Safer Cars, Cheaper Premiums

As cars have improved in safety standards, so have insurance premiums in cost.

Here is a IIHS 50th Anniversary video courtesy of You Tube

I recently rated replacing a 2001 Ford Explorer with a 2011 Ford Explorer and was surprised to see that the premium decreased. Perplexed and always ready to solve a puzzle, my nimble fingers moved quickly over the keyboard to type in my browser the Insurance Institute for Highway Safety's (IIHS) website address.The IIHS is an independent, non profit, scientific and educational organization. I was anxious to learn if the Explorer's new safety ratings could be a factor in lowering the premium.

From their home page, the vehicle ratings page was just a click away. The vehicle ratings link listed their Top Safety pics for 2011. I quickly noticed that the Ford Explorer was listed as a top pick. Simply clicking on the Ford Explorer link gave me it's safety rating.   It was very easy to see from their simple rating system that the Ford Explorer's rating had changed over the years and is now receiving a higher safety rating. My puzzle was solved, the safety rating was a factor for the lower premium.

As my client will soon learn, his new and safer Ford Explorer will save him some premium dollars. I would encourage any one who is thinking of purchasing a new or used vehicle to visit the IIHS vehicle ratings page.  In addition to vehicle ratings, their website is packed with helpful information concerning vehicle safety.  

Vehicle safety concerns have been a hot topic of late when Toyota recalled over 12 million vehicles worldwide for safety issues. This was of course, no small concern for the Bluegrass State, as Toyota houses a manufacturing plant in Georgetown. Fortunately, yesterday after a 10 month investigation, the US Transportation Department cleared Toyota of electronic problems in its vehicles. Transportation officials, assisted by NASA engineers, said the study of Toyota vehicles concluded the acceleration cases could have been caused by mechanical defects already covered by recalls and suggested in some cases drivers hit the gas instead of the brakes.

As car manufacturers produce safer vehicles, I believe we will continue to see lower premiums. If your rates are increasing, and you find yourself shopping for a newer vehicle, don't forget to check the safety ratings. You may just find a lower premium awaits you.

To compare vehicle premiums or for more information, please contact your Buckley & Company, Inc. personal lines insurance agent.