Collision coverage is usually not a mandatory form of auto insurance. However, it is advisable to cover your vehicle to minimize costs in case you are involved in an accident that causes physical damage to your vehicle. Insurers look at various factors when calculating your premium for collision coverage. One of the main factors, apart from your age and driving record, is the type of car you drive.
There are a couple of factors that determine collision coverage premiums. Firstly, relative claim frequency (how often claims are filed on a particular type of car) is taken into account while determining premiums. The second factor is relative claim losses (average loss to the insurer per claim on that type of car). The Highway Loss Data Institute released a study in September 2013 that assessed these and other factors that influence collision coverage premiums. They allocated relative scores to all vehicle classes to determine their damage susceptibility. In the study, a score of 100 represents the average, whereas any score less than 100 is considered better than average.
2 door mini cars scored better than average in both relative claim frequency (92) and relative claim losses (95). This means that 2 door minis fare better than average both in the number of accidents they are involved in and what it costs the insurer in the event that they are involved in an accident. In fact, only 2 door micro cars had better scores within the 2 door category. All other types of 2 door cars (small, midsize and large) scored much higher than the average of 100. What these good scores mean is, simply put, cheaper premiums.
As of December 2013, it costs an average $464 to buy collision coverage for a 2 door Mini Cooper. That’s the cheapest in the 2 door mini cars category. At an average $493 the Fiat 500 convertible is the most expensive in the category. A Mini Cooper convertible will set you back $483 on average.