With the added power and handling offered by four wheel drive vehicles also comes added risk in the eyes of your average insurer, who typically charge higher premiums for 4×4 insurance. There’s also the added investment many spend on customization and modification of their rides, from lights to suspension systems, that need be accounted for in the true value should an accident ever occur and a payout be made. Fortunately there are a number of 4×4 insurance specialists out there that better understand the needs and requirements that comes with owning such a vehicle, and will be able to offer more affordable quotes compared to their larger competitors. Beyond having a good driving record, which goes a long way in cutting auto insurance rates, there are also quite a few ways you can reduce your premiums further as demonstrated below.
Shopping for 4×4 Insurance Quotes
4×4 & off-roading rates vary from one company to the next, so it pays to do your homework and shop around to compare. Ideally you should obtain at least three rate quotes. If you have friends or relatives that have 4×4 insurance, then ask them for their recommendations. Consider checking with your state insurance department, which may offer price comparisons from major auto insurers and others, and also potentially any consumer complaints against said companies. Your vehicle insurance should not only provide you with financial protection, but offer you peace of mind as well, so it’s important to select a company that has its bookkeeping in order and is financially sound. Such financial ratings can be found at companies like Standard & Poor’s, and by consulting with consumer magazines.
Vehicle Savings
For new or used 4×4 vehicles, several factors can influence the car insurance premium, namely the retail sticker price, expected auto repair costs, its safety record and ratings, the likelihood of it being stolen. Discounts are frequently offered for added features that help reduce the risk of injury or theft, such as daytime running lights or security systems. The Insurance Institute for Highway Safety (iihis.org) is a great resource for its vehicle safety ratings and yearly top picks. Top safety picks for 2011 large pickups included the Ford F-150, and Toyota Tundra, whereas for small SUVs the Honda Element, and Jeep Patriot took top spots.
Deductibles, Coverage, and Additional Ways to Save
Increasing the deductible amount that you pay before your insurance kicks in can substantially cut your rates. If you are able to set aside some money, raising your deductible from $200 to $500 for example could cut your comprehensive and collision coverage rates by as much as 15 to 30 percent, and going as high as a $1,000 deductible could net you savings of more then 40 percent. If you have an older 4×4 vehicle whose worth is less than ten times than of what your premiums are, you may wish consider to dropping collision and/or comprehensive coverage entirely though, as at that point they are not very cost effective.
Being able to maintain a good credit record can also go a long way in cutting rates as insurers increasingly look to your credit standing to price policies. Last but not least, cheaper 4×4 insurance rates may be offered to individuals in the military or National guard, so be sure to mention it to your agent. Above all just get out there and shop around, and make the insurance companies compete for you.
Additional Resources:
9 Ways to Lower Your Auto Insurance Costs by the Insurance Information Institute
http://www.pueblo.gsa.gov/cic_text/cars/autoinsu/autoinsu.htm