Talk to anyone about car insurance, and they will often give you different reasons for why your premiums can fluctuate so much. It doesn’t matter if you are the world’s safest driver. At some stage, you will come to a point where your premiums seem to skyrocket!
Yes, that makes for rather depressing news. But, did you know that even the safest of drivers can pay a hefty premium because of the car they drive? We all know that car insurance premiums get based on several factors. What insurers seldom tell customers is how even subtle differences between models affect prices.
Manual versus Automatic
Here’s a small test for you. Get an insurance quote on a particular make and model of vehicle. Same age, same value, and even the same colour. The only change should be the transmission. Now, sit down and prepare to be shocked by the price difference! Yes, automatic cars are more expensive to insure than their manual counterparts.
The only reason I can fathom for this price difference is how automatic cars cost more to buy than their manual equivalents. It’s also a known fact that automatic gearboxes cost significantly more to replace than manuals.
Of course, if you happen to buy a GS F from somewhere like Inchcape Lexus, you can only choose from an automatic gearbox. But, most models come with both manual and automatic options.
Colour
Believe it or not, the colour of your car will determine how much your premium will be! Typical colours like silver, white and black aren’t as expensive to insure as special editions. In case you wondered, it’s because rarer colours aren’t readily available to body shops.
That means they have to pay more for the paint they use. And that ultimately means those extra costs get passed onto you, the motorist.
Trim Level
It’s no secret that most car models are available in a variety of trim levels. However, what you might not know is that the trim level in your car adds some weight to the cost of your insurance premium.
For example, a basic trim level that features few accessories and technology will be the cheapest to insure. Get yourself a fully-loaded model, and those electronic gadgets are more enticing to thieves. Hence the higher premiums!
The level of equipment may vary across the different trim levels. But the security offered on the cars often remains the same. For instance, you aren’t likely to get a GPS tracker as standard on a range-topping model. In fact, you’re more likely to get the same security system as is offered on the basic trim.
Age
Brand new cars will always cost more to insure than used models that are a few years old. With a new car, insurers are not likely to write your pride and joy off if it gets damaged in an accident.
However, there is a higher possibility of that happening on a used car. In many cases, it’s cheaper for cars to write off vehicles than pay for them to get repaired.
