Insurance by vehicle type
Car insurance is a critical financial safeguard for drivers, providing protection against potential risks and liabilities that may happen while driving. The insurance coverage and premium rates can vary significantly depending on the type of vehicle being insured. Vehicles with greater value or higher repair costs, such as luxury cars and electric vehicles, tend to be more expensive to insure due to the increased financial risk for the insurance company. On the other hand, cars with lower repair and replacement costs, like minivans and sedans, are often less expensive to insure since the potential financial cost for the insurer is usually lower.