How the Car You Choose Affects Your Auto Insurance
One factor affecting your car insurance rate is the the type of car you choose to buy. Some cars cost more to insure than other cars, with older, cheaper, utilitarian cars generally costing less to insure than new, expensive, sporty cars. Other variables affecting the insurance rate of a vehicle include its popularity with car thieves, the cost to repair the car and the car's overall safety record.
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Car Theft
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A car that is popular with car thieves will cost more to insure than a car that is not typically a target of theft. According to the National Insurance Crime Bureau, the vehicle most stolen in the United States in 2008 was a 1994 Honda Accord. Older vehicle models can be a target for thieves because they can be broken up and their parts sold.
Car Repair Costs
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Luxury cars may cost more to insure because they cost more to repair after an accident. Parts for these cars cost more and are often in shorter supply. In addition, the repair shop workers may need additional training to work on luxury cars and thus are able to command a higher annual rate.
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Safety Records
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A vehicle's safety record also affects its insurance rate. Cars that include safety features intended to help drivers avoid an accident cost less to insure. In addition, features that minimize damage to passengers and the vehicle after an collision also reduce insurance rates. On the other hand, features that increase the likelihood of an accident cause insurance rates to go up, as with sport utility vehicles that may tip when turning.
Horsepower
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More powerful cars cost more to insure, especially cars with engines above 500 horsepower.
Other Drivers
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The profile of the average person likely to drive a particular model of car also affects the insurance premium for that vehicle because collision and comprehensive rates are based on a model's loss history. For example, a car that is popular among inexperienced teen drivers will cost more to insure than a car that is more likely to be driven by middle-aged suburban women.
Most Expensive and Least Expensive Cars to Insure
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According to Insure.com, the most expensive car to insure among 2010 models is the Porsche 911 Carrera GT2 two-door coupe. A 40-year-old man with a good driving record will pay an average of $2,943 to insure this car. The least expensive 2010 car to insure is the Mazda Tribute, which costs $1070 to insure.
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References
- Photo Credit classic sports car image by TA Craft Photography from Fotolia.com
