There are many different makes and models of cars to choose from. Many like to choose a vehicle that they feel is going to be reasonable to insure. Then there are those who have their mind set on their vehicle of choice. Which for many is the Camaro. This is one of those vehicles that many people worry about what it is going to cost to insure.
Is the Camaro Expensive to Insure?
This is a big question that many Camaro enthusiasts would like the answer to. Most often before they invest in this make and model of vehicle. Unfortunately, there is not a cut and dry answer. The best answer before getting an actual quote for Camaro insurance is, it’s all going to depend.
Anyone who has bought this type of insurance knows that it is a personalized product. Meaning that no two people are exactly the same when it comes to their vehicle insurance needs. Two people can own the exact same Camaro. But, their insurance rates can be different.
Some individuals in Ontario have shared their cost of insurance. When it comes to their Camaro. For example, one individual pays $1,015 a year. There are going to be a lot of variables that have to get taken into account here. For this specific person, they also have add-ons to their insurance. Such as their home insurance and an additional vehicle., Also, they have no claims or tickets hurting their driving history.
Another individual got a quote for a 2015 Camaro. One that was about the vehicle being used on occasion. The driver also had a clean driving record. The quote was $1,500 for the year.
These two examples show just how much insurance can vary.
What Makes the Insurance Premiums Different for the Camaro?
Looking at two individuals that own the same Camaro. What would make the premiums different?
The Driver’s History
One of the important metrics that insurance companies look at is the driver’s history. Some choose to insure a vehicle that is high powered. Like the Camaro. This makes the driver’s history even more important. It is interesting to Compare two identical Camaro owners and their driver’s history. One driver may have speeding tickets, and the other driver does not. Or, one driver may have had a collision in the past or some type of claim. And the other has not. These differences are going to make a difference in the premium for each of these drivers.
Where the Insured Lives
Another concern is going to be where the Camaro is going to be. It could be in a neighbourhood that’s considered to be at high risk for theft or vandalism. In this case, the one Camaro owner living in this area is going to pay more. Than the Camaro owner that lives in a less risk area.
These are two examples. Of how identical Camaro owners can see differences in their premiums.
What Will The Insurance Companies Look At With the Camaro
First, it means the insurance company is going to assess the car itself. There are going to be different models and different years. They are going to look at how much power the Camaro you are choosing has. For example, some Camaros are boasting 455 hp and a v8 engine.
The insurance companies get concerned about the amount of power a vehicle has. This can put them at greater risks. They may make assumptions. That drivers going for high powered vehicles like the Camaro may get tempted to use all that extra power. This can put the driver at risk which in turns put the Insurance Company at risk.
Another very important metric for the insurance companies is the safety ratings as they will pertain to the Camaros. Insurance companies put a lot of emphasis on statistics. They are going to look at the safety ratings closely for any vehicle that they are insuring. There are some insurance companies that serve the US as well as Canada. There is no telling whether they will base their decisions on the safety ratings for the US. Or whether they will use the Canadian statistics. There is a good chance they may use both.
For the US the important statistics for the Camaro will be the federal government crash test ratings. When they are looking at the rating for crash testing, they will look at an overall rating. Then frontal crash and side crash rating. And rollover. The statistics for the Camaro for 2018 are pretty good. Giving a five-star rating in all categories. Except for frontal crash for both years getting a four-star rating.
Claims and Accident Benefits
A Canadian metric that is often used is accident benefits. The Camaro regarding models between 2003 and 2015, it has a variety of ratings. It would appear that there are some that are more favourable. Which get classed as below average for claims such as for the Camaro SS two doors and the Camaro SS convertible.
Does the Camaro Come Under Classic Insurance?
Depending on the year of your Camaro it may now fit into the classic car insurance category. If so then the approach for insurance is going to be different. Your insurance company may insist that the vehicle now gets insured under classic insurance coverage. If so it is going to be cheaper. At the same time, you’re going to find that there are a lot of restrictions on it. As a classic car owner, you will not mind these restrictions. Based on the value of your vehicle.
Is There Any Way to Reduce the Costs of Camaro Insurance?
You may not be able to reduce the costs of your Camaro insurance. Just because of the make and model of your vehicle. There are other ways that you can reduce insurance costs. One of the biggest will be having a clean driving history. Over and above this there are many opportunities. To take advantage of different types of insurance discounts. As a Camaro owner, you are going to want to capitalize on these as much as possible. For this reason alone it is well worth getting insurance quotes. Then comparing your quote along with the potential discounts available to you.