Why Does My SUV Auto Insurance Cost So Much?

Reader Question

Why does it cost so much more to insure my SUV than it does my smaller Honda Accord? The Accord actually costs more to buy than my SUV did? What is up with that, and how can I get a lower rate on my auto insurance premiums?

Anna,

Las Vegas, NM

Car insurance companies take into account the amount of damage your vehicle does to other cars in an accident. Big SUVs may not sustain a ton of damage, but the other guy will. Car insurance quotes are easy to obtain online, as many car insurance companies exist to offer cheap insurance options to those who are on a budget.

Even if you’re looking for full coverage and willing to pay a high premium to get it, you can still find excellent policies and car insurance quotes online. Car insurance is meant to protect you against catastrophic losses, such as a major accident or the theft of your car. Be prepared to absorb minor losses yourself, and you’ll save a lot.

Car insurance premiums are based in part on the car’s sticker price, the cost to repair it, its overall safety record, and the likelihood of theft. Many insurers offer discounts for features that reduce the risk of injuries or theft.