Auto Insurance Claims Cost Ranked by Model in New Report

LOS ANGELES, Feb. 21, 2011 /PRNewswire/ -- The new Comparison of Insurance Costs report released this month by the National Highway Traffic Safety Administration (NHTSA) indicates that the 2008–2010 models with the highest and lowest average collision claims costs were a large sports car at one end of the spectrum and a passenger van at the other. The report highlights the effect that vehicle type can have on the average size of claims—something that prospective car buyers might want to keep in mind when considering what model to go with.

In order to see how premiums can vary depending on vehicle type, OnlineAutoInsurance.com recommends that consumers in the market for a new car generate free car insurance quotes online for the models that they are considering.  

Cars listed in the report were ranked in relation to the average collision loss experience for all vehicles.

The large sports model that topped the list had a collision loss history that was 326 percent worse than the average for all vehicles. That's not too much of a surprise, considering that it costs upwards of $100,000, according to Kelley Blue Book.

Loss history for the cargo van was 69 percent better than the average for all vehicles.

Although the report shows how much the average collision claims costs for a particular car relate to the average for all vehicles, it does not necessarily mean that the price of insurance coverage for a particular auto will exactly correlate with its coverage prices. That's because vehicle type is only one component that gets taken into account when calculating the cost of coverage.

The NHTSA notes in the report that insurers do consider the scores in adjusting the "base rate" for collision premiums, though collision loss experience is unlikely to affect the premium by more than 10 percent.

Source: http://www.nhtsa.gov/staticfiles/administration/program_development/2011_Comparison_Insurance_Costs.pdf

To learn more about comparing insurance policies and the factors that can influence the price of coverage, readers can go to http://www.onlineautoinsurance.com/quotes/ to access informative resources and a free-to-use rate-comparison generator.

SOURCE Online Auto Insurance, LLC

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED