Do you want to save on insurance premiums? Buying an old car is more cost-effective than a new one! 2024 car model with frequent theft, the insurance cost is frighteningly high
According to a report by Ratesdotca, although the hijackers only targeted their target drivers, other car owners have also become victims as insurance rates for frequently stolen vehicle models have significantly increased.
This insurance quote provider has found that car owners who purchase 2024 frequently stolen vehicles are expected to pay several hundred yuan higher annual car insurance premiums than those who purchase the same 2018 model, whether it's a sedan, pickup truck, or SUV.
For example, according to the report, the all risk portion of the 2024 Dodge Ram in Toronto is 408% higher than that of the 2018 model.
Image source: Toronto Police Services
Ratesdotca insurance expert Daniel Ivans said that for car owners considering purchasing frequently stolen vehicles, choosing an old model may be more valuable than buying the latest one.
Ivans said that although the car theft rate is decreasing, it is still occurring, which is reflected in the comprehensive insurance premiums and insurance losses of frequently stolen vehicles in Ontario.
The report found that the overall insurance premium of the 2024 Lexus RX series is 46% higher than that of the 2018 model, but the comprehensive insurance premium is 119% higher.
In addition, the report also found that the overall insurance premium of the 2024 Land Rover Range Rover series is 30% higher than that of the 2018 model, but the total insurance premium is 195% higher.
Image source: autotrader
The report also concludes that the overall insurance premium for the 2024 Mazda CX-5 (and very stolen vehicle) is 11% higher than the 2018 model, while the all risk portion is 19% higher than the 2018 model.
All the above insurance rates are based on the amount paid by a 35 year old male customer who resides in Toronto, has a good driving record, has been listed on the insurance policy for 18 years, and has been insured with the same insurance company for two years.
Source link:
https://torontosun.com/news/local-news/want-cheaper-insurance-consider-driving-an-older-car