Choose Your Car Carefully If the Cost of Auto Insurance Worries You
Choose Your Car Carefully If the Cost of Auto Insurance Worries You
As you engage with the task of keeping your auto insurance at a level that is affordable for you, consider the type of car you drive. This can have a surprising impact on the premium you pay.
If you have a sports car, you can probably afford the insurance, but that may not always be the case. Sports cars are assessed as high risk by insurance companies and risk is always reflected in the premium. Surprisingly, the color may also impact the costs involved. With red being the hot choice for sports cars, your red car may also be costing you a few extra dollars each year. Check this with your insurer.
Of course, luxury cars and new cars cost more to ensure. So consider driving an older car if the cost of insurance is an issue for you. With an older car, there may be no need to carry collision insurance because with an older car you will not have much invested emotionally in the pristine appearance of the outer shell. In that case you could choose a higher deductible if you were willing to take the car to a cheaper workshop for repairs in the event of a crash. But remember, with a higher deductible, you pay for the repairs for the first however many hundreds of dollars. This probably means that you pay for all apart from catastrophic accidents.
Apart from the risks involved in insuring sports cars and luxury cars, some insurers take a jaundiced view of insuring SUVs. This is because they are assumed to be easy to roll. There is no point in entering this argument, but expect to pay if you drive an SUV. Alternatively, reductions in auto insurance premiums may be possible if you downsize your car.
A further issue, and this just seems downright unfair, is that certain cars are considered to be a higher risk in terms of vandalism, and this costs you! You will not necessarily be told this when you go to insure your car.
The way cars and insurance are assessed and charged for varies depending on the company. With this in mind, I suggest you ask some pertinent questions before you agree to that high cost insurance. This would be especially wise if you drive a bright red, hot SUV known to be favored by thieves.
Too often, we just accept the costs assuming that there is no alternative. But there often is. Find out what is impacting the cost of your auto insurance and shop around for a provider that will give the same cover at a lower cost.
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