Sunday, June 14, 2009

Your Vehicle Affects Your Premium


You might want to buy a luxurious sports car or a fancy SUV, but watch out; your insurance company may charge you more for such car to protect you while driving it.

Insurance premiums are based partly on the price of the car, which affect the replacement cost if it is stolen or get accident. More expensive the vehicle is to repair, the more expensive your insurance premiums.
The lowest premium for injury claims are from large vehicles such as pick up trucks. Small cars with 2-4 doors have highest injury claims.

If you plan to buy a sports car, you'll pay more for the insurance, it could be two or three times more expensive than amount for ordinary model.

Sport Utility Vehicles often have higher insurance rates than mid and full-size cars. SUV are "hot" for other reason: the are the most frequently stolen cars and the price are more expensive than most cars.
However, insurance companies set rates based on their own experience. If Company A has more collision and theft claims for a particular vehicle than Company B, then A will charge more for the same coverage. It all boils down to a company's actual experience with a particular vehicle or category of drivers. That is why it pays to shop around for insurance

Title Post: Your Vehicle Affects Your Premium
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