Collision coverage for a Honda Fit at $395

The Highway Loss Data Institute released a study in September 2013. In it, they assessed the damage susceptibility for vehicles of all sizes and classes. They did so by allocating relative scores to all vehicles with a score of 100 representing the average. Any score less than 100 is considered better than average in the study.

Relative claim frequency and relative claim losses were two of the categories in which scores were given. Considering that relative claim frequency and relative claim loss are two of the main factors that insurers use in determining collision coverage premiums, the study makes interesting reading.

The study found that 4 door mini cars scored 111 in the relative claim frequency category and 117 in the relative claim losses category. Furthermore, 4-door minis scored 105 in relative claim severity. In other words, 4-door minis had worse than average scores in all three categories covered by the study. In fact, 4-door minis had the worst scores of all within the class of 4-door cars which includes small, midsize large and very large 4-door cars.

This is not good news for owner of 4-door mini cars because worse than average scores directly translate to higher than average premiums for collision coverage. However, despite the higher collision insurance costs, it is still advisable to buy collision coverage given that the costs of repair in the event of an accident tend to be higher.

As of December 2013, collision coverage for a Honda Fit costs $395 on average. That’s the cheapest rate for a 4-door mini in the market, and the only one to cost under $400. A Kia Rio lies at the other end of the spectrum at $428. A Hyundai Accent is only marginally cheaper at $427. The Ford Fiesta lies in the middle with an average premium of $412.