I Just Bought a New Car…How Much Will it Cost to Insure it?

A tan-sided house that's been converted to an office, with JD Chapman Agency, Inc. in black letters on the side. A light colored sedan is parked in front.

So, you’re considering buying a new vehicle. You really want to make a smart purchase, so you’ve done your research. You’ve looked into safety tests, luxury add-on options, and which vehicles are roomy enough to accommodate your kid’s sports equipment. But have you considered how your new car will affect your auto insurance costs? The quickest and most effective way to estimate your potential premium is to call one of our knowledgeable local agents at (585) 394-5482 or (315) 986-4062 to get some expert advice.

In the meantime, here are some factors to consider:

  • How safe is the car? Even if your new vehicle is small and economical, it will cost more to insure if the insurance company fears high medical claims.
  • How valuable is the car? If you buy a pricey car, it will cost more for the insurance company to replace it in the event of an accident.
  • How much will replacement parts cost? A fairly well known fact is the parts for foreign cars tend to be costly. What you may not realize is that even some relatively inexpensive cars contain some pretty expensive parts. Your insurance premium may be higher if this is the case.
  • Is the car a high theft risk? The cars in the United States most likely to be stolen may surprise you. In 2016, the top 10 most stolen vehicles included: 1) Honda Accord, 2) Honda Civic, 3) Ford pickup (full size), 4) Chevy Pickup (full size), 5) Toyota Camry, 6) Nissan Altima, 7) Dodge Pickup (full size), 8) Toyota Corolla, 9) Chevrolet Impala, 10) Jeep Cherokee/Grand Cherokee. Source: dmv.org.  The insurance companies are certainly aware of these statistics as well.
  • Is the vehicle considered a High Performance Vehicle? If so, many of the high risk factors listed above will most likely apply, and may result in a higher insurance premium.

What can you do to control insurance costs if the new vehicle you have your heart set on falls into one of the above classes:

  • Increase your deductible on your comprehensive and collision insurance. In doing so, you are eliminating entirely the risk for small claims.
  • Consider taking the 6-hour driver course. This class will reduce points on your license and save you 10% on your insurance premium for 3 years.
  • Combine your home and auto coverage. Many companies offer a 5-10% savings for bundling your policies.

We know this is a lot to think about, and we are here to help! Call us today at (585) 394-5482 or (315) 986-5813.

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