Most drivers spend a considerable amount of time picking out the right vehicle when buying a new car. If you are like them, you may focus on things like the cost of the vehicle, its style and how functional it is for your needs. The car that you own, however, will affect your UK car insurance premium. By understanding how your vehicle affects your premium, you can choose a vehicle that is more affordable to insure. Here are five key ways your vehicle affects the cost of your car insurance premium. Check out Kwik Fit Insurance who do cheap car insurance quotes.
1. The Vehicle’s Replacement Value
Your UK car insurance company may pay to replace your vehicle in the event it is severely damaged during an accident. The amount of money that the car insurance company needs to pay to replace your vehicle, however, may differ considerably from the cost to replace another driver’s vehicle. Consider, for example, if you drive a budget-minded, compact vehicle and another driver owns an expensive, luxury car. The replacement value for the latter vehicle is far more expensive, and this increased replacement value translates to a higher premium amount for the driver of the luxury car.
2. The Vehicle’s Average Repair Cost
While some vehicles will need to be replaced after an accident, others will need to be repaired. Insurance companies monitor data and analysis regarding the average repair cost of different makes and models. Vehicles that have basic features and that are more affordable to buy typically will be more affordable to repair. When selecting a vehicle to purchase, keep in mind that vehicles loaded with extra features, advanced electronics systems and more often have a higher repair cost.
3. Safety Equipment
Insurance companies also will adjust your premium based on the likelihood of injuries and medical expenses incurred from an accident. Cars that are loaded with advanced safety features like reinforced steel beams, airbags for front and rear passengers and more will generally be more affordable to insure.
4. The Power of the Engine
Cars with powerful engines may be fun to drive, but they are statistically involved in more accidents. Powerful engines often inspire drivers to make rapid accelerations, to manoeuvre and weave their cars through traffic, to drive faster and generally to drive more aggressively than other vehicles. Therefore, cars with more powerful engines typically will have a higher insurance cost.
5. The Likelihood of Theft
Some vehicles are more desirable to thieves, and they are more likely to be stolen as a result. Motor insurance companies monitor and analyse reports regarding theft of vehicles, and those cars that are stolen more frequently will have a higher insurance premium than other vehicles. Keep in mind, however, that you may enjoy a discount if your vehicle is loaded with a theft deterrent system or a GPS tracking feature.
The car you choose to drive does indeed have a major impact on the cost of your vehicle insurance. When you buy your next vehicle, keep these tips in mind and choose a vehicle that is more affordable to insure.