Your vehicle might just be more expensive to insure than others even for the same coverage. The reasons behind this might include one or more of the following: your vehicle is new; the make of your car is more costly to repair; the type of car you have has higher incidents of damages or accidents; your vehicle has low safety rating; and your car is attractive to thieves.
When you try to get quotes from different insurance companies, so many questions are being asked about your car as well as other relevant information. Their reason: they need to assess all the conditions to come up with your premiums as insurance quotes differ from one car to another. Some vehicles can be more costly to insure and here are the most common reasons why:
Your vehicle is new
Try canvassing an auto insurance quote online for your brand new sedan. Notice that it is more costly to ensure compared to a 2005 model of the same series. A new vehicle would mean it has higher value, thus logically more expensive to insure. Furthermore, the component and replacement parts could be harder to find than other current car models and might be more expensive to acquire. The value of your car will get smaller every year, and so will your insurance premium be.
The make of your car is more costly to repair
Some cars might just be more costly to repair than others, making it more expensive to insure. In case of a crash, for example, you car needs to be repainted. Some paints, especially the ones used for metallic or pearl looks, are more expensive and are more difficult to mix. Older cars are also said to be more expensive to insure, especially vintage cars, as they might easily break down. The component and spare parts needed to be repaired or replaced could also be not readily available or are difficult to find and are more expensive to buy, explaining the higher insurance premiums. Insurance companies will be assessing your vehicle parts and accessories. The more complicated and expensive they are, the more costly your vehicle would be to insure in case of damages or theft.
The type of car you have has higher incidents of damages, accidents, or theft
Insurers have updated records of cars that are usually engaged in accidents, damages, or even theft. Those vehicles that are prone to accidents are more expensive to insure. Examples of these vehicles are sports cars and those vehicles with high horsepower (HP), since they are more powerful and are faster to drive, increasing the risk of accidents. Cheap fast cars as well as smaller cars have higher insurance premiums since these are usually driven by teenagers or by drivers who are inexperienced. Again, older cars would be more expensive to insure. They are always on the list of those vehicles that easily meet accidents, since the could break down easily. Breaks could malfunction anytime, the engine could overheat easily, and your door locks could easily be broken, increasing the risk of theft.
Your vehicle has low safety rating
Aside from the parts of your car, insurance companies will inspect how safe your car. The lower your safety rating, the more expensive it will cost you to insure your vehicle. It will assess how your car can protect its driver and passengers from injuries, as well as from theft incidence. They will check on safety equipment like airbags as well as anti-theft devices like alarms and tracking devices. If you do have these equipment installed in your vehicle, your insurance premium will most likely be more expensive.
You car is attractive to thieves
If your vehicle seems attractive to thieves and more prone to being stolen, your insurance cost would be higher. Vehicles with convertible or soft tops are easy to break into, thus requiring higher premiums. A car with no alarm and anti-lock system is also very attractive to thieves. In addition, insurers will inquire where you usually park your car when at work or at home. If you park your car in an unsafe place where there is no visible security , your insurance premium would be higher considering the higher risk involved. The same goes if your car is not parked in a covered home garage overnight.
Aside from all these conditions, your car insurance would also be more expensive if you have had a bad driving record, if you are a teenager, if you often drive to far-away places, and even if you failed to insure your car previously.