Insurance Premiums: Why Couples Pay More

When it comes to car insurance, there are a number of factors that determine the cost. While it is not always the case, coupes are generally considered more expensive to insure than sedans. This is because coupes are often associated with sports cars or luxury vehicles, which insurers consider to be higher risk due to faster or riskier driving habits. Additionally, coupes tend to have higher theft rates, which also contributes to higher insurance rates. However, it's important to note that insurance rates are influenced by various factors, including safety ratings, repair costs, and the driver's record and ratings.

Sports car classification

Sports cars are motorized vehicles, either combustion or electrically powered, that are designed to offer superior driving dynamics through improved handling and performance. Sports cars are typically priced above $35,000.

There are four distinct categories of sports cars: Sports Cars, High-Performance Sports Cars, Supercars, and Hypercars. These classifications are based on performance, materials, exclusivity, and price. Sports cars are generally constructed from traditional building materials such as steel and aluminium, and are produced on an automated production line. They typically have a top speed of 150 mph and can accelerate from 0-60 mph in under 6 seconds. Ride quality and passenger comfort are important features, as sports cars are often used as daily drivers.

High-performance sports cars offer even better performance than standard sports cars, with top speeds of over 165 mph and 0-60 mph acceleration in under 5 seconds. These vehicles are generally capable of driving on a racing track without modifications, but the focus on reduced weight means they often have less sound deadening and are therefore less comfortable. Most are fitted with adaptive suspension systems to improve the ride.

Supercars are not defined in the sources provided, but they are likely to have even higher performance capabilities than high-performance sports cars.

Hypercars are constructed from lightweight, expensive, exotic materials with no consideration for cost. They are manufactured primarily by hand, and only a few are made in each production run. Hypercars have powerful engines and excellent grip, with acceleration from 0-60 mph in under 3 seconds and top speeds of over 240 mph. These vehicles are rarely, if ever, used on the road and are more likely to be museum or roadshow exhibits.

Safety ratings

The safety rating of a car is a significant factor in determining insurance rates. Vehicles with higher safety ratings are considered lower risk and may be cheaper to insure. While the safety rating of a car is influenced by various factors, the number of doors is often a key consideration. Two-door cars are typically associated with sports cars or luxury vehicles, which insurers may consider to be at higher risk due to faster or riskier driving habits.

Coupes, by definition, have a fixed roof with limited rear space and typically have two doors, although four-door coupes do exist. The safety rating of a coupe can vary depending on the make and model. For example, the Ford Mustang and Hyundai Veloster have received 5/5 ratings from the National Highway Traffic Safety Administration (NHTSA). In contrast, other coupes may have lower safety ratings. The NHTSA rates cars out of five stars for front and side collisions, as well as for rollovers. On the other hand, the Insurance Institute for Highway Safety (IIHS) has a more complex rating system that includes different ratings for crash tests and collision-mitigation features.

When it comes to insurance rates, coupes tend to be more expensive to insure than sedans. This is partly because coupes are often classified as sports cars, which are considered riskier to insure. Additionally, coupes have smaller sizes, which limit the number of airbags and other safety features that can be installed. However, it's important to note that insurance rates are not solely based on the number of doors or the vehicle's classification as a coupe or sedan. Other factors, such as the age of the vehicle, its purchase price, and the driver's record, also come into play.

To find the most affordable insurance rates for a coupe, it is recommended to shop around and compare quotes from multiple insurance providers. Additionally, choosing a coupe with strong safety ratings and low repair costs can help keep insurance rates competitive compared to sedans.

Theft rates

When it comes to insurance, coupes are often considered sports cars, making them riskier to insure. Sports cars are frequently associated with higher theft rates, which contributes to increased insurance premiums. This is further exacerbated if the coupe in question is a luxury or high-value vehicle, as these are more attractive targets for theft.

A 2023 study found that Dodge Challenger coupes were stolen at a higher rate than any other vehicle model between 2020 and 2022. This would naturally lead to higher insurance costs for this specific model due to the increased risk of theft.

