Insuring A High-Performance Car

The Cost Of Insuring A High-Performance Car

High-performance cars are thrilling to drive, and many people love to drive them due to the heavy horsepower they have. There aren’t many people who would say no to taking a Porsche out for a spin. Although driving the car may be oodles of fun and owning it might make you feel cool – your happy face will drop when the auto insurance bill arrives your way. They typically cost a great lot more to insure than an average mass produced car.

Factors that affect the insurance premium

When an insurance company is insuring a high-performance car, they take several different factors into account:

● When a car has more power, it means there is more risk. When you factor in the risk, auto insurance costs can rocket.

● If you were to be involved in an accident when driving a high-performance car and your vehicle needed repairs, the car parts are likely to cost a lot more. Some of the parts may even be hard to come by, as they are not mass-produced.

● High-performance cars are at a much greater risk of being stolen than a regular car. Auto insurance to cover theft of these types of vehicles can be extremely pricey.

● Where you live will also be taken into consideration. If you reside in an area where car accidents are high, you will have to pay more money. If you live in an area where car accidents are rare, you will pay less. You will also pay more for auto insurance if the crime rate is high in your area.

● Some high-performance cars lack safety features, and this is especially prevalent in the older vehicles. Safety features help to lower auto insurance premiums so if your car has none or very few, expect your auto insurance to be even more expensive.

● Insurance companies may consider you as less of a risk if the vehicle is your second car. If you drive up to 4,00 miles every year, your premiums will be lower, if you drive it more than 4,00 mile per year, you will be considered more of a risk.

How to reduce auto insurance on a high-performance car

● Don’t use the high-performance car as your everyday car – use it as a second car. The fewer miles you drive in your sports car, the less your auto insurance will cost.

● When people own high-performance vehicles, they find it hard not to speed. Although all that horsepower seems like a waste if you don’t get to use it, control yourself. Driving over the speed limit can result in accidents or speeding tickets. If either of these events were to happen, the auto insurance on your sports car would inflate.

● Install some safety features – a car alarm, airbags, etc. – the more safety features your vehicle has, the more discount you will get off your insurance. By installing a car alarm, it also reduces the risk of your sports car being stolen.

Most expensive cars to insure

The style and horsepower of a high performance car can alter auto insurance premiums. Below are some of the most expensive cars to insure, including their average annual premium:

● Porsche 911 Carrera GT3 RS – Av annual premium $3,212
● Audi RS7 Quattro Prestige – Av annual premium $3,229
● BMW M6 Gran Coupe – Av annual premium $3,309
● Nissan GT-R Nismo – Av annual premium $3,476
● Porsche Panamera S Executive – Av annual premium $3,484
● Mercedes S600 BI-T – Av annual premium $3,539
● Mercedes SL65 AMG – Av annual premium $3,797
● Dodge GT Viper – Av annual premium $4,048

from Ed Cuellar Insurance Agency http://edcuellar.com/2016/07/29/insuring-a-high-performance-car/
via http://edcuellar.com

The 10 Most Expensive Suburbs For Home Insurance

Homeowners in the U.S. who want to both work in the big city and have a backyard with lots of free space, will more often than not choose the suburbs to live in. The price of insuring a suburban home varies depending on where it is, so how much would living in one suburban area compare to another in price?

Depending on your location, the coverage price for your home can vary hugely. Where your home lies can have a great effect on the cost of your home insurance. For example, a three-bedroom, two-bathroom, 2,000-square-foot home can cost up to three times as much on your coverage if your home is in a certain area. What impacts your price the most is the risk of natural disaster in the area that you live, the location’s insured loss history, the crime rate, and the local building costs.

10. Arlington (Dallas), Texas – Average Premium $1,761

The suburbs in Dallas are the most expensive to find coverage for your home. In the past ten years, the Dallas area has accumulated the highest cost of property damage, its repairs costing $1.601 billion. In some areas of Dallas, the insurance rates may be even higher due to the flood insurance requirements some properties will meet.

9. Lakewood (Denver), CO – Average Premium $1,379

Denver’s number of natural disasters is quite low, but despite this, the area experiences some of the most expensive property damage, reaching up to nearly $147.782 million in the last ten years. The Denver Convergence Vorticity Zone is something that Denver experiences throughout the area; it means that a place is particularly susceptible to high winds, tornadoes, and other forms of extreme weather. This makes the Lakewood suburban area, along with other Denver suburbs, an expensive place to find coverage for your home.

8. Highland Park (Chicago), IL – Average Premium $876

Highland Park is located on Lake Michigan, north of Chicago. The lake in this area acts as a managing force for temperature swings and storms, but it can also mean there is terrible snow and ice, making winters uninviting. This and the addition of construction costs in the area being the highest on the list keeps the insurance prices high in the Highland Park area. For example, a home in Highland Park that carries a $352,000 replacement cost would only cost $250,000 to replace in other cities.

7. Franklin (Nashville), TN – Average Premium $844

In the last ten years, there have been sixteen official natural disasters in this area. $1.593 billion has been reported in damages in this state from tornadoes, thunderstorms, and other various natural disasters. Contrary to this, the local construction costs are lower here than any other places in the country. This means the properties don’t need as much dwelling coverage as they would do if they were in other states on the list.

6. Hudson (New York City), NY – Average Premium $837

Hudson shares similar weather problems to New York, and it’s in between two extremes. Hudson has the lowest costs in property damage, which accumulates to $1.434 million in the last ten years. It also has the smallest number of weather events. Despite this, it has the highest number of major disaster declarations, and some of the priciest local construction costs. This balance of extremes is what keeps Hudson in the middle of the list.

