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Does a Small Vehicle Save You Money?

Posted Aug 12th, 2019 in Media, General, Insurance Tips, Auto Insurance, Did You Know?, In the News

You may be thinking about purchasing a smaller vehicle or hybrid because they tend to be better on fuel economy, which can only save you money, right? Actually, this isn’t always the case…

Does a Small Car Save You Money? Youngs Insurance, Ontario

When weighing the options of what type of vehicle to get, it’s vital you do your research.

Though a small vehicle may cost you less in gas, it may cost more money in insurance premiums, due to your risks being higher.

Does a small vehicle = big insurance premiums?

A small vehicle or hybrid may seem like an attractive option for saving money at the pump, but your insurance premium could far outweigh your gasoline savings in the long haul.

And here’s why…

  • Typically, in an accident, a small vehicle will often sustain more damage compared to a large vehicle.
  • Small vehicles aren’t as safe as a large vehicle due to their weight. Since they’re not as heavy they cannot withstand as much impact.
  • When it comes to hybrids, they tend to be more expensive to repair. Due to the abundance of new technology contained in hybrid vehicles, parts are not only expensive but repairs often require a specially trained mechanic.

Give me some good news!

If you thought purchasing a small vehicle or hybrid was your ticket to saving money, here’s some refreshing information—your driving record affects your premium more significantly than the type of car that you drive.

We hope this information will help you make an informed decision when you’re in the market to purchase a new car!

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