Truck Insurance 101 (cont.)
To get a more accurate idea of what a vehicle might cost to insure, check ratings of new cars online on your insurer's Web site, or call your broker and ask for rates on the vehicles you're considering.
For theft loss averages you can check the Highway Loss Data Institute's Web site (hldi.org) for the model you are considering. For example, the 4WD Lincoln Navigator shows the third-worst average theft loss rate of $71 per insured vehicle, while the two-wheel-drive version is seventh worst, at $62. So regardless of drivetrain choice, a Navigator is going to be expensive to insure because thieves like them.
And better to avoid the Cadillac Escalade if insurance cost is a concern. The Escalade leads the HLDI list in theft-claims frequency and loss per vehicle, with a claims frequency nearly five times the average for new cars. And thieves don't just target high-bling SUVs, the Jeep Wrangler and Dodge Ram pickup are fourth and eighth on HLDI's claims frequency list.
But insurance companies consider more than just theft losses. Vehicles are rated for a variety of factors, not least of which is occupant protection. "A lot of people think that a bigger car would protect you better, but that is not always the case," says Luedke. "It is hard to make general comments about types of vehicles. It depends on how a vehicle is constructed."
Construction also affects how much vehicles cost to fix after a fender-bender, which is reflected by collision insurance rates. "We adjust rates according to the claims payments," Luedke says. "One car might have lower comprehensive payments because it is harder to steal, while another car might have less collision insurance [cost] because it has better damage-resistant bumpers."
Some vehicles in the light-truck category are relatively inexpensive to insure, according to Progressive Insurance (progressive.com). They aren't exactly macho off-road machines, but the Oldsmobile Silhouette and Pontiac Montana minivans are Progressive's cheapest vehicles to insure, and the pseudo-SUV Chrysler PT Cruiser is fourth cheapest.
Of course, that's only Progressive's list. Your company's list probably differs. According to Progressive spokeswoman Shannon Radigan, "Auto insurance companies base their rates on their book of business. Therefore, companies have the potential to have very different rates because they may have very different cars on their book of business and have different recorded claims experiences with those cars, so it pays to shop around.
"The advice I would give a car buyer is that if you're shopping and it comes down to two cars, you can call your agent and find out how much they cost to insure. In general, the more expensive the car, the more it is going to cost to insure."
