Are Smaller Cars Cheaper To Insure
Reader’s Question:
Someone told me that if I switch to a smaller car, my insurance bill can go up, is that true? I think I’m already paying high enough for my car insurance in Brooklyn New York and should this happen, I might consider going without insurance.
Ryan
Brooklyn, NY
If you’re thinking of downsizing your car for better fuel economy, you may end up upsizing your insurance bill without even realizing it. So, you may need to think again since it’s just not as cut-and-dry as what people think that if you get a smaller car, you’re going to pay cheaper premium – it’s just not that simple.
Though there were studies that smaller size vehicles offer substantial fuel savings, the question is will car insurance savings follow, too? Is there an assurance that by having smaller size vehicles, you would have lower insurance rates? Can you equate a smaller vehicle to smaller car insurance rates? The answer is a big fat no. According to a car insurance rate research, switching from a larger vehicle to a small car like a Honda Civic or Toyota Prius is likely to raise your car insurance rate.
You may ask, is that a reflection that car insurers have no appreciation for fuel conservation, lower emissions and smaller carbon footprints? Insurers would tell you; only when it’s justified by their insurance claims experience. If you’re thinking of dropping your insurance, you need to have discussions first with your Brooklyn, New York agent since that would result to consequences which may be much more difficult to resolve.
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