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Car Insurance: Does it Matter What Type of Car You Have?

A person holding a blue toy car in between their hands.

When it comes to purchasing a car, we all have our preferences as well as day-to-day needs to be met. Some people need a larger family-size vehicle, while others are ready to purchase a sleek sports car to zoom around town. But, while building your dream car – you should definitely keep in mind what features will have an impact on your car insurance rates.

Car insurance rates can vary depending on the type of car you have. Insurance companies consider several factors when determining insurance premiums, which also includes the make and model of your car.

Here are a few things to keep in mind when shopping for your next vehicle and the impact they can make on your car insurance rates:

 

1. Cost of repairs:

The cost to repair your vehicle can impact your insurance rates. Some cars have more expensive parts or require specialized mechanics, which can increase the cost of repairs. As a result, insurance companies may charge higher premiums for automobiles that are more expensive to repair.

 

2. Safety ratings:

Vehicles with higher safety ratings may have lower insurance premiums. Cars that are less likely to be involved in accidents and cause less damage if they are involved in a collision are much more attractive to insurance companies to insure than those that do not have high safety ratings. Insurance companies may offer discounts for cars with advanced safety features like anti-lock brakes, airbags, and backup cameras.

 

3. Theft rates:

Some cars are more likely to be stolen than others. In fact, there is a recent TikTok challenge that provides information to viewers on how to steal certain models of Kias and Hyundais. Because of this, there has been a surge in theft of these types of vehicles. Insurance companies have become aware of this trend and have begun to either limit coverage to liability only, or just completely not allowing those vehicles on their policies. Unfortunately, it is difficult to predict what make and model could be the subject of the next viral trend, but it is something to keep in mind. For reasons like this, insurance companies often elect to charge higher premiums for cars that are more likely to be stolen. If you have a car that is known to be popular among thieves, you may need to pay higher insurance premiums.

 

4. Driving habits:

Some cars are designed for high speeds and may be more likely to be involved in accidents. Because of this, insurance companies may charge higher premiums for vehicles that have a high risk of accidents. If you drive a sports car or a high-performance vehicle, you may need to pay more for insurance coverage.

 

5. Specific Features:

There are several car features that can traditionally increase insurance rates, including:

  • High-performance engines: Cars with high-performance engines tend to be driven faster and more aggressively, which increases the risk of accidents.
  • Luxury features: Luxury features like expensive leather seats, advanced sound systems, and built-in GPS systems can make a car more valuable and therefore more expensive to insure.
  • Size and weight: Larger and heavier vehicles, such as SUVs and trucks, tend to cause more damage in accidents and therefore may have higher insurance rates.

 

Contact Us Today

Chastain Otis Insurance can help you when it comes to finding the best auto insurance rates and find the best coverage at the most affordable rates for your specific situation.  Contact us today to find the right coverage for you.

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