5 Vehicle features to help lower your car insurance
May 1, 2017
Whether you’re splurging on a new 2017 model or just generally upgrading, here are our top five vehicle features to keep your insurance costs low.
1. Model. It’s no secret that last year’s model comes with a lower sticker price on the window. The Manufacturers Suggested Retail Price (MSRP) also plays a role in how much your insurance will cost. The general rule of thumb is the older the model, the better savings you’ll see (both at the dealer and on your insurance).
Tip: New models debut at the auto show, so you’ll start to see savings on previous models as early as summer.
2. Trim. There are lots of bells and whistles (interior or exterior) that can be added to your vehicle like special paint, graphics, leather interior, or faux wood surfaces. These are generally grouped into packages identified by letters at the end of the Model name, like GL, LE, LTD or SPORT. Since these add-ons will cost more to replace, this will generally increase the cost of your collision and comprehensive coverage.
3. Body style. Most vehicles can be grouped by body style, like 2-door, 4-door or minivan, which factors into your insurance costs. The bigger the body and the more people you can carry, the higher your costs for Accident Benefits and Third Party Liability coverage.
4. Region. Where your vehicle was made impacts your insurance as it factors into the cost to repair your vehicle. European manufactured vehicles are often the most expensive to insure, followed by North American vehicles. Asian manufactured vehicles are generally the most cost effective.
5. Upgrades. Depending on your insurer, various upgrades can have an impact on your insurance. Increasing your horsepower, for example, could mean higher insurance costs. On the other hand, a vehicle with 4-wheel drive will save you on your insurance. Thinking of going hybrid? It’s not only safe on the environment but also on your premiums since you won’t see any change in cost.