April 25, 2011

Why Convertibles Can Be Expensive To Insure

Convertible auto insurance has always been considered one of the most expensive forms of auto insurance. Although expensive convertible insurance doesn't stand in the way of someone looking to buy generally expensive convertibles, it is still an expenditure that must be taken into account. This article answers the basic question of why convertibles can be expensive to insure.

Convertibles have been traditionally considered risky vehicles because of the lack of a protective rooftop. They were more likely to topple, causing significant damage. This is the main reason why convertible auto insurance has traditionally been more expensive than insurance for cars with hardtops. However, this reason isn't as much valid today because carmakers have begun to include several reinforcements, like pop-up pillars and airbags, to make convertibles nearly as safe as cars with roofs.

Expensive convertible insurance takes its form from the fact that convertibles are generally expensive to buy, and expensive cars have higher insurance quotes. These are costly to repair- a couple of scratches can cost an owner considerable amounts of money. Once insured, it's the insurance company that would pay for damages covered under your convertible auto insurance policy. Hence, insurance companies tend to insure convertibles for higher premiums.

Even though they're much safer today, convertibles still continue to be a ready victim of theft. Carmakers have significantly progressed in their technologies, but so have thieves. With the entire interior of a car being accessible to thieves, it's easy for them to get away with dashboard accessories, or even the whole car sometimes. Convertible auto insurance takes potential thefts into account, hence insuring the car at a relatively higher price.

Convertibles have always been a popular choice among young people. When an insurance company sees a young person behind the wheel, they significantly elevate the insurance quote. Since a person seeking convertible auto insurance is more likely to be young, convertible auto insurance quotes may be further raised.

Lastly, every year insurance companies compile data from each auto insurance deal to obtain rankings of insurance losses for different car models. Industry premiums for a particular model are hugely influenced by these rankings. Although the top ten slots of such lists are usually occupied by fast-moving small cars, convertibles manage to amass significant losses to their category. As a result, auto insurance companies are generally skeptical of convertibles, resulting in expensive convertible insurance.

Finding effective convertible auto insurance within your budget can be a harrowing experience, but it's worth the trouble for the sheer pleasure of zipping around in a convertible. As is the case for every insurance deal, remember to shop around until you find the most appropriate coverage.