Does the car I drive determine the cost on my insurance rates?
Hank
Amarillo, TX.
Great Question Hank,
The car itself is also a main consideration as to what your auto insurance rates will be. This is based on risk to the insurer. A more expensive car means that an insurer may lose more money – so they charge you more for it. Obviously, your insurance rates on a Ferrari will be higher than on most other cars. Also, a brand new car right off the dealer’s lot will be more than a car that is one year old. Some models of cars are the most likely to be stolen. These cars are reported regularly online every year, and if you want lower rates the stay away from these hot cars.
Having certain safety features on your car can reduce your rates, too. If you live in an urban area, things like steering wheel locks, car alarms, and other features will lower your rates.