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Most consumers know there are a lot of factors involved in Columbus auto insurance premium calculations, but not everyone has realized how much a particular car choice affects what a driver pays for a policy. In fact, insurers play close attention to the overall statistics for the year, make and model of vehicle, and a lot of this analysis goes into setting policy rates. 

Looking more closely at how insurers value a vehicle, in terms of risk, can help those shopping for a new or used car to make better purchasing decisions. Buying is one point where a driver, who needs insurance to legally stay on the road, has some influence in what he or she ends up paying for periodic coverage.

Luxury Cars, Exotic Cars, and High-Speed Sports Cars

Generally, drivers who buy a more expensive and sophisticated vehicle pay a lot more for car insurance. This includes luxury vehicles with a very high resale value, as well as many cars made by foreign auto companies. These types of cars are considered rare on the American roadway, and thus, more valuable. 

Some companies even consider the difficulty of driving an exotic car as an additional cost factor in auto insurance policy setting. Some companies advertise themselves as more receptive to insuring trendy brand names and high-performance, high priced vehicles.

Irregular and Salvage Title Vehicles

Another category of vehicles that can be very expensive to insure are vehicles that have sustained a lot of damage. Vehicles that have been through flood, fire or a severe wreck, may have hidden damage, and insurance companies often factor that into whether they will cover a vehicle and how much they would charge. Many of these vehicles get marked with a ‘salvage title’ by the states where they are registered, so that buyers know they have been previously damaged. These cars can be bought cheaply, but insuring them can be expensive.

Insuring Vehicles by Theft Rates

Insurance companies can also charge a lot for any vehicles that tend to be stolen or vandalized at a higher rate. Insurance companies have their own means of determining these factors, but consumers can get information on theft rates from the National Highway Traffic Safety Administration or NHTSA. 

High theft rates don’t always go along with what a driver might imagine is the most desirable type of car: for instance, in past years, the small but efficient Honda Civic was a top pick for thieves. Newer data indicates that some types of Pontiac models and Dodge cars have higher theft rates than average, which can lead to a more costly policy. For many drivers, it’s kind of a foreign concept that whatever criminals do, may end up costing them money. But this, along with premium calculations for a rougher zip code, a less responsible driver or a community with less insured drivers, a theft rate risk can also factor in.

This type of analysis is part of what insurance companies use to come up with the policies they offer their clients. Insurance companies like to say that switching between insurers can save consumers money, but in reality, making smart driving and vehicle purchasing decisions can save more. 

If you have any questions about luxury car insurance, concerns about your current high-end vehicle, or need a quote please feel free to contact Gardiner Allen DeRoberts Insurance directly at: 614-221-1500.

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