The most theatrical distinction among old and new car models is safety. Remember when the only safety feature of your old car the is seat belt?
Today, cars are smart enough to determine when you are trying to switch in and out of lanes.
There is no doubt that your car insurance company is concerned with your safety. There is no car insurance agent who will propose discounts for new cars with loads of safety features.
Insurers are keeping up with the times. They’re beginning to take advantage of telematic instruments to monitor the safety of the driver and are updating their rate policies.
An example is the DriveSense(R) at Esurance, with added benefits for being responsible in driving. New cars can also have this feature, but vintage cars might not.
Safety advancements of new cars are not only limited to equipped devices but also with their improved features to protect drivers and passengers from accidents – like airbags.
Repair and replacements parts costs
Two more relevant considerations which make older models become more expensive to insure are the costs of repair and replacement.
Older car models have obviously older parts which can be hard to find. Although some manufacturers replicate or make original parts for famous car models, less popular models might have a different case. Increased labor in finding proper old parts spikes up the repair cost and the insurance cost.
Replacing a Honda Civic model ‘91 may not be expensive, but it sure will be if it’s a Bentley Continental R model ‘91. Same year – but one is a luxury car and the other is a typical sedan.
Car insurance and you
The bottom line: driving records and coverage options have more impact than the year when the car was made. For example, a driver with frequent ticket violations, owning an older model of a sedan, may likely pay a higher rate compared to a driver who has fewer violations, using a new sedan car. Coverage options may make a new car may cost less to insure if you don’t buy anything other than state-mandated liability.
Higher insurance cost for older cars
In summary, factors that confirm the car insurance rate would depend on the car’s brand and model, susceptibility to thieves, safety, repair and replacement part costs, and driver behavior behind the wheel. With all the stated facts, you can’t simply say that a new car will cost more to insure. Remember the mantra of car insurance buyers, “compare and compare”. This will lead you to buy a new car with auto insurance, without breaking the wallet.
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