While a vehicle such as a Hummer 4X4 truck would seem impenetrable on the road, it’s what the recreational vehicle can do to a smaller car in a traffic accident that raises the cost to insure it. In the same vein, it would seem that driving a subcompact car would increase the likelihood of a driving fatality during a traffic accident, but enhanced airbag systems and stronger structures have increased these cars safety ratings over the last several years. In fact, the Toyota iQ, which debuted in Europe first and then premiered in North America as the Scion iQ in 2011, is a micro-subcompact vehicle that has been compared to the DaimlerAG SmartForTwo electric micro-subcompact in size and cost. The iQ received a five-star safety rating by Consumer Reports because of enhanced safety features.
Certain vehicles are also popular with thieves. Expensive vehicles have their allure to thieves but common vehicles also can be popular because they are stripped and used for parts.
Middleton said GPS tracking helps mitigate loss and increase recovery rate for stolen vehicles, which helps to lower rates.
It stands to reason that most mini-van’s, utility wagon’s, CRVs and Sport Utility Vehicles cost less to insure than their sleeker two-to-four-seater models. While there are a lot of myths surrounding why it costs more to insure a sports car, the main factor is that drivers of sports cars often take more risks when it comes to driving and this increases the likelihood of getting into an accident.
Remember before finalizing your purchase contact your insurance agent to find out just what the vehicle you have chosen will cost to insure.
“The best thing is not going with a lot of assumptions. You may think a car will be cheap to insure but really it isn’t,” Snyder says.
