Insurance companies don't decide car insurance rates on a whim; there is an intricate set of factors that may influence your rates, including your car's age, weight, style, history, and everyday use.
To better understand your rates, call your insurance company; they can better provide you with information that is specific to your situation. But, for a basic understanding of the general relationships between vehicle factors and insurance rates, consider the following:
Older vehicles (8-10 years old or older) tend to carry lower comprehensive and collision rates, since they're less costly to replace and repair. Then again, if you have an older car, you may be more likely to choose only liability coverage, so your monthly insurance cost could already be low. Newer cars (3-5 years old) tend to carry higher comprehensive and collision rates since they cost more to replace or repair.
Heavier cars tend to have higher rates, since they could do more damage in an accident. On the other hand, heavier cars usually have more safety features, so you may be less likely to get in an accident. And more safety features can mean lower rates.
Better safety features, like electronic stability control, air bags, and anti-lock brakes, may contribute to lower rates, as you may be less likely to be in an accident. And, if you are in an accident, you're more likely to walk away unharmed. Then again, if you're driving a newer vehicle (3-5 years old or newer) with advanced safety features, your rates could be higher since the vehicle will cost more to repair or replace.
Compact? SUV? Sedan? Sport? Some insurance companies use your VIN number to consult a database of records and research done by the Insurance Institute of Highway Safety to help determine rates. Insurance companies may look at a combination of your vehicle's characteristics, including its safety features, engine type, and transmission, and determine rates based on its records.
Flooded, salvaged, or otherwise compromised vehicles are likely to have higher rates, as the car's safety features may not be working properly. If the car's safety features aren't working properly and you're in an accident, the damage to you and your car could be much greater than expected.
While not all of these factors may concern you at the moment, they should be considered when you look into purchasing or leasing a vehicle, whether it's new or used. Understanding how these factors influence your insurance rate makes you a more knowledgeable and confidant shopper, and empowers you to snag the best deal out there! For important details about the cost of insuring a specific vehicle, make certain to contact your insurance company.