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How Your Car Model Drives Your Average Car Insurance Payment

This may come as no surprise, but did you know that your average car insurance payment is based on your vehicle model? It’s true. Ever wondered why the make, model and year of your car is necessary information when filling out your auto insurance forms? One reason insurance agencies need to know a vehicle’s make, model and year is so that they can take the appropriate financial action after you’ve been involved in a car accident. What does this mean? It’s a decision between totaling your car, or paying for its repair. But there is another reason your agent needs to know this pertinent information about your vehicle.

Learn more below.

Grand Theft Auto: Real Life

When we hear about auto theft, we often assume it’s luxury vehicles being taken out for joy rides or scrapped for parts, but insurance companies have learned otherwise.

The vehicles that thieves go after isn’t the financier’s Mercedes-Benz or even your dentist’s BMW. Thieves target cars the average American drives: passenger vehicles. The Federal Bureau of Investigation (FBI) found that in 2013 alone, 699,594 vehicles were stolen nationwide. How many cars are stolen on average? According to the Rocky Mountain Insurance Information Association (RMIIA), one car is stolen every 44 seconds in the U.S. Curious as to which models are most vulnerable? Let’s take a look at the top 10:

Make & ModelMake & Model Total1. Honda Accord51,2902. Honda Civic43,9363.Ford Pickup (Full-Size)28,6804. Chevrolet Pickup (Full-Size)23,1965. Toyota Camry14,6056. Dodge Pickup (Full-Size)11,0757.Dodge Caravan10,4838. Nissan Altima9,1099. Acura Integra6,90210. Nissan Maxima6,586

Walking out to your car in the early morning light to head off to work only to see shards of glass where your car was parked is startling. Your car is an extension of you. It takes you where you need to go and has yet to let you down. Now some punk has it and could be chopping it for parts.

After you file a police report, you need to inform your insurance agent about the theft. If you have a comprehensive coverage plan, your insurers will replace your vehicle if stolen or vandalized. Though as RMIIA reports, there are other expenses that come with replacing your car. The most obvious is covering the cost of replacing your car when insurance can’t cover it. Other expenses include: paying the insurance deductible and higher insurance premiums. Yes, your average car insurance payment goes up. Why? Because the area where you parked your car has now been deemed unsafe by your insurance agency. To financially protect your rental car or new vehicle, your rates will jump. This common insurance practice isn’t meant to kick you when you’re down. It’s to better protect your assets (your car) from wiping out your bank account should you be the victim of auto theft again.

Protect Yourself: Some Useful Tips

It’s not fun dealing with the police, your insurance agency and public transportation schedules. Who knew how heavily you relied on your car. Want to make sure you’re doing all you can to protect your vehicle from preying thieves? Here are some tips to get you on your way:

If your car is stolen, your average car insurance payment is going to rise, but CoverHound can show you the insurance agencies that will make sure that monthly payment doesn’t rise too much. Get a free auto insurance quote by visiting our online portal today!

Insurance shopping simplified

Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.

Insurance shopping simplified

Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.

Insurance shopping simplified

Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.
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