Vehicle Factors That Affect The Cost Of Car Insurance

Insurance Blog

If you recently bought a new vehicle, that vehicle may be what causes your car insurance to go up or down. There are many factors that determine the cost of car insurance, with vehicle factors being a big part of it. Everything from what you drive to how often you drive can change the premium of your insurance. Here are some of the common vehicle-related factors that will affect the cost of your car insurance.

The Type of Car

The first vehicle factor that affects your car insurance is the type of vehicle you have. This includes the make and model, age of the car, and the size of the car. It is known that sports cars tend to be higher in car insurance, because they have a higher rate of accidents. Drivers with sports cars do not drive as safely; therefore, the vehicle's insurance will go up. If you have a van or SUV, you might notice slightly less for car insurance, because companies think they are safer and get into less accidents.

The age of your car also matters because older cars tend to need more repairs, thus increasing your risk and the rate of your car insurance. Brand new cars are a little trickier, however. While repairing one might be more expensive because it uses newer parts, they break down less often. The insurance company will use other factors to determine the risk of a brand new vehicle.

Safety Rating

Does your vehicle have a good safety rating? If so, you may have a lower premium than someone who does not have a good safety rating. Every make and model has a rating that shows exactly how safe that vehicle is, which definitely affects the cost of your car insurance. If you opt for an additional security device in your vehicle, you may be able to lower your insurance rate even more.

How Often the Car is Used

Another factor having to do with the vehicle and how much your insurance premium will be, is how often you use the car. If you have a vehicle that is used every day for a long commute to and from work, you might be paying more for insurance than if you have a vehicle only used during the weekend. This is known as a pleasure car, or fun car, and doesn't have as much of a risk. Typically, the more hours and miles spent driving a car, the higher the risk and higher the insurance premium.

If you are thinking of buying a new car, you might want to consider these vehicle factors and how much the insurance is going to be. Contact an insurance company like Moore, Clemens & Co Inc for more information.


23 January 2015

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