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UPDATED: Mar 13, 2020
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The Chevrolet Camaro has been one of the most popular muscle cars since the 1960s. The first model was released in 1966 as competition to the Ford Mustang, and the vehicle has thrived since then. Collectors lovingly restore older models, and newly-released models are eagerly anticipated. For many, a 2012 Camaro is a dream car, but they may worry if the cost of car insurance will make it impossible to own.
Vehicles cost more than their initial purchase price. In addition to their list price, vehicles require routine maintenance, gas and insurance. In the case of high-performance muscle cars like the Camaro, insurance can be a major expense. Insurance companies view high-performance cars as riskier to insure than other vehicles, so they will cost more to insure than a mid-size sedan, minivan or sub-compact hybrid.
Multiple factors do influence the cost of insuring any vehicle. An insurance company will review the accident statistics, safety ratings, repair costs and other factors for any individual vehicle. The likelier a car is to be damaged in an accident, and the more it will cost to repair, the more the insurance will cost.
Factors Determining Insurance Costs for the Camaro
— Safety ratings. The 2012 Camaro places a higher value on safety than any other model in the line, and it shows. Indeed, the vehicle is the first car to ever score perfectly in every category of the NHTSA’s new car assessment program.
— Cost. A new Camaro will cost around $24,000, which is substantially cheaper than foreign competitors. Because it’s manufactured domestically, the Camaro is fairly inexpensive to repair, which helps keeps insurance premiums low.
— Crash statistics. It’s too early for definitive statistics to be available for the 2012 model, but muscle cars in general tend to have more fatal collisions than vehicles that are not as high-powered.
The reason why performance cars tend to get in more accidents than other vehicles is that people are more likely to drive the vehicles in a dangerous way. A Camaro is no more inherently dangerous than a minivan, but drivers are more likely to speed, take sharp turns, cut people off in traffic or otherwise drive recklessly if the vehicle is high-performance.
Indeed, muscle cars like the Camaro tend to be in more accidents than high-end sports cars like the Corvette. Because Camaros are more affordable, more people have access to them and younger, risk-taking drivers are able to purchase and drive them.
How Much Does it Cost to Insure a 2012 Camaro?
Car insurance rates for the 2012 Camaro are similar to previous years with the vehicle and are in-line with the competition, including the Ford Mustang and Dodge Challenger. Annually, the Camaro will cost around $1,138 for the basic trim. This works out to around $98 per month. If you get an upgraded trim, such as the convertible model, your rates might increase by as much as $400 a year.
This cost will fluctuate depending on the coverages you carry. If you have a high deductible or low liability limits, your premiums will be lower than this average. If you choose to add additional coverages like rental reimbursement or roadside assistance, you will pay more than if you have only basic full coverage insurance, and full coverage will always cost more than a liability-only policy.
What Will My Insurance Cost?
Of course, the car itself is only a single factor in the overall cost of a person’s car insurance. An individual’s driving record, credit score, age, gender and geographic location all play a role in determining the cost of auto insurance. People with excellent driving records will always pay less for car insurance than those with a history of accidents, regardless of the cars they drive.
Depending on your driving habits and where you live, the cost to insure your Camaro may be significantly higher or lower than the average premium cost. The only way to know for sure how much your premiums would be is to get an individualized quote from the insurance company. This quote would take into account all of the factors that influence insurance costs.
If you already have insurance and are looking to add a Camaro, you can contact your agent to get an idea of what may happen to your premiums. If you don’t have a policy yet, you can comparison shop among insurance companies for a quote to find the best match. Once you’ve chosen a company, you can personalize your policy with any applicable discounts to keep the costs as low as possible.