Think your car insurance premiums are high? The difference between the cheapest and most expensive cars to insure can amount to thousands of dollars annually. We're not just talking about exotic cars like Ferraris and Bentleys, but also models from major manufacturers.
The cost of insuring a vehicle can vary significantly based on several factors, including the car's driving record, location, age, gender, marital status, and credit score. However, the make and model of the car also play a crucial role. Generally, more expensive cars come with higher insurance premiums. This is because they cost more to repair, especially when they use rare materials like aluminum and carbon fiber. According to Terrence Cahill, Director of Communications for Modern Insurance, insurers also base their rates on claims history, which includes the amount of damage a specific model incurs in a typical collision, the extent of injuries to occupants and other parties, the cost of damage to other vehicles and property, and the likelihood of the car being stolen.
A recent study by Insurance.com found that even a single moving violation can increase car insurance rates by 15-24%, depending on the infraction. Additionally, a comprehensive ZIP code analysis by CarInsurance.com revealed that a driver in Highland Park, Michigan, would pay approximately 577% more for insurance than the same driver in Bullhead City, Arizona.
| Location | Insurance Cost Increase |
|---|---|
| Highland Park, MI | +577% |
| Bullhead City, AZ | Baseline |
Some insurance companies may refuse to cover certain high-performance cars altogether. Others may choose to avoid insuring drivers with multiple infractions, especially if they drive what is considered a high-risk model.
The data for this article was gathered earlier this year by Quadrant Information Services. The survey was based on rates for 800 model-year 2012 vehicles from six major insurers in ten ZIP codes per state. The quotes are based on a single 40-year-old male driver with no accidents or moving violations who drives 12 miles to work each day.
Insuring a high-end vehicle can be significantly more expensive than insuring a more affordable model. Factors such as repair costs, claims history, and theft rates all contribute to higher premiums. Additionally, a driver's profile, including their age, gender, marital status, and driving record, can also impact insurance costs. Understanding these factors can help you make more informed decisions when purchasing a vehicle and selecting an insurance policy.
For more detailed information on car insurance rates and factors affecting them, you can visit Insurance.com and CarInsurance.com.
Sources:
Interesting Stat: Did you know that the average cost of car insurance in the United States is $1,674 per year? However, this can vary widely based on the factors mentioned above. For instance, drivers in Michigan pay an average of $2,239 annually, while those in Maine pay just $965. (Source: ValuePenguin)
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