5. Merion Station (Philadelphia), PA – Average Premium $704

There have only been seventeen total disasters in the last ten years for Pennsylvania; that’s the lowest on the whole list. This area generally sets low rates across the whole state, second to Arizona on this list. But the relatively high construction costs sometimes counteract the low risks of the area.

4. Alamo Heights (San Antonio) – Average Premium $702

Texas is vulnerable to tornadoes, hurricanes, earthquakes, drought, wildfires, and thunderstorms. Since this area is prone to every major natural disaster and they cause considerable property damage, it means that the statewide rates are typically higher. San Antonio shares the top number of occurring natural disasters along with Dallas. Even so, Alamo Heights has got one of the lowest rates for home replacement costs, and this results in homeowners needing less dwelling coverage.

3. West Hollywood (Los Angeles), CA – Average Premium $684

West Hollywood experiences frequent dry spells, while these are terrible for local businesses, they don’t generally generate a great deal of insurance claims. In 10 years, there have only been nine natural disaster days where there has been an injury.
2. Chula Vista (San Diego), CA – Average Premium $628

There have very few natural disasters declared in Chula Vista by the FEMA. The suburb also has a very low crime rate. Chula Vista is great place to live as not only does it have low home insurance rates, it also has Mediterranean-style weather. The potential natural disasters that this suburb could suffer from are high winds, wildfires, floods, and earthquakes, but due to insurance losses being so low, insurance rates have stayed affordable.

1. Mesa (Phoenix), AZ – Average Premium $555

Mesa is mostly hot throughout the year, and not very prone to storm damage. Arizona has the lowest statewide rates out of all of the places listed. However, none of the areas looked at are free from natural disasters and losses. From time to time high winds, wildfires and floods can have effects on Arizona. Normal home insurance in Mesa doesn’t include flood damage, so that policy has to be purchased separately. Mesa overall has a low number of major natural disasters as well as low insurance claims. This helps keep the premiums down.

from Ed Cuellar Insurance Agency http://edcuellar.com/2016/07/13/10-expensive-suburbs-home-insurance/
via http://edcuellar.com

The Highest and Lowest Auto Insurance

The Highest and Lowest Auto Insurance Throughout the States

If you’re looking at moving to another state, or you’re just curious to know how much auto insurance costs elsewhere, then keep on reading as we have put together the top 10 most and least expensive states for car insurance in the country. It is important to note that the following rates are only an average, so they are not exact. You would be surprised to find out just how much insurance premiums can differ from one state to the next.

Car Insurance Rates vary from State to State

If you were to move to one of these states and invest in auto insurance, you would receive a rate similar to the ones below. The cost of car insurance is mostly based on the motor vehicle owner’s personal profile, driving records, what car they drive and the car’s annual miles driven. If car owners keep their driving record clean and invest in a car that is cheap to insure in the state they are in, they can lower the cost of their annual insurance.

Depending on what state you are in, the cost of car insurance does vary massively. The state’s insurance regulations, how prone to severe weather the state is and many other factors can influence the cost of auto insurance from state to state. Another reason for insurance rates to be higher in certain states is if there are a lot of cars on the road that are uninsured. If the uninsured driver is the cause of a crash with an insured driver, the uninsured driver cannot pay, so the insured driver will need more money for repairs, medical bills, etc.

The top 10 most expensive states

The following states are the top ten most expensive when it comes to annual auto insurance rates:

1. Louisiana – Average Premium $2,536: Nationwide, Louisiana suffers from the highest car insurance premiums. Residents of Louisiana are said to pay an average of $2,536 annually to keep their cars insured. A lot of Louisiana is rural, so the crime rates are lower, and there are fewer cars on the road, which means there is a decreased chance of accidents happening. When it comes to natural disasters, Louisiana does suffer from the likes of hurricanes, high winds, floods and more; this is what increases the insurance rates.

2. Oklahoma – Average Premium $2,536

3. Michigan – Average Premium $2,013: When you get car insurance in Michigan, it includes lifetime personal injury protection with it. This is one of the reasons why auto insurance in Michigan is so expensive. Another reason why the insurance rates are costly is that Michigan has a very high number of drivers on the road who don’t have insurance.

4. West Virginia – Average Premium $2,002

5. Washington, D.C. – Average Premium $1,866

6. Montana – Average Premium $1,856

7. Rhode Island – Average Premium $1,830: Although Rhode Island is the smallest state, it does have one of the highest insurance premium costs for automobiles. There are around 15% of cars on the road in Rhode Island that are not insured, and this increases the rates for people who want or have insurance.

8. Wyoming – Average Premium $1,732

9. California – Average Premium $1,709

10. Georgia – Average Premium $1,694

The top 10 least expensive States

The following states are the top ten least expensive when it comes to annual auto insurance rates:

1. Maine – Average Premium $889: Out of all of the states, Maine is the cheapest for car insurance. One of the major reasons for Maine’s low car insurance rates is that it is a very rural area. There isn’t much city driving, so there’s not a high risk for accidents. The state has a graduated licensing program, so there are restrictions when it comes to young drivers.

2. Iowa – Average Premium $985: Iowa is another state that is very rural. Throughout the state, there are mostly only small towns so there isn’t much city driving or congestion that could lead to an accident.

3. Wisconsin – Average Premium $987

4. Idaho – Average Premium $1,011:

5. North Carolina – Average Premium $1,022

6. Vermont – Average Premium $1,063

7. Ohio – Average Premium $1,099

8. South Carolina – Average Premium $1,108

9. New Hampshire – Average Premium $1,133

10. Arizona – Average Premium $1,176

from Ed Cuellar Insurance Agency http://edcuellar.com/2016/07/05/highest-lowest-auto-insurance/
via http://edcuellar.com