What’s the most important thing you consider when deciding which vehicle to purchase? Maybe you focus on appearance, size or brand. Before you buy your next vehicle, consider how it will affect your insurance costs.
Drivers in sports and muscle cars typically take risks and drive fast, and these types of vehicles earn more citations and are involved in more accidents than other types of vehicles. Thus, insurance companies typically charge more for you to insure your sports or muscle car.
SUVs and large four-wheel drive trucks will do more damage to another vehicle or property than a small sedan or motorcycle will. That damage means your insurance costs go up if you choose to drive an oversized vehicle.
Susceptibility to Theft
If you drive a vehicle that’s likely to be stolen, your insurance costs rise. You may also have to pay a higher deductible.
Vehicles with higher safety ratings cost less to insure. To find the safety rating of the vehicle you wish to buy, check the National Highway Traffic Safety Administration’s (NHTSA) Safer Car website and search for your vehicle. The website will list additional testing sites if your vehicle is not listed there.
Older cars cost less to insure. That’s because they’re cheaper than new cars to repair or replace.
Your expensive luxury vehicle will cost more to insure than your bargain vehicle. Why? Because expensive cars come with higher repair and replacement costs.
Overall, you’ll pay more to insure luxury and sports cars, large passenger cars and large SUVs. Save money on insurance premiums when you insure a small passenger car or wagon, small SUV, minivan or midsize SUV. Talk to your insurance agent to learn more about your insurance costs before you buy your next vehicle and get ready to buy a vehicle that costs less to insure.