Why Does The Car You Buy Affect Your Insurance Premium?

There are numerous factors that affect the cost of your car insurance. These include the likes of your age, driving experience, whether you have points on your license, the number of miles you are likely to drive each year, where you leave your car parked overnight, the level of voluntary excess you are prepared to pay, what security devices you have fitted to the car, what optional extras you have selected such as car breakdown cover and, of course, the make and model of car you buy.

Cheaper car insurance can be arranged on a Ford Ka than a Bentley

A new Bentley Continental GT is going to cost more to insure than a new Ford Ka

Let’s look in a little more detail at why your choice of car will affect the premium you pay.

If you think about it, you would expect to pay more for your car insurance for a car that costs £100,000 plus to buy such as a Bentley than a Ford Ka costing less than £10,000. If you were involved in an accident resulting in your car being written off or the car was stolen it would cost the insurance company more to replace the Bentley than the Ford Ka so you would expect your car insurance premium to be more for the former.

It is also likely to cost more to repair damage to say the wing of a Bentley than that of a Ford KA if you were involved in a road traffic accident.

Also, the model of car you choose can impact on the premium you will pay for the car insurance. For instance, a Golf Hatchback 1.2 TSI Bluemotion Tech S 3 door would come under Insurance Group 7 whereas a Golf GTI Cabriolet 2.0 TSI GTI 2 door comes under Insurance Group 35 making the later more expensive to insure. This is because it is more expensive to purchase and it is a more powerful car so is more likely to be involved in an accident so there is a greater risk to the insurance company that they will have to pay out.

It is worth noting that all cars come under an Insurance Group ranging from 1 to 50 with the later being the most expensive to insure. Therefore, when you are considering buying a car you may which to peruse these groups to find out which one the car you are considering buying comes under.

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