Smart Car Auto Insurance
Smart cars are affordable vehicles to repair, and they have great safety ratings, which means lower insurance rates. However, the cost of insuring a smart car can be higher than other models because it is more expensive to maintain. The average price of insuring a smart vehicle was $1,750 in 2014. The average annual premium for a smart car was $2,865 in 2014. This compares with average annual insurance premiums of $1,974 for a compact car and $2,064 for a luxury sedan.
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UPDATED: Dec 21, 2021
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- Smart cars are increasingly popular because of their unique design and their affordability
- Because of certain features found in smart cars, they are more affordable to insure
- You may be able to save even more money on smart car insurance if you take advantage of providers’ discounts
Smart cars have a unique body shape and size that is difficult to miss on the road. While their compact size is not ideal for all drivers, smart cars are increasingly popular in the marketplace. One of the key features that makes them appealing is their overall affordability. While they have a reasonable sales price, they are also affordable to insure.
In fact, several unique characteristics about the smart car make this a more affordable model to insure than many other models that you could purchase. With a closer look at smart car insurance, you may find that this is a great vehicle for you.
Learn more about different types of car insurance below and make sure to use our free insurance comparison tool above today!
Understanding the Different Types of Insurance
In all states, drivers are required to take financial responsibility for damages they cause to others while driving a car, and this includes driving a smart car. To ensure compliance with this law, many states require drivers to purchase liability auto insurance. Liability coverage pays for the car repairs, medical bills, and other accident-related expenses if you are at fault.
Liability car insurance does not pay for any of your own vehicle’s repair bills or for your own other accident-related expenses.
Collision insurance can be purchased as optional coverage to pay for your expenses if you are involved in an accident. If you want even more coverage for weather-related damage, fire, theft, and other types of damaging events, you will need to purchase comprehensive insurance.
There are other optional coverages to consider when buying a car insurance policy for your smart car. For example, towing coverage pays for any towing expenses you incur as a result of a breakdown or accident up to the limits of your coverage.
Rental car coverage may pay for you to rent a car when your own vehicle is being repaired up to a certain dollar limit or for a specified number of days per claim.
You can also buy coverage for personal property losses, personal injury losses, and more. Your insurance agent or representative can help you to learn more about the different types of coverage available for your smart car.
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Determining How Smart Car Features Affect Insurance Costs
The cost of your auto insurance policy is affected by many factors. Some of these factors include:
- Your age and gender
- Where you live
- How many miles you drive regularly
- Your driving history
- Your credit rating
In addition to these factors, car insurance rates are also determined by the vehicle you drive. Some of the features of a smart car make this a very affordable vehicle to insure, and these features include:
- The power of the engine
- The repair and replacement cost
- Safety ratings
A smart car generally has a much smaller and less powerful engine than many other vehicles on the market. It also is an affordable vehicle to repair or replace, and it has exceptional safety ratings. These are all primary factors that insurance companies look at when determining insurance costs for vehicles.
Buying Your Smart Car Insurance
As you can see, there are many factors related to the smart car that make it very affordable to insure, but you understandably still want to find the best coverage available to save money and to enjoy maximum protection from your car insurance policy. By focusing your attention on a few important factors when buying car insurance, you can make a better overall decision for your coverage needs.
Finding Top Providers
Most auto insurance providers offer smart car coverage, and this gives you a great range of providers to purchase your coverage from. However, not all providers have the same level of financial strength or the same consumer satisfaction ratings. These factors can impact your regular interactions with your provider as well as how easy the claims process is if you need to file a claim.
Therefore, it is wise to begin looking for providers by researching their financial strength online. A great resource to use is the A.M. Best website. Through this website, you can easily search for providers that you want to get a quote from and determine their financial strength.
Consumer Reports and online reviews are also available to help you determine which providers have a solid reputation. You can learn more about billing practices, claims processes, and more by reading various online reviews and reports.
Determining the Insurance Coverage You Need
Before you request quotes for your smart car insurance, you need to determine how much coverage you need to buy. As a starting point, look at insurance requirements issued by your state. Your lender may also have coverage requirements for you to meet. These should be considered minimum insurance requirements, and you may consider increasing your coverage limits or buying optional coverage.
Any expenses that you incur through liability or other factors are your responsibility. If your coverage limits are too low or your coverage type does not pay for the expenses, you must pay the expenses out of your own funds.
Many serious accidents can cost tens of thousands of dollars or more, and minimum coverage limits may not pay for the full amount of the expenses.
Increasing coverage limits and buying optional coverage types can decrease your out-of-pocket expenses if you are involved in an accident.
Your insurance agent or provider can provide you with recommendations for coverage. Because the minimum requirements vary by state and by lender, your agent will need to review your specific factors to determine if buying optional insurance makes sense for you.
Looking for Money-Saving Discounts
While smart cars are affordable to insure, you understandably want to keep your premium as low as possible. One option to do so is to take full advantage of discounts offered by some providers. A few of the more common discounts that you may find with top providers include:
- Senior citizen discount
- Student discount
- Safe driver discount
- Bundled policies discount
- Discount for multiple cars or multiple drivers
Whether you are thinking about buying a smart car or you are ready to buy insurance for your new smart car, you can see that this is an affordable vehicle to insure. You can easily request quotes today to identify the best deal overall for your vehicle’s coverage.
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