Published on 08.02.19
Is your Car More Expensive to Insure?
Looking for a new car is an exciting and fun time between choosing colors, models and brands so we don’t blame you if you forget to consider insurance rates. That’s right – specific cars have better or worse insurance rates depending on a couple factors. Let us do the hard work and break it down for you so you can get back to choosing between ‘Coastal Blue’ or ‘Cherry Red.’
Simply put, your car can be more or less expensive depending on its likelihood to cost your insurance company a claim and how much those claims usually are. Your company will base your vehicle’s rates on how much the make, trim, model, and/or year of your car have costed them in accident and repair costs and how often they occur. For example, family cars and SUVs usually cost less than high powered sports cars.
In theory, a car with more safety features will prevent you from getting in an accident more but it doesn’t necessarily mean the car with have a better rate. Often cars with more safety features have more technology in them that can get damaged easily after minor accidents – driving up the cost for you and your insurance company.
If you’re researching buying a new car and want to know what the rates will be like for the options you’ve narrowed down, you can often provide your options to your insurance company or broker to check for you. This is often more accurate than a general rate checker online because every insurance company is different. For example, if you don’t like the results that you get after you check, it might not be the cars you chose but other factors like your age, location, driving history. Every company weighs those factors differently; that’s why it’s so important to shop around – especially with auto insurance rates increasing in Ontario.
At Foxquilt, we’ve paired technology with Canada’s leading insurance companies to bring you a quote that does exactly that – shop around! We also let you bundle your auto insurance with your home or business insurance to get the most savings out of your plan so you can get the dream car you’ve always wanted.