Want Cheap Insurance? Don't buy an Expensive Car
Have you ever thought about how much celebrities pay for car insurance? Big Boi, otherwise know as Antwon Patton, owns a 2004 Madeira Red Rolls-Royce Phantom. Hulk Hogan drives a candy apple red '57 Chevy Bel Air. Wyclef Jean rides a restored 1957 Pink Cadillac Eldorado. Although all of these celebrities have different tastes in cars, you can bet they're all paying a lot of money for automobile insurance.
Don't Buy Flashy Sports Cars
These flashy and expensive cars all have a lot of horsepower, and all stick out like a sore thumb on the highway. For this reason, it would be practically impossible to find low cost car insurance for them. Insurance companies take into account many different factors when determining car insurance rates. These factors include the potential speed of a car, its make, model, and color. As surprising as it sounds, people who drive around in brightly colored cars tend to get into more accidents.
Male? Bad Grades? Under 25? Forget Cheap Car Insurance
Other factors included in determining car insurance rates include gender and age. For high school and college age students, academic grades are also a factor. Auto insurance companies have determined through car accident statistics that students who get good grades tend to be more responsible behind the wheel. Talk about an incentive to study a bit harder for that math test.
If you plan on buying a flashy car to rival those owned by the likes of Hulk Hogan, you might want to budget for car insurance. The Hulk may have money to burn, but do you?