Imagine the wind in your hair
Many people love driving on a beautiful day. Lets say California… The weather, the fun, the wine. It’s no wonder why a lot of people switch to convertible cars: it just feels right in this state.
It’s all good fun — until you get smacked with a hefty car insurance bill.
Two decades ago, I had the chance to buy my first actual car: a fancy Mustang GT. If you’re anything like me, you won’t call your insurance agent right away, and instead you’ll drive off the sunset because your car is gorgeous and life is good.
Papers are signed, and that car is yours.
Eventually, you do have to get insurance. As you talk with your agent, you get shocked by the massive spike in your bills just because it’s now a convertible.
There are tons of myths going around, about insurance. One of which is that convertibles are very pricey to insure. And, unfortunately, there is some truth to that.
The fact is that insurers now understand, more than ever, the price of insuring various types of cars. So always ask your agent before even considering buying a new car. For most, the insurance cost difference can be the only deal breaker.
4 Reasons convertibles cost a lot to insure
#1: The more expensive a car is, the higher the insurance premium will be
Car insurance rates differ between models. The general rule – particularly for comprehensive and collision coverage – is that the higher a car’s worth is, the more expensive its insurance will be.
Often, convertibles cost more than similar models with a hard-top. It’s not about consumer demand at all, nor because they’re cool and fun to drive.
The added cost comes from the high-end safety features, motor cost, and superior parts that control the top of the car. Bottomline: they cost more to make, to buy, and to insure.
#2: The higher the horsepower, the higher the insurance cost will be
Is your convertible equipped with a V6 or V8 engine? Sports cars like my Mustang GT have tons more power and run way faster. This can increase insurance costs.
It seems self-explanatory, but it is true: the faster a car is, the more power it has, which also increases risk: possibility of accidents are higher.
Should damages take place, the cost of parts and repair will be more expensive. This rule applies to other expensive cars, not just convertibles, such as muscle cars.
#3: Higher possibility of theft and vandalism
For as long as we can remember, thieves have been cutting the convertible tops open to enter the expensive cars on the street. Anything in the car, including the vehicle itself, can get stolen easily.
It’s not a myth – it happens a lot. This is another reason for getting higher insurance costs.
#4: The higher the weight, the costlier the insurance
A car’s weight affects car insurance bills. Some manufacturers have a horsepower to curb weight ratio, and use it as a gauge for performance.
This increases premiums because the added weight equals added strength, and bigger motors to operate the top. This is an issue particular to convertible hard-tops.
For all cars, many factors affect how much premium you need for your auto insurance. Some of these factors you probably never even thought of before.
The lesson is that we tend to forget to talk to our agents about insurance costs, if any changes will take over, when we are about to buy a new vehicle.
By finding out insurance costs, you can make a more sound decision before the purchase. This includes your monthly expenses.
And wouldn’t it be just a bit better to drive down the coast, wind blowing your hair, watching the California sunset, without having to worry about extremely high car insurance costs?
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