If you are planning to buy a glitzy sports car or a high end and classy Sports Utility Vehicle, then you may have to pay more insurance for it. The cost of the premium of your auto insurance depends on the cost of your vehicle.
Specifically, if the cost needed to repair or replace your totaled vehicle would be very expensive, then the insurance company will certainly charge high premiums. Incidents of car theft are also factored by insurance companies. A high end sports car is a high risk vehicle so your premium will be higher also.
If you want to know the benchmark records for injury claims, incidence of theft and collision repair costs for every type of vehicle, then you have to seek information from the Highway Loss Data Institute.
Based on official records, large pick-up trucks, off-road sports utility vehicles, and bigger cars have the lowest incidences of bodily injury claims. On the other hand, 2-door sedans, mini-cars and sports cars have the highest injury claims. Sports car and luxury cars also have the highest cost for collision repairs and replacement.
So if you are going to buy a posh vehicle, a trendy mini-car or a high performance sports car, then you have to prepare yourself for higher car insurance premiums. If you do not want to pay high insurance premiums, it would be wiser to stick to standard model cars.
Some car insurance companies may not charge higher premium rates for Sports Utility Vehicles due to minimal incidence of bodily injury claims. However, because these SUVs are frequently stolen, some companies may hedge their risks by charging high premium rates.
The best thing that you can do is to always compare the policies of several car insurance companies before you buy coverage for your vehicle. This way, you can decide which coverage type would be suitable for your budget.
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