Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
“`html
Insurance companies use many factors to determine the cost of your insurance premiums, including the vehicle’s crash-test ratings and safety features. In some cases, buying a safer vehicle could reduce your auto insurance costs.
Safety ratings provided by organizations like the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS) show how vehicles perform in crash tests. They measure the injury risk for a particular vehicle compared to vehicles in the same category.
The highest safety ratings are given to the vehicles with the lowest injury risk. For instance, NHTSA gives a five-star rating to the safest vehicles and the IIHS gives Top Safety Pick and Top Safety Pick+ designations.
Safety ratings are likely a factor you consider when shopping for a vehicle, and they are also important to insurance companies as well. Insurers factor in safety ratings—sometimes based on their own internally developed ratings—in calculating insurance premiums.
Vehicles with higher safety ratings are often generally cheaper to insure because they statistically have fewer and less expensive claims. Insurers may also offer discounts to drivers with safer vehicles.
Safety ratings don’t always result in lower insurance rates, however. The safety features that reduce accidents—like mirrors, fenders, and bumpers with sensors—can also make vehicles more expensive to repair when accidents do happen. Other pricing factors could offset any savings from safety ratings.
Besides the vehicle’s published safety ratings, there are several features that can cause your vehicle to be safer and lower your insurance rates. Many newer vehicles come standard with safety features that warn you of a potential crash or take action to prevent a crash. These features include:
Determining whether these features are worth it depends on your budget. Contact auto insurance providers to get quotes for the vehicles you’re considering. If certain safety features are optional, get quotes for vehicles with and without the optional safety features. The amount of savings, if any, can vary by auto insurance providers depending on the specific features.
Compare premiums to see how much you’d save by choosing one vehicle over another or by adding optional safety features. Consider the difference in premiums and the potential savings over the life of the vehicle. Be sure to factor in how long you plan to keep the vehicle and whether the insurance savings will offset the cost of the safety features.
Safety ratings are one of the many factors insurance companies use to determine your premium. A variety of factors that affect your insurance cost include:
Because of the other factors that go into calculating your insurance premium, buying a safer vehicle won’t automatically result in cheaper insurance premiums. For instance, costs may not be lower if you’re comparing the cost to a vehicle that’s less expensive, stolen less often, and has parts that are easier to replace.
Owning a car with the latest safety features not only protects you and your passengers from accidents, it can also reduce your insurance costs. Check your owner’s manual to learn which safety and security features your vehicle has and ask whether your insurance provider offers discounts for these features. If you’re purchasing a new car, weigh the cost of added safety features with your budget and the amount you could potentially save in insurance premiums.
Make sure you’re getting the best auto insurance rates by using an auto insurance comparison tool to get quotes from multiple companies. You can compare personalized quotes from the top insurance carriers side by side to choose the best one for you. Even if you’re satisfied with your current coverage, shopping around periodically can help you find new savings opportunities.
At O1ne Mortgage, we understand that finding the right mortgage can be just as important as finding the right insurance. Our team of experts is here to help you navigate the mortgage process and find the best rates available. Call us today at 213-732-3074 for any mortgage service needs. Let us help you secure your dream home with the best mortgage options tailored to your needs.
“`