When it comes to providing protection for your vehicle, it is always better to settle for an insurance package that carries a comprehensive coverage. Unfortunately, such packages are often costly. However, there is such a thing as low cost car insurance.
As its name suggests, low cost car insurance has comparatively lower rates. However, before you can avail of such a policy, there are several factors that you should consider. Car statistics are good starting points. Of particular interest are the data compiled by the Highway Loss Data Institute (HLDI).
The HLDI is an organization that analyzes monthly premiums charged by various car insurance firms on their clients based on the make and model of their vehicles. Most insurers are known to support this group. As such, data they provide are considered accurate and highly reliable.
For starters, HLDI-gathered statistics indicate that two-door vehicles carry higher charges. This is because these vehicle types easily attract thieves, especially when compared to their four-door counterparts. Consequently, they have higher claims ratio
If you currently own a two-door Chevrolet Corvette, the HLDI says this is five times more likely to be taken by thieves. If this same car happens to be included in the list of high claims due to theft cases, it will be virtually impossible to apply for low cost car insurance.
This list, however, is said to change every year. As such, there is still a chance that if your vehicle was previously tagged as theft-prone, this may not be so in a few years’ time.
Still, the HLDI says some form of pattern has been developing in recent years. Presently, the following are said to be a consistent favorite among thieves: Ford F150, Toyota Camry, Acura Integra, and Honda Accord, among others.
In contrast, older models have been recorded as having lower percentage of getting stolen. A good example of this is the Buick LeSabre which should be a wise choice if you are after lower car insurance premiums.
Other than car model, the make of your vehicle can also determine its possible rate when getting this covered under an insurance policy. This is particularly true in cases where claims for bodily injuries are made. The HLDI said you can still negotiate for lower rates under these claims even if your car has been classified as high risk. Simply install a warning device, a tracking tool, and even an immobilizing mechanism on your car and security should be greatly enhanced.
In conclusion, research should be done when applying for low cost car insurance. Statistics should be gathered and analyzed, especially if you own high-risk vehicles.
