Does My Vehicle Affect My Car Insurance Rates?

When it comes to car insurance rates, numerous factors influence the rates you pay.

One factor that often surprises people is the impact of the vehicle itself.

Your vehicle type can significantly impact your auto insurance premiums, even if all other factors remain the same.

Here’s what you need to know about the vehicle factors affecting your car insurance rates.

Vehicle Value

The value of your vehicle can play a significant role in determining your insurance rates. More expensive cars can be costly to insure because they may cost more to repair or replace. Therefore, sports cars and luxury vehicles may have higher insurance premiums.

Safety Ratings

Cars with higher safety ratings can be cheaper to insure. Insurance companies often consider a vehicle’s safety features, such as antilock brakes, airbags and advanced crash avoidance technologies.

Cars designed to keep their occupants safe can reduce the likelihood of injury claims, potentially leading to lower insurance rates.

Vehicle Age

The age of your vehicle can also affect your insurance rates. Newer cars may have higher insurance premiums because they’re worth more and can be more expensive to repair. However, they also tend to have more safety features, which can sometimes help lower rates.

Theft Rates

Some car models are more attractive to thieves than others, and cars with higher theft rates can be more expensive to insure. You might see higher insurance premiums if your model is frequently stolen.

Engine Size

The size of your car’s engine can influence your insurance rates. Vehicles with larger, more powerful engines are often associated with riskier driving behavior. As such, these vehicles may have higher insurance premiums.

Other Factors

Aside from the vehicle itself, insurers will also consider the following factors when calculating premiums:

• Your driving record

• Your credit history

• Your location

• Your annual mileage

• Your age, gender and marital status

Auto Insurance in Chadds Ford, Pennsylvania

Although it’s worth considering the insurance cost when selecting a vehicle make or model, vehicle type is just one of several factors used to calculate your premiums.

Integrity Insurance Agency Inc’s team can help you understand auto insurance and secure a policy tailored to your specific needs. Contact us today to find out more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.