Insuring a car is one of the primary responsibilities that comes with owning or leasing any vehicle. Not only is it required by law, but it helps protect the vehicle owner in the event of an accident. The cost of a driver’s car insurance depends on many factors: the insured’s driving record, the amount of coverage included in the policy and the type of vehicle being insured, to name a few.
In spite of the dramatic increases in gas prices during 2008 and 2009, SUVs and trucks remain popular vehicles, especially for people with families or hauling and towing needs. The added space and utility come at a price, however. All things equal, SUVs and trucks generally cost more to insure when compared to cars. Oftentimes, the premiums can run 10% to 20% more. The following are some of the reasons why these types of vehicles carry higher insurance rates.
Certainly, the reasons above don’t apply all the time. In fact, according to a recent Highway Loss Data Institute (HLDI) survey, the cheapest vehicle to insure for 2009 is an SUV, the 2009 Hyundai Santa Fe. Next up is another SUV, the 2009 Kia Sportage. In general, though, most SUVs and trucks are priced at a higher insurance premium than comparable cars.
For drivers who own or lease an SUV or truck, the best thing to do is to shop around and get rate quotes from various insurance providers. Even though these types of vehicles tend to carry a higher insurance premium, the price difference between 2 insurers could be significant. Next to actually buying or leasing the vehicle, buying insurance is one of the most critical decisions a driver will make. Finding the right policy will contribute to extending the life of your SUV or truck while protecting you in the event of an accident.