AUTO INSURANCE ARTICLE
Car Insurance Premium: Expensive Vehicles To Insure
By: regaladoWhen purchasing a new car, stay away from those luxurious, sports oriented, small funky cars and others. Expensive cars are also expensive to insure and the more its engine produces horsepower, the higher its premium cost.
But luxurious cars are not usually the most expensive to insure. You may not go for Honda s2000 convertible which may cost 33,000 dollars and Volkwagen GTI which on the other hand may cost 22,000 dollars or less. Otherwise, you may choose the 2004 Chevrolet Aveo as well as the 2004 Chevrolet Colorado which are considered to be the cheapest vehicle to insure among the 2004 models.
The vehicle claim history is the major factor which affects the cost of insurance for a certain vehicle type or model. Vehicle claim history deals with its repair cost, if a certain vehicle are proven to be stolen most of the time and if it is prone to accidents, premium for these types of car are considerably high.
There are some factors which affects the insurance premium apart from its cost.
Vehicle sticker price. The vehicle which are more expensive to buy are also expensive to replace.
Vehicle Repair Cost. There are more and more features are added to newly modeled cars as automobile industry are continues to discover fascinating technology features which end up a much higher cost for vehicle to repair when a certain feature or accessories breaks down.
Theft and Fraud Rate. Vehicles which are frequently stolen gets a higher cost premiums. Honda Accord and Toyota Camry are some of the models which are prone for auto theft. The areas where you live is also consider, if you are living in an area with a high rates for vehicle thefts, you would absolutely pay more for car insurance. Insurance fraud is also a factor most especially if you are living in California, New York, and Florida.
Type and Year Model. High performance cars, sports cars and luxury cars are prone to losses and damages while small or mini cars, because it is considerably light, it has the highest death rates on car crashes.
Driver’s Personal Data. Driver’s age, area where he or she lives, gender, driving record, credit history are some of the factors which affects the premium of every drivers. If you have bad driving record, low credit score and others, you will absolutely pay more on premiums.