If you don't already know by now, auto insurance companies use your vehicle as a major determining factor in calculating what you pay for your desired amounts of coverage. Fast, small, and sporty cars all get penalized in the form of high premiums for the car they drive. Unfortunately, most convertibles fit at least one of these criteria.
At a glance, this practice may seem unfair to drivers of said cars. However, auto insurance providers put large amounts of money on the table for each one of their clients. In order to stay in business, it is necessary for them to charge the driver of these cars more.
But it doesn't go without logic and reason. You become a liability to the insurance company when damage is caused to yourself and property, and the health of others and their property, when you are at fault. As you can imagine, this could get costly. And statistics show that drivers of small, fast cars are more prone to such action. These cars are generally more dangerous, expensive, and result in more bodily injury. Blame it on those pesky, reckless, young drivers, or blame it on the insurance companies, but either way, it is unlikely to change.
Convertible drivers also end up paying more for their auto insurance coverage for these very reasons. By nature, convertibles are more dangerous than your average sedan or even sports cars, with soft or removable roof, it doesn't take much for you and your convertible to take some serious damage. This increases your financial liability in the eyes of your insurance provider, and they quote you accordingly.
Save Money When You Insure Your Convertible
A new convertible will cost you upwards of $ 20,000 for most models and are expensive to insure but there are saving to be had. The most obvious way to save when buying convertible auto insurance is to check all your available options. It's easy to do so by getting multiple quotes, which can be done in just minutes by getting an online auto insurance quote comparison. Selecting a policy with high deductibles will help you save on your premiums and paying for 6 months or a years worth of insurance can score you some serious discounts.
If it an older convertible, you can choose lower amounts of collision coverage, as the car may not be worth much. If your convertible happens to be an older collector's car, you may qualify for collectible car insurance which understands that an older car may be worth more than its Kelly's Blue Book value. If you only drive your convertible during the summer or on sunny weekends, you may also qualify for low mileage auto coverage, which charges by the mile, rather than a flat monthly rate.