving record, taking defensive–driving courses, and having good credit can also reduce your car insurance premiums.
See how much auto insurance you could save today on your make and model. Get your free auto insurance quotes today!
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