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What are the Costs to Insure Different Types of Vehicles?
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When buying a new or pre-owned car, one of the most important things to consider is how that car will impact your automotive insurance premiums. Some cars -- specifically those high-performance vehicles which are designed to move fast -- can cause your insurance costs to skyrocket, while others will keep your payments nice and low.
In order to calculate insurance costs for specific autos, insurance companies consider several factors. Factors under consideration include the average cost to repair the car or truck, the safety features it possesses, and the likelihood that it will be stolen (since specific makes and models are favored by car thieves).
Without detailed information on the make, model, and year of the automobile we cannot estimate insurance costs. However, below is some information about different styles and how they may impact your insurance payments.
Classic Cars
Classic cars are typically among the cheapest to insure, as long as you are not using them as daily-drivers. It is very inexpensive to insure and register a classic car that can be used for short-distance driving, such as to car shows and other special events. Insurance policies specific to this type of car will take into account how much mileage is put on the car each year and how it is stored in between rides.
Sports Cars & Coupes
Conversely, modern sports cars are among the most expensive autos to insure. Not only are these cars flashy (thus attracting -- and distracting -- other motorists), but they are also known for their ability to speed down the road, breaking local limits and earning their drivers costly traffic tickets and insurance-impacting points on their licenses.
Minivans & 4 Door Family Cars
Full-size minivans and four-door family cars are among the more reasonable to insure because they are typically driven in a more conservative manner than sporty cars. Because of their size, they also hold up better in a collision, which is safer for the passengers inside (thus lowering medical costs that will be paid by the insurance company) and can also bring down repair costs a considerable amount.
Sport Utility Vehicles
Though they are tremendously popular, especially in colder climates where snow is expected in the winter, SUVs can be costly to insure. When figuring out insurance rates, companies factor in not only repair costs to the insured but also how much damage that automobile may inflict on other cars. Since SUVs are so large and also high, they are capable of doing a great deal of damage to the smaller cars on the road. This increases the cost to insure an SUV.
Pickup Trucks
Not unlike sport utility vehicles, pickup trucks are also capable of inflicting a serious amount of damage in the event of an accident. They are also known for towing trailers, recreational items like dirt bikes and quads, and other items, which can be dangerous, and they are rather expensive to purchase or replace as well. Unsurprisingly, several pickup trucks have landed on the “most expensive to insure” lists put out by various companies this year. Though pickup trucks are often chosen by their owners because they can perform specific functions like towing or hauling, if you don’t need one for those tasks, you are probably better off choosing a full-size sedan.
Domestic, Japanese, and European Vehicle Comparison
One of the big factors insurance companies consider when setting the price on a policy is the average cost to repair the insured vehicle. Because Japanese and European cars typically incur higher repair costs than their domestic counterparts, their drivers can also expect to face higher insurance rates. Buy American -- and save!
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