Data collected by Quadrant Information Services breaks down the average monthly premium paid for liability coverage and full coverage by different age brackets:
COMPARE INSURANCE RATES DRIVERS
Y oung drivers tend to pay higher premiums than older drivers, thanks to a lack of driving experience and higher-than-average claims volume.Īn 18-year-old can pay up to $455 more per month than a 65-year-old. Outside of car make and model, other key factors affecting auto insurance rates include age, driving record, location, insurance coverage levels, discounts, and credit score. What Other Factors Impact Car Insurance Rates ?
Maserati Quattroporte S GranSport: $4,823Īll figures are based on the national annual average rate.The most expensive cars/sedans to insure are: Cheapest and Most Expensive Cars to InsureĪccording to Kelley Blue Book’s 2021 study, the least expensive vehicles to insure are: These include age, gender, driving history, and chosen deductibles and liability limits. Other factors come into play for auto insurance premiums, not just make and model. Now that you understand key factors affecting car model insurance rates, it’s unsurprising that a Tesla Model X’s insurance premiums would be significantly higher than, say, a 1997 Toyota Camry, thanks to the higher cost of repairs, replacement parts, and liability risk. Safety features : Vehicles with the latest safety features (e.g., anti-lock brakes and blind spot monitoring systems) and lower accident frequency usually come with lower premiums.You are very likely to see elevated rates for these.
According to the Insurance Information Institute (III), the top five most frequently stolen vehicles in 2021 were the 2004 Chevrolet Silverado 1500, the 2006 Ford F-150, the 2000 Honda Civic, the 1997 Honda Accord, and the 2007 Toyota Camry. Theft rates: The higher the likelihood of theft, the higher the premiums, thanks to the increased cost by insurers in covering theft claims.Luxury and performance-based vehicles have a higher degree of complexity with parts and labor (requiring specific mechanical expertise), resulting in higher car insurance premiums. Repair costs: Repair costs are one of the most significant aspects of determining insurance rates by car model.This is because every make and model differs with regard to certain factors: How Does a Vehicle’s Make and Model Affect Car Insurance?įrom Teslas to Buicks, all auto insurance companies apply a specific cost of car insurance to every vehicle make and model. So, for example, in the case of a Toyota Camry, Toyota is the make, and Camry is the model. In short, a make refers to a brand, and a model refers to a version of that brand. When researching or purchasing a vehicle, expect to come across the terms “make” and “model.”
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