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Q: Are SUV’s more expensive to insure than luxury cars?
AIS Answer: They can be, but it completely depends on the two vehicles, the location, and ultimately the driver. Assuming all things being equal (location, drivers), there are still a few variables that would effect the insurance premium on either the SUV or the luxury car.
- Repair Cost: If the vehicle is expensive to fix, the cost will be passed along to the insured. It doesn’t matter if it’s an SUV or a luxury car, expensive repairs are something insurance companies are trying to avoid.
- Safety/Safety Features: Vehicles that haven’t scored well in highway safety studies are less likely to be as safe as those that scored well, and insurance rates will reflect that.¬¨‚Ć An unsafe car (SUV or otherwise) can lead to costly claims, and a vehicle with a track record of being unsafe will more than likely cost you more to insure.
- Vehicle Theft Rate: Like it or not, vehicles are stolen. If your vehicle is a desirable model and is shown to have a high theft-rate, you can expect to pay more to insure that vehicle. Some vehicles like the Cadillac Escalade are both desirable to thieves, and expensive to repair.
A few examples of expensive SUV’s would be the Cadillac Escalade, Toyota Landcruiser, Lexus LX470, Mercedes G500, Acura MDX, Porsche Cayenne, and the like. If you were to buy one of these vehicles (most of them have many advanced safety features), you are likely to have a higher repair cost, a higher rate of theft, and even with all of their safety features – a high rollover rate.
Some less expensive SUV’s may include the Honda Pilot, Toyota 4-Runner, Toyota Highlander, Subaru Tribeca, Chevrolet Suburban, Dodge Durango, Nissan Xterra, etc. These vehicles while not as expensive as Luxury SUV’s and Luxury cars, are still costly to repair and are much heavier than most vehicles on the road.
If you compared the cost of owning an Acura MDX vs. a Honda Accord, you would likely pay less for the Honda. If you were to compare a luxury vehicle like a BMW 750i against a Chevy Suburban, you would probably pay more to insure the BMW. However, you could compare to SUV’s together and get wildly different insurance rates.
Ultimately you can’t compare SUV insurance to car insurance, anymore than you can compare the similarities in the vehicles. There are so many factors that go into premiums, and these factors change with the market. The best idea is to get as many auto insurance quotes as you can on vehicles that you’re interested in purchasing, and see for yourself how each stack up in cost for you in your area.