The higher theft rates associated with coupes result in higher comprehensive insurance premiums. In the event that a coupe is stolen and not recovered by the police, the insurance company will be responsible for paying out the ACV (Actual Cash Value) of the vehicle. This added risk is reflected in the higher insurance rates for these vehicles.

Additionally, coupes tend to be more expensive to purchase than sedans, and their higher vehicle cost contributes to higher insurance rates. The cost of insurance is also influenced by the potential for major damage in high-speed crashes, as coupes with powerful engines can reach exceptionally high speeds, increasing the likelihood and severity of accidents.

While coupes generally have higher insurance rates, it's important to note that specific models, such as the Honda Civic Coupe, are relatively inexpensive to insure. Furthermore, newer safety features like side airbags, anti-lock brakes, and accident avoidance systems can help mitigate these risks, potentially lowering insurance costs for coupes.

Driver profile

When it comes to insurance, your driver profile is a key consideration. This includes a range of personal factors that can influence your insurance rates, regardless of whether you drive a coupe or another type of vehicle. Here are some aspects of your driver profile that can impact your insurance:

Age and Experience

Younger and less experienced drivers are generally considered higher-risk and, therefore, tend to face higher insurance rates. Older and more experienced drivers, on the other hand, often benefit from lower insurance premiums.

Occupation and Marital Status

Insurance companies may view certain occupations as lower risk than others. For example, some insurers consider married individuals to be more stable and, consequently, less risky to insure than unmarried individuals.

Location

Your location can play a significant role in determining your insurance rates. Areas with higher rates of vehicle theft, vandalism, or accidents may result in higher insurance premiums. Conversely, living in a region with lower theft or accident rates could contribute to more affordable insurance.

Commute Distance

If your work commute involves a long drive, you'll likely spend more time on the road, increasing the chances of being involved in an accident. This higher risk is reflected in your insurance rates. Conversely, if you work from home or have a short commute, your insurance premiums may be lower.

Driving Record and Credit Rating

Your personal driving record and credit rating can significantly influence your insurance rates. Past infractions, accidents, or a low credit score may result in higher insurance premiums. A clean driving record and good credit rating, on the other hand, can help secure more favourable rates.

Vehicle Choice

While not directly related to your driver profile, your choice of vehicle can impact your insurance rates. Coupes, for instance, are often associated with sports cars or luxury vehicles, which insurers may consider higher-risk due to their potential for faster or riskier driving. As a result, coupes typically have higher insurance rates than more popular and safer sedans. However, it's worth noting that purchasing an older or safer coupe model with strong safety ratings and low repair costs may help mitigate these higher insurance costs.

Repair costs

When it comes to repair costs, several factors come into play. Firstly, the make and model of the coupe can significantly impact the cost of repairs. Foreign vehicles, such as BMWs and Audis, often have less common parts that are more expensive and may need to be imported, resulting in higher repair costs. In contrast, American-made or more common vehicles tend to have cheaper and more readily available parts, making their repair costs lower.

The age of the vehicle is another crucial factor. Older coupes are generally cheaper to repair or replace compared to newer models. This is because newer coupes are more expensive to replace if they are involved in an accident, whereas older models may have depreciated in value, making them less costly to fix or replace.

Safety features also play a role in repair costs. Vehicles equipped with advanced safety features, such as side airbags, anti-lock brakes, electronic stability control, and accident avoidance systems, can help reduce the severity of accidents and lower repair expenses. These safety features contribute to a vehicle's overall safety rating, which insurers consider when determining rates.

Additionally, the performance and engine size of the coupe can influence repair costs. Higher-performing vehicles with larger engines may be considered higher-risk by insurers, leading to higher insurance rates. The overall reputation of the car and its safety record can also impact repair costs, as some models may be associated with riskier driving behaviours.

Lastly, the availability of parts for specific coupe models can affect repair costs. Domestic models with easily accessible parts may have lower repair costs compared to foreign or specialty models with limited part availability, which can drive up repair expenses.

Frequently asked questions