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?

Answer
“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.
The best course of action would be to get quotes from several carriers, and to choose the highest collision coverage deductible you are comfortable with. Also, remember to advise your agent if you pay for additional features that may need increased protection, like sound system coverage.”
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Shannon Martin
Answered on Apr 14, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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