When buying a car, most people are more concerned with aesthetics than the cost of car insurance. People peruse new and used car lots for a car with the correct name, the perfect color, the specific engine type, and a stylish look. But before you buy the fanciest car on the lot, it should be mentioned that your car plays a big role in your insurance rates. Considering the cost of insurance for a specific vehicle before purchasing can save money in the long run.
Some cars are more expensive to insure because they are more expensive to make, maintain, and repair. Luxury cars offer many driving comforts and also give the driver the bragging rights of having such luxury. However, luxury cars are expensive to make, as indicated on their price tags, and expensive to maintain and repair. Repairing damage to the body of a luxury car can cost hundreds to thousands of dollars. If you don’t want your insurance rates to go up, you may have to pay the bill out of pocket. Before purchasing a high-value vehicle, determine if the benefits of owning this type of vehicle outweigh the disadvantages of the additional monthly repair and insurance costs. Making this decision early will save you a lot of money on car insurance.
You also need to be careful about the type and color of the vehicle you choose, as this affects the cost of car insurance. Although sports cars are in high demand due to their appearance, their insurance is also more expensive. Any car that is more likely to be in an accident and that costs the insurance company money will have a higher premium. It may be in your best interest to opt for a more traditional vehicle if you want to save on the cost of insurance.
In addition, the color of the car also affects the cost of insurance. Whenever possible, try to buy cars that are light in color, such as silver or white. Some people think that light colored cars are less involved in accidents because they are easy to see. Avoid red if possible. Many people think that red cars have higher insurance rates simply because the color red denotes a fast-moving car, which looks like a fire engine! Avoid choosing vehicles with certain features and it will definitely lower your car insurance rates.
Consider buying a car with security and anti-theft devices, or buy your own. Anti-theft mechanisms, such as car alarms, prevent vehicle theft and protect insurance companies from claims. If your car is an older model and does not have an alarm, it can be very beneficial to install an alarm or use an anti-theft device in your vehicle to lower your insurance rates. Additionally, purchasing vehicles with airbags, automatic seat belts, four-wheel drive, and antilock braking systems also helps reduce insurance costs, as your vehicle has mechanisms to prevent serious harm to you, others, and your vehicle.