Auto insurance provides coverage for vehicle repairs and medical expenses in the event of accidents and collisions. When you purchase insurance for your car or truck, you’ll pay a premium to ensure your policy remains effective. Several factors may influence the amount you owe each month and many of them are related to your automobile’s condition and specs. Here are a handful of car-specific features that may affect your insurance premium.

4 Car-Related Factors That Affect Insurance Premiums

1. Potential for Theft

Specific makes and models are more likely to be stolen than others. If your car or truck is particularly vulnerable to theft, your insurance company may consider it a target and raise your monthly rate. However, if you install an alarm or anti-theft system, you may reduce your premium. 

2. Vehicle Size

Generally, larger cars, trucks, and SUVs are safer on the roads than compact vehicles and take less damage when they collide with smaller automobiles, which keeps insurance premiums to a minimum. At the same time, vehicles with large engines compared to their body size tend to raise insurance premiums, as they go faster and are more of an accident risk. 

3. Automobile Safety

Insurance companies perceive vehicles with high safety ratings as being less of a risk on the roads. Cars and trucks with automatic seatbelts, airbags, lane change warnings, blind-spot alerts, and rearview cameras are less likely to get into accidents. When your auto insurance company doesn’t have to worry as much about payouts, your premium will be lower. 

4. Vehicle Age

Since older vehicles are more likely to end up a total loss in the wake of an accident, insurance rates are usually higher. Older vehicles may have outdated or difficult-to-find parts that make repairs more expensive, thus outweighing the value of the automobile. This raises premiums due to the potential for auto insurance companies to have to make higher payouts on totaled cars and trucks. Since newer vehicles are easier to repair, rates are often lower.

When you need affordable auto insurance, get in touch with Lafever Insurance Agency. They provide car, motorcycle, and young driver insurance to clients throughout Cookeville, TN. Call (931) 526-3377 to request a car insurance quote and ask about bundling policies. Visit the website to learn more about how they can protect you on the roads.