When purchasing a new vehicle, one of the factors that you are going to need to consider is the cost of insuring it. Insurance rates can vary dramatically based on the year, make and model of your car – even among relatively similar vehicles. While Yahoo Autos estimates the yearly cost of insuring a 2010 Dodge Ram 3500 Regular Cab 4X4 at around $1600,that number can increase or decrease significantly due to a number of different factors. Before you decide to purchase that sparkly new Ram (or a lower-priced used version), it helps to know how different factors can affect your insurance costs:
Factors that Can Increase Insurance Rates
If you own a top-of-the-line, brand new Dodge Ram with all of the amenities. In general, the more your car is worth, the more expensive it will be to insure.
If your Dodge Ram has been damaged in any way that may interfere with the safety of the vehicle. Cars that salvage title are often very hard to insure and will usually require a much higher premium.
If you've been in one or more accidents, have received multiple traffic citations or have received points on your driving record.
If you have children who will be on your insurance plan and who are authorized to use your vehicle.
If you have a low credit score. While it may seem unfair, more and more providers are using credit scores to help determine the rates you pay.
If you live in a region with high insurance rates. Living in high density urban areas usually results in higher insurance rates, as insurance companies see these areas as posing a greater risk to the security of your vehicle.
Factors that Can Decrease Insurance Rates
If your Dodge Ram is older, it will typically have depreciated in value considerably. Besides the fact that cars that are worth less are generally cheaper to insure, you may even get to the point where you can forgo collision and comprehensive coverage.
If your Ram has safety and anti-theft devices such as airbags and car alarms it can reduce your insurance rates.
If you have a clean driving record without any accidents or traffic violations. If you do get a traffic citation, attending an approved traffic school can help remove the point from your driving record and avoid an increase in your insurance.
If you have a high deductible. In general, the higher your deductible, the lower you car insurance premium. If you can afford it, go with the highest deductible available.
If you have a short commute. The longer your daily commute, the more miles you typically drive each week. This increase in mileage can mean and increased chance of an accident – and consequently higher insurance rates.
While many of the factors that determine Dodge Ram ownership costs are out of your control (such as where you live and how long your commute is), there are several things that you can do to keep your insurance rates at a reasonable level. Don’t let the possibility of high insurance rates keep you from buying the Dodge Ram you’ve always wanted. Go ahead and check out some insurance quotes now to find out exactly how much you can save.