Being in the market for a new car can be an exciting time. You do your research, then visit the showroom and hopefully drive away with your vehicle of choice. Inevitably during this process cost becomes a factor in the decision. However, the focus is usually on the price of the vehicle and not the total cost of ownership. This can include things such as maintenance and repair costs, as well as your auto insurance policy.
What Matters to an Insurance Carrier?
The knowledgeable experts at Allegiant Insurance Services have put together an auto insurance checklist that can help understand what factors into the price of coverage. Include these items in your vehicle research so you can have a better idea of what overall monthly cost may be:
- Sticker price – Typically the higher value a car has, the more it will cost to insure.
- Repair cost – Some makes and models have greater parts prices, and others require specialized repair services. Each can play a role in premiums.
- Safety – Vehicles with a history of injury reduction in accidents can cost less to insure. Additionally, discounts are often given for passive and active safety systems that are present.
- Probability of theft – If your car is stolen, insurance covers this. Therefore, if your new car is traditionally a hot item among thieves, then you may end up paying more.