Auto insurance costs more for some vehicles than it does for others. The reasons could span everything from the quality of the model, its safety features, and what it would take to fix it in case of an accident. Below is a brief guide to these factors.
Why Is Auto Insurance Costlier for Some Cars?
The cost of the vehicle is arguably the most direct factor governing the insurance premiums. If your car gets totaled or stolen, the coverage provider will have to pay you its value. As such, the more it's worth, the greater the risk an agency takes with its policy. As the automobile ages, both its value and premiums drop.
Don't let the higher cost to insure valuable cars dissuade you from buying a new or late model. The safety rating also factors into a policy’s premiums, and new options often feature technological advancements that improve that figure and reduce the risk of injuries. For instance, lane departure warning systems, automatic emergency braking, and electronic stability control are not available on older models, and each contributes to lowering your auto insurance rates.
3. Repair Cost
Luxury models tend to have costlier policies because their parts are made from quality materials. High-grade leather upholstery, additional chrome, thicker plastics, and better steel all cost more to repair. Moreover, 4-wheel drive vehicles are some of the most expensive to insure because of the complexity of the drivetrain. Even minor damages to a 4x4 can cost a fortune to repair, so insurers face increased risk.
These are just some of the reasons why certain vehicles cost more to insure than others do, regardless of the driver. To discuss your auto insurance coverage options, contact Canandaigua Insurance Agency. They've been serving Ontario County, NY, since 1863, and offer unmatched experience and industry expertise. They also specialize in home, life, motorcycle, and boat insurance. Visit the website to learn more about their products, or call (585) 394-5544 to speak with an agent.