I’d like to know how these safety awards help reduce premiums and also what’s the difference between TSP+ and TSP? You guys wrote a great article which I’ve thoroughly enjoyed but would like to learn more about this topic. Thank you!
Here is how the IIHS defines the rating differences between TSP and TSP+, according to the info found here.
“To qualify for 2019 TOP SAFETY PICK, a vehicle must earn good ratings in the driver-side small overlap front, moderate overlap front, side, roof strength and head restraint tests, as well as an acceptable or good rating in the passenger-side small overlap front test. It also must earn an advanced or superior rating for front crash prevention and an acceptable or good headlight rating.”
“To qualify for 2019 TOP SAFETY PICK+, a vehicle must earn good ratings in the driver-side small overlap front, passenger-side small overlap front, moderate overlap front, side, roof strength and head restraint tests. It also must earn an advanced or superior rating for front crash prevention and a good headlight rating.”
There are a couple reasons why an insurance company would want to give better rates on a safer vehicle depending on its features. In short, safer cars save insurance companies money.
Crash prevention mechanisms like auto-braking and lane drifting help lower the percentage of claims filed to a company on a certain make and model of vehicle. In addition, safety features for the driver and passenger such as better crash ratings, side airbags, etc. help decrease injuries and the number of claim dollars paid out on coverage such as Medical and Personal Injury Protection (PIP) when there are claims, thus saving insurance companies money on claims that do happen. Because of the somewhat-lower risks posed by these vehicles and their safety features, insurance companies may choose to offer lower rates if you drive these cars.
Hopefully, this gives you a little more insight on this topic. If you have any other questions, don’t hesitate to ask.