Nowadays car and trucks have evolved with so many fancy gadgets. They include large touch screen controls, backup cameras, GPS navigation, blind spot monitoring and more. Yes, it is true we feel safer with so many safety gadgets while driving behind the wheel. In most cases, such high tech features and advanced safety technology can cost a pretty penny. So if you are utilizing a newer car with all these fancy gadgets in 2018, you should also expect a spike in your car insurance. Just recently, it was said that national auto insurance companies plan to increase their car insurance rates with higher tech features in vehicles.
Spike In Insurance The More Gadgets It Has
There’s a reason for the increase. The more up-to-date technology costs more to replace. People nowadays are opting for the best of the best. However, they have to pay the difference in case something breaks down. The Chief of Actuary for the National Insurance Information Institute says you can not just purchase any of those fancy high tech features just anywhere. Some people are putting the,t reason insurance for autos has to be raised. It is not like fixing a bumper from 2002. Not even close. The prices are way different because it takes more work which includes more cost for a 2016 or newer.
For both parts and labor to fix a luxury vehicle that is 2016 with the advanced tech features would cost three thousand five hundred dollars. Compared to 2014 that does not provide advance tech features for both parts and labor. Starting cost would be one thousand eight hundred dollars and up. The prices will vary for cars that offer amazing high tech and make it safer for you on the road. The National Insurance Information Institute cars that have advanced tech features are forty percent less of a chance of getting into car accidents.