Do smart cars cost less to insure?
July 20, 2015
There is much discussion surrounding smart cars and the future of the automobile. With companies proposing designs for self-driving cars and electric vehicles becoming more popular, it is clear that interest is spiking regarding efficient vehicles that can complete more tasks than just driving.
Smart cars have added features for safety.
The term smart car doesn't refer to one type of vehicle, but a classification. It refers to a vehicle that includes modern technology to help it function, but also to help the driver connect to the car better, literally and figuratively. Whether you want to integrate your phone to the vehicle's system via Bluetooth technology, or you simply want to be better in tune with the vehicle by relying on its additional sensors and rear-view cameras, smart cars have a number of advancements over traditional cars. Many of these cars are also electric and more efficient than traditional vehicles.
"Smart cars have many advantages that insurance companies appreciate.”
However, they are also smaller as well, creating a concern that they are not as safe as other modern cars tend to be. The laws of physics applies here, and if a smaller vehicle gets into an accident with a larger one, there is little debate over which car will be more damaged. For this reason, some people assume that a smart car costs more to insure. Yet even considering potential accidents and damages that would occur, smart cars have many advantages that insurance companies appreciate.
Safety ratings are high
While accidents are certainly a concern for smaller vehicles, smart cars are built with this attention in mind. Most smart cars are built with a steel frame, which is difficult to crumple. Additionally, since they are so lightweight and easy to maneuver, it is easier for smart cars to evade dangerous situations, such as braking quickly.
Less damage to other cars
One aspect of auto insurance is damage inflicted onto other vehicles, or collision coverage. Because of smart cars' design and size they tend to not inflict as much damage onto another car if they were to collide.
Drivers tend to be less of a risk
There is no question that a driver's history is considered when taking out an insurance policy. When it comes to smart cars, the drivers tend to be more focused on safety overall, which usually means they are from a safety-oriented background. While history checks will certainly take place, drivers interested in smart cars are often concerned with efficiency and safety, which puts insurance companies at ease.
Lower maintenance required
Though smart cars haven't been around as long as traditional gas-powered cars, experts are finding they require less maintenance. For example, a vehicle's engine takes a lot of wear and tear when turning gas into energy. This will run down the car's systems and eventually cause repair work to be done. However, a smart car that is predominantly run by electricity doesn't have the same amount of stress being inflicted on it.
Most drivers of smart cars, or hybrid cars, tend to drive fewer miles, as they are predominantly in cities, thus driving on highways less. Because they are spending less time behind the wheel there is a reduced chance for an accident. If there is anything that insurance companies like, it is drivers who are less inclined to get into an accident.
It is not a standard rule that smart cars are going to cost you less on auto insurance than a typical vehicle, but if you are on the fence for a new vehicle, it is worth getting a quote and looking into it further. Smart cars have many advantages over traditional cars, and while there are many factors that play into setting an auto insurance quote, now might be the time to check into it.