How Does The Type Of Car I Drive Affect My Insurance Rate?

There are many determining factors that affect how much you’ll pay in monthly auto insurance premiums. While your driving history plays a major role, it’s only a fraction of what insurers take into consideration. The type of vehicle you drive also has an impact.

What Aspects Of A Vehicle Do Insurers Assess When Determining Rates?

There are multiple aspects of a vehicle that can increase insurability risk. Insurers look at your vehicle’s:

  • Age
  • Body type
  • Crash test rating
  • Safety features
  • Motor size

These all correlate with the likelihood of a claim being filed. Older cars are more likely to experience issues on the road, which is why they are more costly to insure than newer vehicles. 

As for body type, pickup trucks are the most expensive to insure due to their increased odds of being in rollover crashes.

Crash test rating is a factor because this ties into the chances that an insurer will have to cover the injured driver’s and any passenger’s medical expenses.

Safety features help prevent collisions and theft, which further reduces the chances of claims being filed.

Motor size ties into replacement costs. The larger the motor, the more expensive it will be to replace.

How Do Theft And Accident Statistics Affect Rates?

Actuaries use statistics as a way to determine which cars require higher monthly rates than others. Specifically, this refers to instances of theft and accidents. The more claims of theft for a certain vehicle model in a given area, the higher that model’s premiums will be. Likewise, rates will also be higher for cars that are involved in more accidents than others.

The most commonly stolen vehicles include: 

  • Ford F150s
  • Nissan Altimas
  • Toyota Camrys
  • Chevrolet Silverados

Vehicles most likely to be involved in accidents tend to be higher-end, including models from:

  • BMWs
  • Jaguars
  • Land Rovers

What Can I Do If I Own A Car Model That’s More Expensive To Insure?

You have a few options when it comes to lowering your rates. You could trade your vehicle in for a newer model with more safety features. If you want to keep the same vehicle, you can always install safety features.

However, the level of impact each aspect a certain car model has is much lower in areas with lower crime rates. These factors have a considerably greater effect on insurance rates for individuals who live in densely-populated areas with higher crime rates.

Get The Lowest Rates For Your Vehicle Today

All Things Insurance is here to give you the best coverage for the vehicle you own. We’ll help you get better rates, more discounts, and overall better savings when you reach out to us. Your coverage is waiting now. Call us today at (763) 645-5450 to learn more about your car insurance options.