Big Insurance Cost Difference

[matt12345]

Hi, I have insurance with my brother’s car (5+ years) no accidents, reports, clean record. Now married, looking to buy after two years. Insurance for example: $100k/300/100 tier for a Mitsubishi Outlander is $237 vs Mazda
CX5 same tier $140.

Price wise, CX5 is “more expensive” etc.

What would the price difference be for a similar car, similar driver?

The only thing I can think of is the Outlander has 3 rows vs 2 in the Mazda.

Is it theft %? Safety (is it a red flag?)

With the same insurance provider.

Should I lower the tier to fit the budget? (0% interest in one car vs 4.9% in the other)

Help!

 

[name123]

@matt12345 People with lower credit tend to cause more losses. People with lower credit are able to finance a Mitsubishi.

With those two things, Mitsubishis have higher loss statistics which means insurance costs more.

 

[matt12345]

@name123 Thanks!

 

[name123]

@matt12345 It's the same thing with the Nissan Altima, Sentra, Chevy Cruz, etc.

Being poor costs more. It can be a vicious cycle.

 

[ifitry]

@matt12345 cost of repairs, historical data of loss history (accidents and thefts), msrp, vehicle stats (weight, safety equipment, vehicle body style) all factor in

you should not lower your liability or uninsured motorist limits to affect the price; raising deductibles is acceptable if you can afford to come up with the higher deductible easily with no notice if needed

 

[matt12345]

@ifitry Thanks!

 

[ifitry]

@matt12345 you bet

google "iso vehicle symbols" and there's lots more info on it; many/most insurers rely on the same provider of this info so it's generally pretty uniform regardless of the company

 

[basantilli]

@matt12345 Nothing useful to add; just wanted to say I figured out your name. Hahah

 

[matt12345]

@basantilli Haaaa!

 

[sebyrlk]

@matt12345 If a particular vehicle tends to cost less in liability claims for insurers, the rates go down. I recently read that the CX5 is one of the least expensive SUVs to insure. The Volvo XC40 was the other lowest.

The idea is that people who drive CX5s, as a whole, are safer drivers who are less likely to cost the insurance company money.

 

[matt12345]

@sebyrlk Thanks!

 

[matt12345]

@sebyrlk Thanks!