If you are involved in an accident that causes physical damage to your vehicle, having collision coverage will be very useful as the cost of repairs is usually much higher. Insurance companies look at several factors when determining your premium rate. Your age, previous driving record and miles driven are some of the factors looked at. The type of vehicle you drive plays a major part in determining the rate. If you are in the market for collision coverage, insurers will pay close attention to the damage susceptibility of your vehicle to determine the rate.
The Highway Loss Data Institute released a study in September 2013 in which they assessed the damage susceptibility of vehicles of all classes and sizes. They allocated scores for relative claim frequency and relative claim loss (average payment made by the insurer per claim), two of the main measures that insurers assess in calculating rates. In the study, a score of 100 represents the average whereas scores under 100 are considered better than average.
Midsize 4-door cars scored 108 and 103 for relative claim frequency and relative claim loss respectively. The study found that midsize 4-door cars had worse than average scores on both counts. In fact, very large 4-door cars were the only cars in the 4-door category to have better than average scores (72 and 81 respectively).
These scores translate directly into high premiums. Because of their worse than average scores, midsize 4-door cars have higher than average premiums for collision coverage. As of December 2013, a Nissan Maxima costs $549, on average, to buy collision coverage for, making it the most expensive within the midsize 4-door category. On the other hand, a Volkswagen Jetta costs $426 making it the cheapest on average. At $475, collision coverage for Subaru Legacy 4WD is good value for money in this category of cars.