As consumers, we tend to prefer vehicles with good reputations when it comes to safety and reliability. We’d want something that would protect ourselves from danger in the event of a crash or a collision. If worse comes to worst, many of us would probably prefer our vehicles totaled, if it meant saving our life. However, when it comes to car insurance, this, of course, comes at a premium.
If you’re wondering why car insurance rates have increased these days, then you must be aware that these rates are based on numerous factors.
Factors that Affect Car Insurance Rates
When computing for rates, insurance companies adapt complex algorithms to determine the amount to charge to every client. It’s not based on a random choice, but rather a well-thought-of system in which every little change can change the end result. Here are some factors that most insurance companies, if not all, take into consideration when calculating rates:
* Credit Score
* Driving History (includes your years of driving experience and traffic violations committed)
* Insurance History
* Insurance Claims History
* Vehicle Driven (includes your car’s make, model, model year, body style, and trim level)
* Amount and Type of Driving You Do
While additional car safety features such as cruise control, traction control, and electronic stability control are some of the factors in calculating rates, there are so many more factors that goes into computing insurance rates.
The Real Cost of Collision Repair
Insurance companies, just like any other business have one goal—and that is to make a profit. This is the reason why they adjust their rates on a regular basis to ensure that they are gaining money—or at least never losing a single penny.
Back in the day, around 20 to 30 years ago, anti-lock brakes and airbags were two of the biggest safety features installed in new cars. While luxury car manufacturers had other high-tech features, most of the older vehicles on the road did not. So, when a vehicle gets into a crash or collision, it will definitely cost a lot of money to repair them.
Fast forward to today, there isn’t a vehicle made that doesn’t come with safety features such as anti-lock brakes and airbags. These features have become default in cars, regardless of its make and model. It will be very difficult for you to find a vehicle these days that doesn’t have sensors, backup cameras, auto-braking systems, and so much more. Of course, all these high-tech conveniences come at a price. When these get damaged, it will cost way more money to repair the vehicle and technology, as well as to re-adjust it to ensure proper function.
But, here’s the deal. The problem isn’t so much that your vehicle isn’t as costly to repair—it’s vehicles in general. Insurance rates adjust for the entire insured car population. So, this means, even if you haven’t made a claim, you still have to pay more to counterbalance claims from others.
Safety Features are not Enough
If you think it’s all about safety features, then think again. You would think that having all these safety features in your car means that there would be fewer accidents that will require large payouts from insurance companies. But, here’s the thing—while there are more safety features in cars, the increasing number of vehicles on the road also drives up the overall number of accidents. In addition, with the increased use of personal technology such as GPS and mobile phones while driving, your car safety features can only do so much.
Car Collision Repair in Santa Barbara County
Increased insurance premiums are a small price to pay if you need collision repairs. They are still a whole lot easier on the pocket as compared to shelling out cash to have your vehicle fixed.
If you’ve been in a car crash or collision, you can bring your vehicle to the best family-owned and operated auto body repair shop in Santa Barbara County. Precision Auto Body & Painting works with most insurance companies and is a preferred repair shop for major insurance providers. Simply file a claim and they will handle all subsequent communication and negotiation on your behalf. Just give us a call or fill out our contact form to get an estimate.
About Precision Auto Body and Painting: Since 1987, Precision has been Santa Barbara’s leading full-service auto body repair and painting company located at 57 S Fairview Ave. Goleta, CA 93117. They offer assistance with color matching, dent repairs, major collision repairs and are the only auto body repair facility in Santa Barbara Country to be auto body shop certified by Tesla and Mercedes-Benz USA as well as the BMW of North America. Additional assistance is provided with car rentals, towing, and insurance. Follow on Facebook for exclusive offers available only to our Facebook fans. Call 805-683-4711 for an estimate.