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Driving a car is a necessity for many people across the country. When you do operate your vehicle, it would be a good idea to have a full liability, collision and comprehensive policy in place. While having auto insurance is a good idea, it can be expensive. One factor that will have an impact on insurance rates for you is the type of car that you drive. What kind of car you drive can impact your insurance rates several different ways.

Risk of Accident

The cost of your auto insurance is primarily based on the perceived risk of loss that the auto insurance company has. One of the most significant ways that an auto insurance company will lose money is if you are involved in an accident that results in a claim. Certain types of cars are far more likely to be involved in crashes than others. If you drive a car that has a higher likelihood of being involved in an accident, your rates will be higher.

Risk of Theft

Certain types of cars also have a higher likelihood of being stolen. If you drive a car that has a higher risk of theft, your rates will be higher. However, by installing a better GPS and security system, you could reduce your insurance rates.

Replacement Cost

The third factor that will influence the cost of your insurance rates is the replacement cost of the car. If you drive a very new car that came with a big ticket price, the potential loss to the insurance company is much higher than if you drive an old car. Because of this, newer and more expensive cars cost more to insure.

Repair Costs

If you are involved in an accident and need to file a claim, the ultimate repair costs can also be affected by the type of car you drive. In many situations, a foreign vehicle that requires particular parts could cost more money to repair after an accident. Because of this, you may need to spend more money on insurance.

2018 Kia Optima S Sedan

Photo credit: Findlay Kia St. George

Size of Vehicle

The size of your vehicle is also significant when it comes to determining insurance rates. Large SUVs, vans, and trucks can cause more damage in an accident than a small sedan. This causes rates for larger vehicles to be higher.

In conclusion, having auto insurance is a practical necessity for people who want to drive a car and ensure that they are adequately protected. The cost of your auto insurance rates will be based on several different factors, including the type of car you drive. The kind of car you drive will impact your rates several different ways.