Auto insurance is not just based on your personal driving record. This revelation comes as a surprise to many, but it makes sense if you really think about it. An auto insurer is basically looking at how expensive you might be if they take you on as a client. Part of the expense is estimated — not just by how likely you are to get into an accident — but also how expensive the vehicle will be to repair if it is stolen or damaged. For this reason, some SUVs may garner rates that are 10-20 percent more than cars. Here are a few factors to consider when insuring a Sport Utility Vehicle.
How Much Space Do You Really Need?
One would think an SUV would be much safer to drive due to its sheer size. If you’re hit, you won’t get hurt — right?! While this may be true, there is still more potential for damage when these behemoths are in a collision. If you’re not paying attention and plow into the side of someone’s car, damage to passengers and property could end up costing the auto insurance company a lot.
Where Are Your Parts Coming From?
When choosing an SUV, keep in mind that the cost of parts is factored into your premium rate. So you’ll pay less for an SUV made here in America by Ford or Chevrolet than for a foreign-made SUV by Toyota, Subaru or Honda. You’ll also want to read up on cars that have high resale value, as these are usually the ones that last long and are more affordable to maintain.
Do People Want To Steal Your SUV?
Many SUVs are rated high for theft. The Cadillac Escalade tops the list and, therefore, is most expensive to insure. However, according to the Highway Loss Data Institute, the cheapest vehicles to insure are also SUVs — the Hyundai Santa Fe and the Kia Sportage.
You can drive an SUV and still get a reasonable auto insurance rate. The best you can do is to shop around and get free quotes from various insurance providers. You can save 15 percent or more just by changing providers or looking for lowest bidder.