When you think about the specifics of a given vehicle, there are a lot of features that you need to consider. One of the most important things you should think about is what the insurance package will include in the coverage of your vehicle. After understanding what the package includes, you’ll begin to think about the costs. Here are some things to keep in mind when looking at the coverage types for a car or truck.
Cost of the Vehicle (When New)
The specific rates of a given insurance policy break down into different categories. As anyone with a car insurance policy knows, your driving history, credit score, and even where you live are all taken into consideration when your premium costs are configured. That being said, things like liability as well as the physical damage for the car itself will also absolutely depend on the cost of the car.
If you hypothetically have a high end truck that is bigger, more powerful and has a tougher engine, then you can imagine why the costs might be more expensive to replace or repair it, especially when compared to a smaller car. And on the other hand, because some of the costs of the physical damage is based on restoring the vehicle to its previous condition, if you have a small pickup truck that is only worth $20,000, then it would be much cheaper to insure than a top-of-the-line auto that’s fully upgraded with extras and features and runs at a price that is two, three, or even however many times over expensive than the truck is.
Vehicle age is also a determining factor in the price of your premium rats. A new vehicle is going to have many additional features and the cost is probably going to be far more expensive to have a brand new vehicle than it would be to return it to the same condition that you had before you got into an accident. But a newer vehicle might also have better safety features in general, so it could potentially limit the amount of damage that could happen to you (or others) if you are involved in a crash. Not to mention that vehicles with good safety ratings get an insurance discount!
When you think about the age of the vehicle, this is extremely important to consider with respect to the impact on price simply because older vehicles could be more dangerous, but newer vehicles could be costlier. In either case, the age of the vehicle can have a significant impact on the actual costs of insurance for the vehicle itself.
Other Safety Features
Safety features are a major part of any policy. Common safety features on today's vehicles include side-curtain air bags, and driver assist technology that can automatically apply the brakes or keep your vehicle centered in your lane. Truck owners themselves can even add safety items such as backup camera systems or baja light bars to provide additional safety for their vehicles while off-roading. Whether the safety is for protecting the car from theft or from protecting individuals in the case of an accident, any time you make an insurance contract you are transferring risk.
To make sure you are getting a fair rate from your insurance agency, doing a quick car insurance compare will show what other companies are willing to offer and how much or how little they are going to charge you for it.
As you can see, there are absolutely some circumstances in which a car could be cheaper to insure than a truck and vice versa. That being said, when you pay attention to the rating and underwriting factors that actually influence price in the first place you can get a much clearer idea of which car makes the most sense to choose with respect to having more affordable insurance costs. The key thing to remember is that an insurance company doesn’t really care what you are driving at the end of the day. They want to look into the specific factors of your specific vehicle more so than the vehicle itself.