Was planning on a 2002 until i got my insurance quote:
got a quote from my insurance because i'm getting closer to buying this car. (about 1-2 weeks away)

i'm 21 with no pts (knock on wood)

I'm with progressive at the moment.
the quotes they gave me :

2001, 2002 models:

2000 a year (staying under family)
3000 a year (on my own)

2003:

1400 a year (staying under family)
1900 a year (on my own)

Thats a big price jump from 2003 and 2002, my understanding is that newer cars usually have higher rates?
I asked why and they said that in the 2003 there was major safety changes...i didn't think they were..
i'm not 100% sure.

edit: prices are for full coverage

 

There is no reasonable explanation. Insurance companies run on numbers based on other cars of your make and model with the same model year. Even though it's the same car the insurance company may not look at it that way.

 

Insurance companies come up with some crazy formulas based on tons of statistical data that they analyze, and then price accordingly. It may not make sense at first, but if according to their numbers, '01 and '02 models are more likely to get wrecked or what-have-you, then that's what the numbers show. It might be a statistical quirk, but hey, the numbers don't lie.

It's like the crazy formulas that airlines come up with for pricing seats on their flights. One day, you might get a super deal, and the next it's not. When you get on the very same flight, you might be paying hundreds of $s more or less than the guy next to you.

It's all about the #s and maximizing the $s.

 

Same here, although the difference isn't too much. The insurance on my 2000 model is a few % more than the premium on a 2002. Guess they figure there are a lot more of the older cars out there and thus are more likely to make a claim.

Another example, the E46 M3 has more power than the previous version, but it's way cheaper to insure. Of course, everyone who gets their license wants to get their hands on the E36 model due to its lower price and plenty of availability.

///Robin

 

With the M3, I think its because the newer one has much better safety issues. I know a car's safety for its driver and passengers help out alot.....as for the S2K, since your around the L.A. area, I'm guessing its also theft....there have been alot more '00-'002 stolen than '03...just a guess...

 

thanks for the responses,

i was just wondering maybe there was major safety changes i wasn't aware from the 02 model to 03.

What you guys said makes sense.

 

My guess is that they figure a younger (read: more dangerous) wont be able to buy one brand new, so they make the rates higher for cars they are most likely to buy (ie older)

-Ryan