A New Article Explains Why New Cars Are More Expensive To Insure

LOS ANGELES, Sept. 20, 2020 /PRNewswire-PRWeb/ -- When insuring a new car, owners have the unpleasant surprise of finding that the costs are really high. This is why drivers should consider getting quotes before buying a car. The main arguments used by insurance companies are the following:

• New models are really expensive to repair or replace. Hi-tech safety and tracking devices are usually installed in new models. All of these safety devices are expensive to repair if they're damaged. New advanced technology like ventilated and massaging seats, head-up displays, heated steering wheel, also increase the price of policies. Lastly, the new alloys from which body parts are manufactured are more expensive. New aluminum alloys, carbon fiber reinforced polymer, or even new steel types are costly to produce and to repair.
• Thieves prefer to target new models. Insurance companies will increase the insurance rates for a new car mode if there are too many claims for stolen vehicles for that model. Regularly, thieves will choose to steal new car models instead of old ones, because they are more expensive.
• Some models don't have stellar results on test-dummy crashes simulations. The Insurance Institute for Highway Safety (IIHS) shows that some vehicles are riskier than others because of the way they are built. Their data shows that many new vehicles have less capacity to withstand low-impact collisions. Because of that, they can cost more to repair.
• Adding full or extra coverage. Owners of new cars are recommended to add collision and comprehensive insurance, to be sure you are fully covered. One optional policy that brand new car owners can get is the new car replacement coverage. Overall, extra coverage means more expensive premiums.

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