Does the value of my car impact how much I will pay for car insurance?
I pay about $100 per month currently for my Honda Element. I saved all my pennies and can finally buy my dream car, an Aston Martin Vanquish. I have an excellent driving record. Will this car valued at $300,000 cost a lot more to insure?
“Wow, it is fantastic that you are finally getting your dream car! The cost of coverage will be higher than with your current vehicle, but not for the reasons you think.
Yes, your driving record plays a big part, but so can things like the following:
- Zip code where the vehicle is being garaged
- Risk of the car being stolen due to greater value and desirability
- Cost of parts and labor if the car needs to be repaired as the result of a claim
You may also require a repair shop specializing in Aston Martins instead of the inexpensive shop around the corner.
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