Typically, older models are at higher-risk for having mechanical problems that can raise rates.
Brian Middleton, spokesperson for the AAA Hoosier Motor Club, agrees.
“The first thing is to start off with a car that has the latest safety features,” Middleton says. Air bags and built-in child safety restraints are among the industry standards.
Accident avoidance technology and anti-theft devices can all equate to a lower insurance rate.
“You definitely want to look for a car with electronic stability control. It is widely understood to be a very positive development,” Snyder says.
Features such as back-up cameras, side vehicle sensors and GPS tracking capability could help drive down the insurance rate depending on the particular company or agent. Some companies also offer discounts for hybrid vehicles. Luxury vehicles such as Lexus, Volvo and Mercedes are now equipped with anti-sleep alarms which reduces the chances of falling asleep behind the wheel during a long drive.
Generally speaking, high performance vehicles cost more to insure. As the price tag for the vehicle climbs, so does the cost for insurance.
Snyder says that consumers should check online with the Insurance Institute for Highway Safety (IIHS) and the Highway Loss Data Institute (HLDI) for information about the safety history of a vehicle they are thinking of buying. The two organizations compile data that traces the losses associated with various makes and models of vehicles over the most recent years. A vehicle with a higher loss rate will generally cost more to insure. In addition to this, it’s important to purchase a car that has a five-star safety rating; this will dramatically reduce insurance costs.
Size and weight play a role in how a vehicle is rated for insurance purposes. For many years smaller cars have been considered more dangerous, but slowly that is changing as enhanced safety features help these vehicles fare better in crash tests.
“Generally speaking you don’t want the smallest car but you don’t want the high performance engine. You want something in the midrange,” Snyder says.
