Weighing the Cost to insure a Smaller Vehicle

Article QuickTakes:

You may be thinking about purchasing a smaller vehicle or a hybrid because they tend to get better gas mileage—which can only save you money, right? Actually, this might not always be the case. Though a smaller vehicle may cost you less in gas, it may also cost you more in auto insurance premiums. Keep reading to learn more.

Why Is it More Expensive to Insure a Smaller Car?

• Because of their conservative size and construction, smaller vehicles notoriously sustain more damage from accidents as compared to larger vehicles.
• Smaller vehicles are typically not as safe as larger vehicles because they are not as heavy and cannot withstand as much impact.
• Repair costs are higher for hybrid vehicles. Due to the abundance of new technology contained in a hybrid vehicle, parts are not only expensive but repairs often require a specially trained mechanic.

The Good News

If you thought purchasing a small vehicle or hybrid was your ticket to saving money, here’s some refreshing information to absorb—your driving record and credit report will affect your premium more significantly than the type of car that you drive.

Takeaway: Prioritize Safety to Lower Your APremium

Regardless of the size of vehicle that you drive, safety should be your number one concern. Be sure to select a vehicle with strong construction, air bags, anti-lock brakes and other safety features in place. This will lower your premium and keep you and your vehicle intact in the event of an accident.

For additional coverage guidance, contact us today.