What car is considered high risk on auto insurance? – When it comes to auto insurance, your bill can go up if your car is considered to be high risk. This may not come as a surprise to you, but what exactly are the high risk cars is what people really want to know.
The cars that are considered to be high risk are the ones considered to be high performance. We will get into that in just a moment, but I wanted to talk about why insurance companies charge more for cars that are considered to be high risk. The answer boils down to mathematics and statistics. You should be surprised. This is what the insurance industry is built upon, math.
What car is considered high risk on auto insurance?
What car is considered high risk on auto insurance?
The reason high performance cars are considered high risk are because of the stats the insurance companies study on a daily basis. You must understand high performance cars tend to have bigger engines, higher top speed on the speedometer, and tend to attract a more aggressive driver.
Think about it for the moment. Who is going to buy a Corvette and who is going to buy a Chevy Volt? The Corvette driver is more than like (and based on the statistics) going to be an aggressive driver that loves speed and handling in their cars. They are more likely to get speeding tickets and get into an accident as compared to the Chevy Volt driver.
It is highly unlikely, the Chevy Volt driver purchased the car to test out the high speed and performance of the engine. They are more concerned with gas mileage and maximizing their money. They are a safer investment for the insurance industry, thus they have a lower rate as they are not considered to be a high risk driver.
There are definitely a number of cars that you can drive right off the lot that would be considered high risk because of their high performance and nature of the drivers. Again, this is based on the statistics the insurance companies pour over daily.
These cars off the lot would be more expensive in price because of the money it takes to build a car with higher horse power, handling, breaks, and to put that engine in there everyone loves. These sorts of cars are the Lamborghinis, Corvettes, higher series BMWs, and Benz. There are more, but I think you are understanding the class of car we are talking about here.
As long as you are buying cars meant to be driven on the roads of middle America and not the German AutoBond, then you should be just fine when it comes to your insurance rates.
However, if you feel the need for speed and must have a high performance vehicle, then you might experience a little bit of pain when it comes to your insurance bill. - What car is considered high risk on auto insurance?
It is definitely something to think about when purchasing a car. We have only had “responsible” cars, but one day I would like a fun car. My dream would be a Porsche 356 Speedster like James Dean.
You get debt free by thirty, I am thinking you can reward yourself with something nice by 40. Maybe you can pay for it with cash by then or at least make the payments very affordable.
Although we are fairly safe drivers, I understand my cars are one of the top five stolen vehicles. I would like to think that is no longer true for my cars since they are quite old (16 & 14 yrs. old). Similar to Niki, I like Porsches too. I would be very happy with an older 911. The are few things that stop me though, the cost of repairs, maintenance and insurance.
Oh man, you might have just brought back my childhood desire to own a Porsche 911. Darn it! Now I have a new ambition in life.
Thanks alot! LOL
thanks god I have a Hyundai Elantra, I pay $360 to geico every 6 months
You will soon be viewed as more responsible and should reap some savings from this new found classification.
Cars Are Considered High Risk On Automobile insurance. Insurance premiums could be expensive for some automobiles and your risk level is determined by the type of auto you possess and your driving record. It is considered to be one of the most important policies you could ever buy, but it is based on a number of factors in terms of risk levels. You can save money by picking out the type of automobile.
Most cars are not high risk, but their drivers (and record) make the biggest difference in the rate. I agree you can save money by pick a cheaper car, but the savings is rarely signifigant.
Thanks again!
Stoney
http://www.TritusInsurance.com
i own a 1994 corvette and pay the exact same amount as my 1991 chevy pick up.
OUTSTANDING!
ok here is one for you.
i have been out of the country for several years, in the philippines the cars are insured when registered so the insurance is one the vehicle not in any persons name actually, it went in my wifes name as to save registry costs here,so therefor i havent had car insurance for over five years,havent had any kind of speeding ticket wreck or even parking ticket in some where around nine years,no motorcycle wrecks ever even on a new harley back in 05. as best as i understand i will be on sr-22 when i come back to the u.s. why i havent done anything,not even a ticket or wreck in the philippines,and that is like demolition derby on a blacktop hazard avoidance course all the time,with pediestrians thrown in for relativer excitement and small motorcycles to draw your attention away from other traffic,going every where, resembles asteroids (game) with cars and traffic actually and people,and i am going to be sr-22 when i come back to the u.s.? someone please explain why will i be what dui and high ticket drivers are for being out of the coutry for five years??????????????????
i dont understand,and i still have a u.s. drivers license????????????????
It’s called the AutoBann not the AutoBond!
LOL, good catch, Donald. Thank you!