car insurance

The Car You Drive Can Be Driving Up Your Car Insurance Rates

Whenever you fill out a car insurance quote form your company asks for a bunch of info, the type of car you drive being one of them. If you drive a luxury sports car, you are probably going to be paying more than someone who drives a Toyota Camry. To the insurance companies, pricing is all about risk. In their eyes the person who drives the sports car is going to be riskier than the one in the Toyota Camry. So how much of a difference does it make?

The Models That Cost the Most to Insure

In an analysis of about 70 of the most popular car models in the U.S. we found that cars like the Chevy Camaro and Acura MDX were toward the more expensive end to insure. About 13% more expensive than the cheapest model, a Toyota Tundra. Other cars which may be surprising were also on the more expensive side of the rankings. Cars like the Ford Fiesta, and Honda Fit were in the top 5 most expensive cars to insure in our study. So why are these cars more expensive? It all comes down to actuarial science.

Actuarial science is the science of risk. Insurance companies employee these large and complex formulas to determine who is most likely to get into an accident, thus costing the insurance company money. When drivers of a certain car keep getting into accidents, all drivers of that car may have to start paying more to insure that vehicle. We found there was actually only a slight correlation between the value of a car and how much it cost to insure. In addition to accidents, a relevant factor was how often the eyes of thief fall on a car. A stolen car is very expensive to replace, and cars that get stolen often are usually more expensive to insure. The Honda Accord for example, though an averaged price car, is stolen often, most likely leading to it being one of the more expensive cars to insure.

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My name is Tye Farnsworth, thank you for reading this bio! I was born and raised in Central Oregon. For an affordable insurance quote please contact me at (541) 318-8835 or connect with me online.