Before you imagine how cool it would feel to go driving down the street behind the wheel of a new or classic convertible, ask yourself how deep you are willing to dig into your wallet in order to cover the cost of insuring this type of automobile. Compared with vehicles that feature traditional hard tops, automobiles offering convertible tops that allow you to drive feeling the wind in your hair typically cost more to insure. This is primarily because convertibles have a higher sales price tag than most conventional cars which make their replacement and repair costs higher and are usually available as a feature in higher-end performance and luxury sports cars in addition to being much more expensive to repair, all factors taken into consideration by an insurance company when determining insurance premiums for convertible cars.
Convertible Ownership Risks
One of the biggest risks associated with convertible ownership is not being involved in an auto accident but involves being the victim of car theft. Convertibles in a wide range of car makes and models consistently appear near the top of every list of the most frequently stolen automobiles in the country. Because the interior of the car is exposed to the fresh air and not enclosed by a locked door and frame as in conventional cars, convertibles are notoriously easy to break into, not only to steal the car itself but to steal equipment or other valuables contained inside. Because annual insurance costs for a convertible may be several thousand dollars more than traditional hard top automobiles, some insurers do not even offer the option of convertible automobile insurance coverage.
Specialty Insurance Providers
The best bet when shopping for auto insurance for convertibles is to deal with a reputable specialty insurance provider or broker because this agent will be well versed not only in the minimum insurance requirements for your state but also knowledgeable about the special challenges faced by convertible owners due to the high risk of theft and high costs of repairs should the car be damaged in an accident or by vandalism. High insurance premiums for convertibles, however, can be somewhat modified if the driver qualifies for a variety of discount programs offered by most insurance companies that do offer convertible coverage.
These include a discount for a good driving record within the past three years, meaning no at-fault accident claims or ticketed offenses. Drivers who can prove that they have successfully passed an authorized defensive driving course can also qualify for discounts of as much as 20%. Insuring both a hard top automobile as well as a convertible from the same insurer qualifies for a multi-car discount. Drivers who primarily store their convertible, park it off-street and garaged and record low annual mileage can ask about a low mileage discount. The more safety features installed in a convertible the better when attempting to get a cheaper auto insurance rate, so investigate using a steering wheel lock when the car is parked or installing a GPS auto theft recovery system which alerts the driver when the car is being stolen via silent alarm and can track its movements for faster police recovery.
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