Car insurance rates depend on more than just your personal driving history. The specific car that you purchase is important as well. If you are price conscious, it is important to keep these 4 car features that affect insurance rates in mind as you are car shopping.
1 – Age of Car
The age of your car typically relates to its value. A newer car is normally worth more than an older one. Thus, a new car is more expensive to insure. It’s simply comes down to the numbers. The value of your car is being insured. More value means more cost to insure. Since the value goes down over time, your insurance expenses are likely to reduce as well (all else being equal).
2 – Vehicle Safety Ratings
Vehicle safety is another important factor. Cars with higher safety ratings may result in less injury for occupants. Less injury leads to lower medical expenses for accidents.
As insurance companies weigh the risk of insuring vehicles and passengers, safe vehicles are less risky to insure. The same often holds true for larger vehicles as opposed to smaller ones. SUVs might withstand an accident better than a sedan, simply because of its larger size. Insurance companies will consider different aspects of a vehicle’s safety when determining insurance premiums.
3 – Theft Ratings
One of the most significant car features that affect insurance rates in Massachusetts is the theft rating for a particular make and model of vehicle. If the car you are buying is frequently stolen, then the likelihood of you filing a claim for a stolen vehicle is higher. Massachusetts insurance companies must charge a higher premium for that added risk.
According to the Insurance Information Institute, the 10 most stolen cars are:
- Honda Civic
- Honda Accord
- Ford Pickup
- Chevy Pickup
- Toyota Camry
- Nissan Altima
- Dodge Pickup
- GMC Pickup
- Chevy Impala
Other Car Features that Affect Insurance Rates in Massachusetts
The above are just a few key examples of car features that affect insurance rates. If you are a price sensitive buyer, be sure to obtain a quote for car insurance before committing to buy a vehicle. Call us or use our online car insurance quote tool.