Do you own a Camaro? Planning to buy one? Well, you’re doing the right thing as the Chevy model won’t disappoint when it comes to safety and efficiency. Add to that the fact that it’s an affordable performance sports car!
Of course, you still need to acquire an insurance to protect the said investment. After all, owning a car means you’re prone to collisions and liabilities. A policy, hence, will keep the damage expenses at bay. Read on to know just how much does a Camaro insurance cost!
Average Camaro Insurance Cost
The average in the US is around $975 a year. Another website, Finder.com, places the average at $1,848 a year and $154 a month. These rates, of course, will change based on a number of factors:
- The car model’s year. Camaros that were manufactured in recent years tend to have more safety features and security measures. These equal to fewer accidents and damages, which in turn makes the insurance cost lower.
- Your location. Where you live will affect the Camaro insurance rates. For instance, you’ll pay more if you’re going to drive in a city where there’s a higher rate of congestion, accidents, and insurance claims.
Aside from that, where you park your car will affect the rate. For instance, a Camaro parked in an open space is more exposed to damages. Hence, the insurance for that car will be higher.
- Your age. The insurance company will determine the rate based on the driver’s experience. That said, younger drivers are more inexperienced which make them more vulnerable to risks. That, of course, will result in higher Camaro insurance rates.
- Your driving record. Those with a clean record tend to shoulder lower Camaro insurance rates than those who committed certain violations.
- Your credit history. Your insurance company may refer to your credit rating in deciding your premium rate. Customers with lower credit scores may face a surcharge as they have a higher risk level.
There’s no one-size-fits-all price for a Camaro insurance. Aside from the above factors, companies greatly differ when it comes to computing premiums. That said, you should request a quote from your selected insurer to know exactly how much your insurance expenses will be.
To give you an idea, here are sample insurance rates provided by Edmunds regarding the cost of owning a Camaro for 5 years:
- Year 1: $937
- Year 2: $970
- Year 3: $1,004
- Year 4: $1,039
- Year 5: $1,075
Aside from the premium rates, you should also know about the coverage types that you need for your vehicle’s protection. Some of these include:
- Collision- this coverage involves payment by your insurance company for any damage to your car during a collision (when you hit your vehicle or it got hit by another car or object).
- Comprehensive- aside from paying for damages caused by collision, your insurance company may cover expenses for damage due to fire, vandalism, hail, or flood.
- Liability- this coverage will help you pay expenses if you’re the one at fault in a car accident. That includes the repair of the vehicle you hit and the medical expenses of those you injured.
Note that these are only samples. The type of coverage will still depend on your insurer. Your insurance company may recommend certain types based on your current driver’s status. That said, here’s an online program to help you choose which policy will work best for you.
Choosing Your Insurer
The sheer number of insurance companies in your area may be daunting if you don’t have a clear objective. That said, you should first determine what types of coverage will work best for you.
After that, you should request quotes from several carriers first. Search for the coverage that best fits your situation then compare its price with the same coverage from another insurer. That way, you can determine who among the insurers can provide you with cost-effective protection.
You should also do a little research about the insurance company’s background. For instance, make sure that your insurer is financially stable and reliable.
The fact that you chose a Camaro will influence your premium rates. This vehicle, after all, is popular with younger and riskier drivers. If the insurer gathers enough data to prove the said information, it will most likely increase the price that you have to pay.
That said, you can still lower the insurance costs by only paying for bodily injury liability. Just make sure that you’re a safe driver enough that you won’t need comprehensive coverage.