Quoting Auto Insurance Prices by Car
The vehicle's resale value and safety features both affect auto insurance rates. Average quotes for a new car will be $21.01/mo higher than one that is three years old.
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UPDATED: Apr 22, 2020
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- There are a variety of factors that impact auto insurance rates
- One factor that affects car insurance rates is the type of car you drive
- Find out the ways to save on money such as parking in a garage or installing anti-theft devices
Exploring the many different facets of buying car insurance make you a more informed consumer who gets the most value and best price for your coverage.
One factor of car insurance many people take for granted is the type of car they drive. If you are driving the same car you have had for 20 years, then you might just be happily unaware.
Those who lease or buy another car every few years might be more aware of significantly higher and lower insurance rates when they switch cars.
Insurance carriers are in the business of weighing the likelihood of whether they will have to pay out benefits to you. Paying claims is part of their service, but they will make sure you pay into that beforehand if they can.
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What the Car You Drive Means to Insurers
Insurers care what you drive because of how much it costs to replace or repair your vehicle. If your vehicle is a target for thieves, then you will pay more in insurance too.
If it costs a lot or has exotic parts, it costs more to buy insurance too because the insurance companies will have to pay out claims if you need your car repaired or replaced.
When insurers pay out money to you, to them it is a financial loss.
As your car ages, it loses value, which means it costs less to replace. At least according to the way insurance policies work, this tenet is true.
You could argue that it costs more to replace a 20-year-old car than its $1,500 in resale value. Though, for the purposes of buying insurance policies, you can find much lower rates for older cars.
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Checking the Car’s Insurance Rates
There are lists of how much insurance companies charge to insure different car models. These lists exist and indicate what types of vehicles are popular with thieves every year.
In addition, the list is also based upon risk of accident with serious injuries and death compared to safer vehicle models.
If you are in the market to buy or lease a new or used vehicle, compare insurance quotes.
The quotes will clue you in on what models are less pricey for the insurance companies to cover.
Otherwise, if you have been fortunate to drive a low-risk car for the past 10 years, you may not appreciate how great of a deal you have.
You might take it for granted until you see just how vastly different insurance costs are for different models.
Comparing Insurance Rates by Car
Note that the type of vehicle you choose may be more prone to serious accidents. At one time, SUVs had a horrible safety record. In the past 10 years or so, that is not longer the case.
Manufacturers have increased safety features to make them more appealing to the safety conscious drivers.
The Insurance Institute for Highway Safety is an organization funded by a collective of insurance companies. The IIHS tests safety on vehicles and reports the information for public use.
One useful list is the Insurance Losses by Make and Model.
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Why Newer Cars Might be Better Insurance Bets
If you have been out of the car-buying market even for a few years, you might be missing out on more than onboard monitoring systems and satellite radio.
Newer vehicles increasingly include crash avoidance systems of all types such as:
- Automatically adjusting headlights – adjust lights so you can see better
- Lane departure warning and detection – warns you if there are cars in your way as you enter and exit a lane on a road
- Parking assistance – ensures you do not run over the curb, into trees or other cars and pedestrians while you park your car
- Backover prevention – aims to prevent death from rolling over children, in particular
- Adaptive cruise control – similar to autopilot, allowing for changes in speed according to driving conditions
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Additional Ways to Save
If you have an older car, drop the collision and comprehensive and instead set aside money in a saving’s account.
- Park in a garage
- Move to a safer neighborhood
- Drive less to decrease chance of accidents
- Trade in your present car for a safer model
- Buy a car that’s not on thieve’s radar
- Compare the costs of your older vehicle to newer, safer models
When you are comparing insurance quotes, do not forget to evaluate the kind of car you are driving or considering buying.
Make small adjustments to your vehicle wishlist to find more desirable cars with more safety features while lessening your insurance costs.
Remember, cars that cost less to insure when they are new will typically cost less to insure over the lifetime of your ownership of the same car.
Enter your ZIP code into the FREE comparison tool located below to start saving!