Market Overview

The Reasons Why Car Insurance Is Costlier for Newer Car Models


LOS ANGELES, July 16, 2019 /PRNewswire-PRWeb/ -- has launched a new blog post that explains the owners of newer car models have to pay expensive car insurance rates.

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Drivers that are the proud owners of a brand-new vehicle will likely stop being thrilled about their latest purchase when they find out about the price of insuring it. Insuring a newer car model is more expensive than insuring an older model at almost all insurance companies.

The reasons for increasing the costs of insurance for newer car models are the following:

  • Newer car models cost more to repair. The costs of a vehicle's individual components have increased in the past years. Advanced safety devices and tracking systems are installed as standard in newer car models. These components are not cheap to repair. Innovations like head-up displays, heated steering wheel, ventilated and massaging seats, will also increase the price of insurance. New materials that are used to produce the body parts are expensive. Newer car models use advanced aluminum alloys, carbon fiber reinforced polymer or newer and better steel types.
  • New car models are attractive to thieves. Thieves will target new car models because they are more expensive. If a new model is stolen more frequently, then the insurance companies will increase the price of insurance for that particular model.
  • Safety ratings. Newer car models are not always safer. The Insurance Institute for Highway Safety (IIHS) has done many tests on newer vehicles and the results show that many new vehicles have less capacity to withstand low-impact collisions. For this reason, insurers will charge extra on their insurance policies.
  • Additional coverage. Most new car owners will purchase comprehensive and collision insurance to be fully covered. Some of them will also add new car replacement coverage. All of these extra coverages will make the premiums more expensive.

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