You might have shelled out a pretty penny to buy a new convertible. Obviously, you will want to keep it working and in good condition for years. One essential piece of protection to have on the vehicle is auto insurance. However, because of the many unique qualities of a convertible, your policy’s cost might also increase. Here’s why.
Convertibles and Insurance Risks
There are safety risks to driving a convertible. The removable top might not provide as much protection in case you have a wreck. The car is often faster and more powerful than the average sedan, too. Therefore, your risks of wrecks could go up. And with an increased risk of wrecks comes an increased insurance risk.
These risks might increase further when you factor in the value of the convertible. The price, along with its unique parts and features might drive up your premium, too. Your insurer might have to charge you more because of the higher cost they might have to pay out in case of a claim. By charging you more, they can assume the additional cost risk you pose to them.
It’s unfortunate that you often must pay more for car insurance with certain vehicles. However, there is no guarantee that you will have to pay more just because you have a convertible. Rates vary from driver to driver and depend on many factors besides the vehicle itself. Therefore, the driver next to you might pay a higher premium compared to you, even though they drive an older car.
Affording Auto Insurance on Convertibles
When buying a convertible, do some research into what the average cost of an auto policy is for that vehicle. Then, think about if there’s anything special you can do to limits your cost risks to the insurer:
- Don’t speed or drive recklessly. Drivers who cause wrecks or receive tickets often face higher premiums. Insurers usually review driving records when quoting policies.
- If you are not picky, then consider leaving off a few of the accessories that could drive up the value of the vehicle. Buying a fully loaded vehicle often costs more to insure.
- Ask your insurer if you can qualify for discounts by having a low-mileage car, automatic policy renewals, or through installing a telematic device on the car.
- If your policy includes deductibles, then consider increasing yours. This often lowers your premium. However, by increasing your deductible you increase your out-of-pocket obligation for damage costs. Never choose one that is so high that you can’t afford it.
Your insurance agent is happy to help you manage the premium on your convertible's policy. Let them compare policies and rates to find you the most affordable coverage.
Also Read: Can Seniors Get Car Insurance Discounts to Lower Rates?