Tuesday, 28 June 2011

Insurance Premiums and Buying a Car

When buying a car, the first thing that comes to mind is not usually your insurance premiums. That's something you can sort out after buying the car. You're more interested in the motor's performance, or the sound system, or maybe fuel efficiency. But when it comes to buying a car, insurance premiums should be one of the first things you think about. The reason for this is that insurance premiums can vary dramatically from car to car.

Most people are fairly aware of the fact that someone driving a higher calibre vehicle, like a Ferrari Enzo for instance, is probably paying more for insurance than someone driving a standard vehicle like a Toyota Corolla. However, most people would not suspect that Honda Civic owners pay considerably more for theft insurance than Buick Le Sabre owners. As it happens, Civics have the unfortunate distinction of being one of the most broken-into vehicles in North America, and so statistically when an insurance company pays out a theft claim, it's more likely to be for a Civic than any other vehicle. Given this likelihood, insurance companies must increase the premiums for Civic owners to compensate for their increase number of payouts. Other vehicles that tend to be the target of theft include the Cadillac Escalade and the Acura RSX.

Other factors come into play when insurance companies determine premiums for vehicles. A vehicle's safety record is essential when determining liability insurance premiums. If a particular vehicle is less safe for some reason, it's likely that more individuals will be hurt driving them, and therefore insurance companies will pay more for medical bills in these unfortunate events. Therefore, cars with strong safety records tend to have less expensive premiums attached to them. Volvos, for instance, tend to have lower liability insurance rates because they are considered some of the safest vehicles on the road. The Buick Rendezvous and the Ford Ranger, which have a bad habit of rolling over in single-vehicle accidents, are some of the least safe vehicles on the road and can have large premiums associated with them.

When buying a car, there are many factors to consider. You want a vehicle that you can consider your own, that you can drive with pride, and that serves your purposes well. However, it is also important to think about how your vehicle choice will affect your premiums. You could be paying hundreds of dollars more each year, or more, because of the car you choose to drive. Moreover, the premiums for a particular vehicle can also be an indication of its safety rating; buying a car with lower premiums may not only save you money, it may save your life.


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