The Car You Own Affects your Insurance Rates
Did you always wonder if the car you buy or own affects your auto insurance rate? We know having accidents or violations can but does the make and model and color affect it as well? You would be shocked to know the old myth about having a red car does not affect your insurance premium. So if you were car showing in New Jersey and wondering if you should buy that bright red color, go for it, it won’t make a change on your auto insurance.
Below are some of the actual factors that affect it:
Vehicle size- Smaller cars usually have lower physical damage premiums. Larger vehicles can cause more costly damage in a crash. However, larger vehicles provide better protection for passengers, which may lower bodily injury and personal injury protection premiums.
Engine size- Cars with a larger engine or extra enhancements may see higher insurance rates, as owners of high-powered vehicles may be more likely to engage in risky driving behaviors such as speeding.
Safety features-Safety ratings of your make and model may play a factor in premium determination. Cars with built-in safety features, like backup cameras or lane departure sensors, usually have lower premiums. They are able to pull this information from the cars VIN# when they put it into quote.
Repair costs- Expensive cars usually have more expensive parts and technology and are typically more expensive to repair. Insurers take potential repair costs into account, which can result in a higher premium.
Claims Consensus- Some makes and models are involved in more claims than others. The more claims your make and model has, the higher your premium could be.
Theft Overall report- Some cars are more likely to be broken into and stolen. This is an additional factor that will have an effect on your premium.
All of these are important to think about when you are looking to add a vehicle to your personal auto insurance in NJ, PA, or NY.
Call us today if you would like to discuss further call us at 973-683-1000 or email us at info@bisrm.com if you would like to bundle your home and auto insurance policies together.
