It may not seem like a big deal, but it poses a hidden danger to your wallet.
- Auto insurance companies look at the price of a vehicle and the likelihood of having to pay a claim when setting a premium rate.
- There are steps drivers can take to lower insurance rates and protect their vehicles from loss.
Most people wouldn’t be shocked to hear that it costs more to insure a brand new Ferrari than it does to insure my 13 year old Mazda. It costs a lot to buy, so if it breaks in an accident, the repair costs will be high. But repair costs aren’t the only factor insurance companies consider when determining how much to charge a driver for auto insurance.
We also assess the likelihood that you will have to pay the claim first. And it’s this factor that will bite into insuring his next 10 vehicles.
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Accidents may be one of the most common types of auto insurance claims, but they’re not the only one. Leaving your car outdoors in hail can cause serious damage. Or it could be vandalized or stolen.
Not all makes and models are created equal when it comes to car theft. You might think that the more expensive luxury cars are more likely to be stolen. But more often than not it’s just a normal car.
According to the Insurance Information Institute, the following 10 cars are the most commonly stolen by thieves.
- Ford Pickup (Full Size)
- Chevrolet Pickup (Full Size)
- honda civic
- honda accord
- toyota camry
- Nissan Altima
- GMC pickup (full size)
- toyota corolla
- Honda CR-V
- Dodge Pickup (Full Size)
Certain model years may be slightly more likely to be stolen than others, but this can vary from year to year and city to city. Based on statistics, it’s safe to say that drivers of the above vehicles can pay a little more than drivers of vehicles that are stolen less frequently.
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What if I own one of these vehicles
Drivers looking to purchase a new car may want to avoid these vehicles if they are concerned about the impact on their auto insurance rate. But if you already own one of these vehicles, you probably don’t need to sell them in a hurry. There are other ways to lower your car insurance premiums.
look for insurance
First, drivers can look up and compare quotes from different companies. Because different insurers weight risk factors differently, some insurers penalize drivers who own certain makes and models more than others. Before purchasing a policy, we recommend obtaining quotes from a handful of insurers to see which one offers the best combination of adequate coverage, low prices, and excellent customer service. .
try an anti-theft device
Drivers should also consider taking steps to reduce the risk of their vehicle being stolen. This includes parking in a garage instead of parking on the street and having your vehicle fitted with an anti-theft device. Some insurance companies are able to offer discounts to drivers and lower premiums by taking these measures.
increase the deductible
If that’s not enough, drivers can increase their auto insurance deductibles. This results in higher out-of-pocket costs if the policyholder has to make a claim, but also reduces the cost of monthly premiums.
No matter what type of vehicle your driver owns, we recommend taking the steps above to help protect your vehicle and reduce your auto insurance premium. Hopefully, policyholders will never have to file a theft claim on their auto insurance policy, but it’s better to be prepared and not need it than the other way around.
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