There are many different things that insurance shoppers need to look for. They have many things to consider. The main focus is usually put on how much it is going to cost. Many individuals don’t realize all the different components that get considered. When an insurance company is deciding on the premium. One of these will be about the type of car that is going to get insured. For those that are ensuring a convertible they have concerns that the premiums will be higher

Why Do Insurance Companies Care About Your Car Being a Convertible?

Car

Quite often insurance shoppers get confused.  About why the insurance provider would care about what kind of vehicle they drive. What it comes down to is the insurance company is going to do their best not to have to pay out any money. Therefore they’re interested in what risk factors the vehicle getting insured will create. They are going to look at the convertible to determine this.

Convertibles with High Performance

One concern that insurance companies have is those vehicles classed as high-performance vehicles. High-performance vehicles are built for speed. Speed is an automatic risk factor for the insurance companies.  Insurance companies consider a high-performance vehicle that is in the convertible category. There are factors that they’re going to take into account. They are not only going to look at how fast it can go. But they may consider the handling system of the convertible as well as its braking system.

Cost of Convertibles

There is another factor that insurance companies are going to take into account. With the convertibles which will be the cost. One of the risks that these insurance providers face is having to replace a vehicle. As a result of a collision or damage done to the vehicle from theft. The convertibles tend to be more expensive to buy overall. This means the insurance company is going to have to pay out more for a claim.

It’s assumed that the convertibles are going to cost more. There are still some on the market that are much cheaper to buy than other types of convertibles. A good example of this is The Mazda MX-5 Miata starting price of around $26,000. Then going to the other end of the spectrum a convertible buyer could be considering the Mercedes AMG GT. Which is in the price range of about $146,000. So one can see that there is a big difference here for the insurance companies in the event of a payout. They are going to take these prices into consideration.

Is a Convertible Considered to be a Sports Car?

sports car

Another issue with insurance companies is whether a convertible is going to get considered as a sports car. There are a few factors of why this is important to them. Aside from the cost of replacement, there is also the concern of cost for repair. Many convertibles considered to be sports cars can be more expensive to repair. Both in parts and labour.  Convertibles can be a hard top or a soft top. This is another consideration for insurance companies. One type may be more prone to damage in a collision. Which creates extra costs for the insurance companies.

There’s also the perception of the sports car assuming that it is a faster type of vehicle. Insurance companies get concerned that the drivers will be more prone to driving at faster speeds.  Possibly because they are driving a sports type convertible. This can be another factor on its own that can jack up the cost of the insurance.

Potential for Theft

Insurance companies will also focus on how much of a risk gets created for theft of a vehicle. Although a particular convertible may not be on the list for the most stolen vehicles. It could still create some extra risk compared to other types of vehicles. What insurance companies may take into account is whether the particular convertible has a soft top. Or is it a hardtop. A soft top may be more vulnerable to theft. Vehicles that get stolen often end up damaged and this creates a cost for the insurance companies.

How much is Insurance for a Convertible?

There are many other components that go into making up the cost of premiums. Besides the fact that the vehicle is a convertible. These are going to get factored in for the convertible owner as well.

The Address

Insurance companies care about where the car is going to be there for the address is important. Insurance companies use metrics and statistics. For determining many of the cost factors for insurance. They will use a postal code to gather statistics for that area when it comes to setting the insurance cost.

Personal History

The personal driver’s history is going to be a huge factor.  Some individuals have driving infractions. Like speeding tickets for example. This added to the fact the car is a convertible could increase costs.

These are just a few of the many components that contribute to the insurance cost for vehicles.

Are Convertibles Worth It

Every individual that is insuring a car has some concerns about the cost of their insurance. At the same time, they don’t want to have to settle for something less in the vehicle that they want. Just because the insurance premiums are high. One needs to determine what the premiums are going to be. For the particular convertible, they are thinking of ensuring. Then it will become a personal decision as to whether the convertible is worth it. Depending on what expectations and desires one has in the convertible they may want to flexible. For example, one may choose to go for a lesser priced convertible. One that still gives the benefits that the owner wants in a convertible. As opposed to going for the higher priced one.

Low Insurance Convertible Cars

vehicle insurance

It is possible to get low insurance convertible cars coverage. If one takes advantage of the several different ways that insurance costs can be increased. One of these ways is by becoming a savvy insurance shopper. Which includes the getting vehicle quotes to make policy premium comparisons. Another way is by taking advantage of all the potential discounts. Ones that can be enjoyed with vehicle insurance.

Resources

https://en.wikipedia.org/wiki/Performance_car
https://www.caranddriver.com/best-convertibles
https://blog.nationwide.com/what-you-need-know-about-convertibles/
https://www.consumerreports.org/cro/cars/convertibles/buying-guide/index.htm
http://www.ibc.ca/nt/auto/buying-auto-insurance/how-auto-insurance-premiums/how-cars-measure-up
http://www.ibc.ca/nt/insurance-101/insurance-basics/how-premiums-are-calculated