Every day there are announcements about new high-tech gadgets being offered in the latest model cars. Collision avoidance is a big one, but it certainly isn’t the only one, there are backup cameras, large touch screen controls and blind spot monitoring features. While all these handy features can keep us safer and help us be better drivers, they are also costing us more in insurance costs.
These high-tech devices are expensive items and if they are damage, they are also much more expensive to repair or replace. The days of getting in there and making repairs yourself are gone. And it’s not just the electronic devices that cost more. Take fixing a bumper for example, a job that used to cost maybe a few hundred dollars. Today’s cars are different, repairing a bumper on even an entry level luxury car can cost over $3,500 according to Liberty Mutual. The reason is that these new bumpers come with sensors that help the car determine distance to other vehicles and road obstacles. Parts are 130% higher, and labor is 18% higher.
All this is only another reason to take what it’s going to cost to insure a car into account when purchasing a new or newer used car. Increasing your safety and that of your loved ones is not something you want to be frugal about, but there are some things you can do to possibly keep insurance costs down.
Shop around, review insurance cost before buying a car as well as comparing insurance premiums for different makes and models.
For consumers the news isn’t all that good as far as car insurance is concerned. Rates are expected to go up across the country and it’s not all due to expensive car parts. The Insurance Information Institute also blames distracted drivers, marijuana legalization and just more drivers on the road among other things for the higher rates.
Hopefully higher insurance costs are only temporary as cars get safer and there are less accidents should help reduce costs.
