The type of car you drive can have a significant impact on the total cost of insurance. A general guideline is that the more a car costs to buy, the more it will cost to insure.
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Before buying a car is the ideal time to shop and compare rates. To this end the factors and specific cars that inspire high rates are discussed below.
What Factors Affect Premium Price?
More expensive cars cost more to insurance due the high cost to the insurance company if they have to fix a high priced car after an accident. The amount of horsepower a car has can also spike up your rates, since more horsepower means more speed; that leaves the potential for more accidents and more speeding more tickets. Add to this scenario a young and inexperienced driver and you are making the insurance companies nervous. In essence, you are paying for their confidence.
Are you looking for a list of cars that will significantly raise the cost of insurance changes every year? Currently the list for 2010 models that raise the roof on insurance prices include the:
- Porsche Carrera GT2
- Mercedes S65
- Dodge Viper
- Porsche Panamera Turbo
- Mercedes CL600
Cars from other years that will cost you a pretty penny to insure include the Mitsubishi Lancer Evolution, the convertible Jaguar XK, and the Honda S2000 among others.
Other Important Issues in Car Insurance
Another thing that can increase your insurance rates is how often a type of car gets stolen. The number one car for easy theft is the fancy Cadillac Escalade. It is currently over seven times more likely than any other car to be stolen.
Other cars often targeted by thieves include the Ford F-250 and the impressive Infiniti G37. Niceties such as DVD players and GPS devices installed in cars can make them a hot target for a thief.
With close to a million cars being stolen every year in the USA alone, you can understand the worries of insurance companies, and why rates for hot ticket cars tend to be higher. The least expensive 2010 car to insure was the Mazda Tribute and the Dodge Caliber. Other cars with low insurance rates include the Volvo XC902, Chevrolet Malibu, the Buick LeSabre, and the Ford Taurus.
What helps lower the auto insurance rates on these cars? Features such as lower horsepower and safety devices installed in the car can help bring down costs. Cars that have been profiled to be family vehicles or a favorite of “soccer moms” tend to be less expensive when it comes to insurance since a lot of the pricing is based on favorable statistical evidence. (The insurers believe the more family members you have to take care of, the less risks you take!)
This means many vans, station wagons and sedans will be on the lower end of the list. Having a low cost for repairs can also land a car on the less expensive end of the spectrum when it comes to insurance costs. These types of cars also tend to be the least ticketed, which helps keep your rates down. Forget about Hummers, Scions and most Mercedes, if being pulled over is your biggest concern. These cars are often cited as the most ticketed vehicles on the road today.
Higher Profile Risks
Driving a higher risk profile vehicle statistically costs the insurance companies more money when there is a claim, and so these cars cost more to drive. Things such as a good driving record and even taking defensive driving courses can lower your rates. If you have a child who is in high school or college, ask about good student discounts. Airbags, antilock brakes and automatic seatbelts can also help to get you a discount. Ask about retirement discounts, loyalty discounts, and any other programs that may apply to you.
There are many lower risk options available in cars that don’t necessarily forfeit style. If you don’t see your ideal car mentioned, or just want a ballpark figure, then it is usually best to contact your insurance agent for more information or a quote.
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