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Does the value of my car impact the rate of my insurance policy?

Is the cost of my insurance connected to the value of my car? The insurance for my 2020 BMW X5 is extremely expensive. I have a great driving record and live in an area without a lot of traffic.

avatar
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Having a new luxury car will impact the rate of your insurance policy for many reasons.
If you look at the
declarations page
 of your insurance policy, the most expensive part of your policy is probably the
collision coverage
 and
comprehensive coverage
.
Collision covers the physical damage that can happen to your car in the event of an accident. This includes:
  • the parts
  • labor (often a specialist for a luxury car)
As your car gets older and parts become more available, the cost of the physical damage will decrease.
If you are unhappy with the overall rate of your insurance policy, it may be time to shop for new
car insurance
.”
MORE:
The Top 10 Cheapest Luxury Cars to Insure
Luxury CarsCar Insurance QuotesBMW
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