Spring is fast approaching and for some drivers that means it's time to shop for a new car. The following cars are rated as the top ten most expensive cars to insure. However, at the end of the day, several factors affect your car insurance premium, not just the price tag on your dream vehicle.
- Jeep - Wrangler Freedom
- Honda - Odyssey LX
- Subaru - Crosstrek
- Subaru - Outback 2.5I
- Fiat - 500X Pop
- Mazda - CX-3 Sport
- Mazda - CX-5 Sport
- Jeep - Compass Sport
- Honda - HR-V LX
- Ford - Escape S
Vehicle cost is tied closely to insurance cost:
One of the most major factors to take into consideration include the cost of the vehicle itself. High-end sports and luxury cars' price tags usually match the price of their premiums. Insurance companies consider how much it will cost to repair the vehicle in case of a devastating accident given the expensive high tech amenities and safety features. Nowadays, most new cars, luxurious or not, come equipped with safety features that are proven to decrease the risk of accidents, causing lower premium rates. However, such features are more costly to repair.
Car insurance costs affected by more than the vehicle:
While the cost of the vehicle is important, personal situations have a major effect on your premium as well, including your driving record. Those with major traffic violations and accidents will pay a greater amount versus those with a clean history. Insurance companies will base your premium on your credit score as those with lower scores have a likelihood of filing a claim. Location is also taken into consideration by insurance companies; where you reside and the location's safety plays a part of your premium's cost.
Other situations to consider when shopping for a new car may be out of your control, which include age and sex. Teenagers and people under the age of 25 tend to have higher accident rate which make their premiums higher. Women, statistically, have a lower accident rate, causing insurance premiums to lower than that of men.
Customize your insurance policy to get the right coverage and control cost:
How you choose to customize your insurance plan plays a part in premium costs. Most states require liability insurance though required limits are seldom adequate protection for most people. Banks and other lenders, in the event your vehicle is financed, also require comprehensive and collision insurance. Typically, with insurance limits (the maximum amount of money an insurance company will pay you for a covered loss), the higher your coverage limit, the higher your premium may be but we have options to minimize the cost of improved protection.
Checking insurance rates should be part of car shopping:
A great way to find out an insurance premium within your budget is to collect several cars on your wishlist and get quotes from several insurance companies. Even if you're not in the market for buying, it's smart to shop for insurance every six to twelve months ensure you're receiving the best coverage at the right price.
For any car insurance questions, call or contact Litaker Insurance today.