Do luxury cars cost more to secure?

While factors such as age and driving history influence your car insurance rate, another important part of what happens in determining this rate is the car you drive. If you are looking at securing expensive cars, you are likely to face a higher rate of insurance along with the price tag.

Size

The size of your car is important to your insurance company. If your car is small and offers more maneuverability, an insurance provider sees it as a risk to ensure, as it can drive that car more recklessly. Statistics show that younger drivers tend to choose smaller, sportier cars and get in more accidents, thus raising the price of the insurance premium.

Larger cars can also give rise to higher premiums due to the greater amount of damage they can inflict on other vehicles in an accident. A medium sized car, such as a sedan or mid-size SUV, is usually the least expensive to secure.

High-end cars

The higher the value or price of your car the more expensive it is to ensure. Is this due to the higher costs of repairs, spare parts? Especially in foreign models? And the cost of replacing the car if there is a total loss.

Engine

If you have a large engine with a lot of horsepower, you will probably face a higher insurance premium. The most powerful is your car, more likely to drive at higher speeds, which presents a higher risk. Even certain varieties of the same cost model car different amounts to ensure due to the size of the engine.

If you are looking at securing expensive cars, you are likely to face a higher rate of insurance along with the price tag.

Theft

Not all drivers need a global car insurance, but some drivers do need this coverage.

Exotic cars are not only more likely to be stolen by their rarity, but their parts may be more of a demand or hard to find, which could also lead to theft. The higher the theft rate, the higher your car insurance will be. In fact, according to the Insurance Information Institute, about one-third of an average automobile insurance premium covers possible theft claims.

If you own a luxury car and need an insurance policy that is affordable, give an expert a call today. Licensed insurance agents have years of experience in finding the right policy for each customer, and can help find the policy that offers you the coverage you need, without being too expensive.