How do car make and model impact insurance? In auto insurance, the premium rates for coverage are mostly determined by the make and model of an individual’s car.
In order to determine the risk involved in insuring a car, most insurance companies evaluate several factors, such as the likelihood of theft, repair expenses, safety ratings, and the overall reliability of the car.
For instance, because luxury or high-performance vehicles have more expensive parts and are more likely to be involved in accidents, their insurance rates are typically higher.
On the other hand, cars with a reputation for safety features and affordable repair costs can be eligible for discounts from certain insurers. In today’s article, we would provide detailed information on how auto insurance premiums are affected by car make and model.
With the information we have curated for you, you will get insight into the factors that can impact your overall cost and make informed choices before purchasing a car.
What Is A Car Make?
A car make simply refers to the manufacturer or brand that identifies the company that made it. It is a crucial aspect of a car’s identity, and it frequently influences a number of things like insurance costs, part availability, and resale value. Popular car makes include Chevrolet, Honda, Toyota, and Ford.
The brand of a vehicle can have a big impact on insurance rates since different brands are linked to differing levels of safety, dependability, and repair costs, all of which are factors that insurers consider when setting premiums.
What Is A Car Model?
A car model is a particular product line or version of a vehicle that is manufactured by a company and sets it apart from other models of the same brand.
For instance, the Toyota Camry and the Honda Accord are vehicles that fall under the respective brands of Toyota and Honda. Every model can be customized with different features and trims to meet the demands and tastes of different customers.
A car model usually comes in a number of modifications, otherwise called trims, which may include extra features and comfort amenities. In order to determine a vehicle’s precise specifications. Insurance companies seek information about the trim levels when you submit a quote request.
Since repair or replacement costs for newer, better-equipped automobiles are usually higher than for older, less-equipped ones, you will generally pay more for coverage.
How Car Make and Model Impact Insurance?
Undoubtedly, the make and model of your car play a significant role in how much you will be charged for coverage by insurance companies.
When determining your insurance rates, insurers often consider several factors; your car make and model is one of the major factors that can either lower or increase your premiums.
We have highlighted some of the key things insurance companies will be on the lookout for before charging you for coverage:
The Vehicle’s Age
Most often, new cars are more expensive to insure than older cars. This is because the cost of replacement for new cars is typically higher than that of old ones.
In addition to this, new cars tend to have electrical components and complex features that often incur higher repair costs. Notwithstanding, you can get an insurance company that offers discounts for new vehicles. Ultimately helping to cut down your insurance cost.
Size of Vehicle
If you are purchasing a big vehicle, note that the cost of insuring it will be on the high side. Compared to smaller vehicles, bigger vehicles incur more risk and damage. As a result of this, the premium for coverage is higher.
If you intend to insure a large pickup truck or SUV, prepare to pay a higher premium.
Trim Level
The exact specifications included in the model of your car largely impact how much your auto insurance coverage will cost. While trim levels in a vehicle can be enjoyable and convenient, your insurance premiums will be greatly affected as well.
To lessen the cost of your auto insurance, it is advisable to opt for a base trim of any car model. This may help to lower your insurance rate.
Theft Rate
In addition to the number of factors that affect insurance rates based on car make and model. Theft rate also plays a crucial role in the cost of coverage.
For those with comprehensive insurance, you may pay more for coverage if there’s a likelihood that your car will be stolen.
Safety Features
When purchasing a car, it is important to look out for essential safety features. We often advise first-time car buyers to purchase a car that includes certain safety features in order to reduce the risk of accidents and other unforeseen issues.
If your car is built with safety features or you installed them yourself, it is possible to get lower auto insurance rates from several insurance companies.
How To Get A Quote For Your Car’s Make And Model
The process of obtaining a quote for your car make and model is relatively easy and straightforward. You can either get the quote online or directly from the carrier. Highlighted below are steps on how to get a quote for your make and model online:
- Visit the official website of the insurance company.
- Explore the page and identify the option for requesting a quote online.
- Provide the required information on the quote form. If there are any household drivers, include the information as well.
- Then, enter the information of the vehicle, such as VIN, year, make, model, and mileage.
- Once you’re done, you can now select your coverage choice.
After selecting the type of coverage you want, the company will provide a quote. It is imperative to ensure that the quote provided aligns with your driving needs and budget.
Consider working with an experienced insurance broker for guidance on how to choose the best auto insurance for your needs.
Frequently Asked Questions
Are Luxury Cars More Expensive To Insure?
Yes, this is because luxury cars usually have more expensive parts, and higher repair costs. It also has a larger risk of theft and other damages.
Do Safety Features Affect The Cost Of Insurance?
Most definitely! If you own a car with sophisticated safety features, there is a high possibility of getting lower insurance rates. This is because safety features help to lower the likelihood of collisions and injuries. This could lead to the filing of claims severely.
How Can I Lower My Car Insurance Premiums?
One of the easiest ways to lower your car insurance premiums is by shopping around and comparing quotes from multiple insurance companies.
Most insurance companies offer several discounts that you may qualify for, such as good student or good driver. Taking advantage of discounts can ultimately help to lower the cost of your coverage.
