A question I am asked often is “Does it matter what vehicle I purchase from an insurance standpoint?” What you really want to know is if there is a vehicle you can buy that will be more or less expensive to insure. So let me tackle that question quickly in this post.
Which vehicles cost more to insure?
That question really needs to be broken down into two parts. Whether or not you carry full coverage or liability only plays a large factor into premium. When you are just needing coverage for the property and bodily harm you may cause someone else, the premium is based on that alone. When you need your own vehicle covered to be repaired or replaced, then the premium is higher because you’re paying for more coverage to protect your property as well. Check out this post for a full explanation between liability only and full coverage.
What is the cost of insuring different vehicles with full coverage?
There are several factors that go into the premium you pay for insurance person to person. This past post gives some insights to that topic. However, just regarding the vehicle itself, let me break it down.
What is the cost of insuring in terms of liability coverage?
The heavier the vehicle, the more liability damage they are capable of causing in an accident. A little neon will not cause nearly as much damage as an exedition. Vehicles that are involved in more accidents in your area will carry higher liability premiums. Trucks are known to cause a good amount of property damage when they smash into something.
Is there a way to know before I purchase?
Every policy is unique. Based on your personal insurance score, you may see very minimal differences between types of vehicles that you’re considering. In other instances, the difference is significant enough that you might want to choose a vehicle better suited for your budget.
When you get narrowed in on one or two vehicles, you can contact me to quote the difference if the premium increase is something you really want to consider before you purchase. Just shoot me an email with the year, make, model, and VIN #, and I can get let you know! firstname.lastname@example.org