Auto insurance

My expensive new car added next to nothing to my car insurance bill. here’s why

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Choosing the right vehicle could mean more affordable insurance.


Key points

  • I recently bought an expensive new vehicle, so I expected my car insurance premiums to go up.
  • They didn’t go up at all because I did my research carefully when shopping for the car.
  • I also got insurance quotes ahead of time, so I knew how much my insurance would cost.

A few months ago I bought a very expensive new car because I needed a larger vehicle for my family. I had specific requirements for the car in terms of safety features and size, so I couldn’t buy a used car like I usually do. And my new car ended up costing three times as much as my old one, simply because it was a big vehicle with a lot of standard technology.

When I bought this new car, I paid for it in cash rather than taking out a car loan. And making sure my auto insurance premiums didn’t skyrocket was very important to me. Since insurers’ premiums are risk-based, a more expensive car could theoretically have meant that my costs would increase significantly. But that didn’t happen for one simple reason.

Here’s Why My Car Insurance Costs Didn’t Increase With An Expensive New Car

The big reason my car insurance costs didn’t go up much when I bought my expensive new car is because I did my research carefully and specifically selected a car that wouldn’t cause no huge costs.

You see, although my vehicle would require a more expensive insurance claim in the event of an accident, some of the safety features that come with it reduce both the risk of an accident and the likelihood of serious injury in the event of a collision. These are the same features that made me buy the car in the first place despite the cost – I wanted to be able to keep my kids safe while driving to activities or taking family trips.

I know that insurance companies keep track of accident claims data for various types of vehicles and it is possible to check insurance prices for different cars before buying them. So to make sure my insurance costs didn’t go up a lot – and to confirm that I was buying a car that didn’t incur a lot of expensive accident claims – I just got some quotes to insure many of the different types of cars I was interested in.

Once I had a list of a few vehicles, I got quotes from several insurers for the different cars I was thinking of buying. This allowed me to select the car with the lowest auto insurance premium prices.

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How to avoid surprise auto insurance costs

Buying a new car can be a big decision, especially for drivers who commit to paying for their car to make the purchase. It’s always important to make sure the total cost of ownership is within your budget, even when insurance premiums are factored in.

That’s why it’s a good idea to learn about car insurance costs before make a purchase. Insurers will allow drivers to get quotes for cars even if they don’t yet own them so drivers can enter details about vehicles they might be interested in buying. Doing this before making a purchase can help motorists know which cars are the cheapest to insure to avoid unpleasant surprises.

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