Getting a car is a very exciting experience, whether the car is used or new. Auto insurance is among the most essential insurance coverages to have, and the car you purchase tends to have a significant effect on the price you pay for your auto insurance premium. Although Virginia is among the few states that doesn’t necessarily require motorists to carry auto insurance, having a policy can help protect you and other drivers. Having some type of auto insurance is essential for your financial security, and it’s important to understand how to lower your auto insurance premium as you shop for your car.
Does the Car Type Affect Premium Costs?
Generally, yes. Your auto insurance premium costs can be significantly influenced by the state of your desired car, regarding whether it’s new or used. While newer cars tend to be safer and come with a variety of new safety and protection features (and older cars tend to have less of said features), it can be more expensive to get a policy for an older car. As a result, it’s very important to understand premium costs before deciding on a car.
What Goes Into Premium Costs?
Auto insurance premiums are dependent on a variety of different factors. Some of the most common considerations for the cost of auto insurance premiums include:
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Your driving record — Studies indicate that drivers with past claims are more likely to have future claims. Drivers with moving violations, accidents or claims in the past three years will usually pay a higher price for their automobile insurance than those insuring the same vehicle but with no reported losses
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The type of vehicle you drive — Both size and performance impact premium costs. Larger cars tend to be less expensive to insure than smaller cars because they typically suffer less damage in an accident. High-performance vehicles, such as sports cars, tend to be more costly to insure since they are statistically driven more aggressively. As a result, they tend to be involved in accidents more frequently.
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The value of the vehicle — As a rule of thumb, the more expensive the car, the more it will cost to insure.
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Vehicle features — You can earn premium discounts based on the vehicle’s safety features, such as anti-lock brakes, airbags and anti-theft devices.
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Your choice of deductible — Generally speaking, the higher your deductible you choose—which is the amount you owe out-of-pocket before insurance kicks in — the lower your premium will be.
Be sure to contact our agency today for more information on auto insurance.
Reach Out
The agents at InsurePro, LLC are dedicated to helping the car owners of Virginia learn more about auto insurance so that they can make an educated decision on coverage. Reach out to one of our agents today at 800-697-8109 to learn about your coverage options.
