Have you seen those quizzes on the internet that attempt to define your personality based on what kind of car you drive? No matter what answer you get as a result, it is understood that these kinds of quizzes are just for fun. But, could the type of car you drive really give clues about how much of a risk taker you are? It seems that car insurance companies think so!
Car insurance provides financial protection to you in case you are involved in a car accident. The car insurance is there to cover the costs of repair to your vehicle. It also pays for the repair to the vehicle of the other person involved in the accident, if you are the one who caused the accident to happen. It can cover the costs involved with a trip to the hospital, or for the people who were in the accident to be seen and treated by a doctor. Some car insurance will even cover the cost of towing your broken vehicle to a garage.
All of these costs can add up to a large amount of money. In general, car insurance companies are hoping to find customers who are not going to file any claims. This is why the insurance company will ask a potential customer a lot of questions that will help the insurance company to figure out how risky it will be to cover that person. They want to know your age, because younger drivers are considered to be more likely to get into a car accident than middle aged drivers are. They want to know if you park your car in a garage at night, or if you leave it on the street, where it is more accessible to thieves who want to damage or strip your vehicle.
The model of car you drive could be driving up the cost of your car insurance premiums. InsWeb Corp., a company that provides insurance quotes, revealed a list of the most expensive models of cars to insure. Those models are: Acura ZDX, Audi TTS, Audi A5, Cadillac Escalade, Chevrolet Corvette, BMW Z4, Lexus SC, Jaguar XF, Cadillac STS, and Dodge Challenger, (in order of expense). These performance vehicles represent risky behavior to car insurance companies. On the other hand, minivans, wagons, and small SUVs are the least expensive kinds of vehicles to insure. The insurance companies might feel that these drivers have large families, or young children, and therefore are going to take less risks while driving.
Image by John Lloyd on Flickr