Guide To Smart Car Insurance

Smart cars are unique, and you love to celebrate your aristocracy upon owning one. Well, just like your car, the insurance coverages for such vehicles can also be unique. Although these vehicles were originally developed in Germany, presently they have made their way to Canada and other countries. Being a proud owner of such cars, you need to be strategic while choosing the insurance.

A significant section of smart car owners consults insurance specialists like Surex while customizing the packages. By the time you reach the end of this article, you would have a comprehensive idea of purchasing the right policy for your smart car.

What Are Smart Cars?

The phrase ‘smart cars’ refers to an umbrella term encompassing all cars with sophisticated or advanced electronics. These cars come with enhancements like GPS navigation, voice control, night vision, reverse sensing systems, and assisted parking. Some of these vehicles also come with automation features. These advanced cars have IoT systems, real-time tracking, smart wallet, and multi-language support.

How Do Smart Car Features Affect Insurance Premiums?

Your car insurance premiums are largely influenced by the small engines and body sizes of smart cars. In some parts of Canada, smaller car sizes attract low insurance rates. With smaller cars, you would find it more economical to repair the vehicles. Besides, the tax bands for these vehicles are lower. There are other factors that would help you mitigate insurance costs.  Although the rates of premium would vary in different parts of Canada, you can get a general idea of purchasing a smart car. The cheaper the car model, the lower would be the insurance rates.

Different Types Of Insurance Packages For Your Smart Vehicle

Owning a relatively smaller vehicle should not prompt you to overlook its coverage. Professionals recommend considering every option that would offer you the desired protection. Here are some of the most crucial areas you need to cover up.

Liability For Bodily Injury

This insurance coverage would compensate the medical bills for the car’s occupant. Besides, it would cover the medical costs of occupants in the other vehicle, if you are at fault.

Collision Coverage

In case your car needs replacement or repair following an accident, having collision coverage would help. Regardless of the person at fault, the insurer would provide you with this coverage.

Liability For Property Damage

When you are at fault during an accident, the liability for property damage coverage would help you compensate for the cost of damage caused to the other driver’s property.

Comprehensive Coverage

This is a highly-sought coverage, that covers damages to your car that are not related to accidents.

Uninsured Motorist Coverage

At times, you might be involved in an accident where the other driver does not have adequate coverage. In this case, uninsured motorist coverage would help you repair your car.

Protection For Personal Injury

You would need this coverage to manage your personal medical costs. Besides, this type of coverage for your smart car would also cover the treatment expenses of the occupants of your vehicle.

What Would Be The Premium For Insuring Your Smart Car?

Regardless of the model and make of your smart car, certain factors determine the premium that you have to shell out. These include:

• The overall coverage you would require
• Your ZIP code, address, and age
• The value at which you set your deductible
• Credit record
• Your driving habits
•  Frequency of driving
• The average number of miles you cover

Considering these factors, the insurers decide the premium that you need to shell out. To give you an idea, small SUVs would require an average annual insurance cost of $1,074. For large SUVs and sedans, this amount can range up to $1,232. Once you reach out to the insurance specialists, the professionals would brief you regarding the premium you need to pay.

Purchasing Smart Car Insurance: How Much Should You Shell Out?

Your premium can vary depending on the degree of coverage you want for your smart car. Presently, reputed insurers provide additional coverages, like gap coverage and different types of add-ons. Besides, you have other add-ons to cover up costs arising from flat tires, towing expenses, or filling an empty gas tank. Although it’s wise to cover up your car with all these policies, you may opt out of some of the add-ons if you are on a limited budget.

As a thumb rule, get as much coverage for your smart car, particularly liability coverage. The reason is, costs can mount high, regardless of the cost of the car you have been driving.

How To Get Discounted Rates Of Insurance For Smart Cars?

Smart cars are environment-friendly, so you might bag a green discount from the insurers. Besides, you need to take certain measures that would effectively minimize the necessary coverage for the vehicle.

• Installing anti-theft devices and anti-lock brakes
• Paying in full with one-time payments, early signing, and automatic payments
• Availing discounts for students and young drivers on smart cars
• Availing discounts on multiple policies, when you bundle home and auto insurance policies
• Opting for senior citizen discounts, if applicable
• Applying for discounts after completing safe driving courses
• If you are a member of some professional group or a veteran, you can also avail certain discounts

Of course, you would like to save as much as possible on your premiums. A careful assessment of the insurance policies and their comparative benefits can help you make your decision. 

Endnote

Owning a smart car is a smart move, as you can make significant savings on insurance. However, you need to be specific about the right type of policy and the costs you are willing to incur. It’s always wise to be on the safe side, getting as many damages insured.

In any case, professional advice holds its value. This explains why smart car owners habitually consult these specialists before they make any major decision regarding policy purchase, upgrade, etc. Dedicated assistance from the other end can help you make an informed decision.