When most people get ready to buy a new car, they research it’s performance and resale value. But not too many buyers consider how much they’ll pay for insurance until the sale is complete. You can save significantly on car insurance by finding out now which are the most expensive and least expensive vehicles to insure.
Insurance is calculated based on a variety of different factors including your car’s age, the make and model, what safety features have been installed, your driving record, and your credit history. In addition, factors such as the age of the driver, the likelihood that you’ll have an accident, and whether your car is likely to be stolen all play into the insurance company’s evaluation of risk.
By averaging insurance rates charged by several different insurance companies in different states, it’s possible to determine which are the most expensive and least expensive vehicles to insure. You can use this information at the dealer’s to choose a car that will help you get a cheaper insurance rate and to formulate an idea of how costly your new car might be to repair.
A study performed by insure.com pinpointed the vehicles which typically were charged the most expensive insurance rates. These included the Dodge Ram pickup, Toyota Prius, Chevy Silverado, Honda Accord, Toyota Corolla, Nissan altima, Chevrolet Cobalt, Ford Focus, Dodge Caravan, and Honda CR-V. Insurance companies charge more to insure these vehicles because they must assume more risk based on factors like probability of theft and higher rate of crashes.
The same study revealed that the top ten least expensive vehicles to own were Chrysler Town and Country, Ford Escape, GMC Sierra pickup, Chevrolet Impala, Ford Econoline Club Wagon, Ford Fusion, Ford F-series pickup, Honda Civic, Toyota Camry, and Toyota RAV-4. These vehicles are typically involved in fewer accidents, have less expensive parts, and are not targeted as often for theft.
Insurance companies determine which are the most expensive and least expensive vehicles to insure by calculating how much risk they’ll assume to insure a given car or truck. For this reason, the highest insurance rates are charged to cars that are driven by a lot of people rather than expensive custom vehicles. The more commonly driven cars experience more thefts and have more accidents than luxury cars do.
Once you’ve determined where your car falls in terms of most expensive and least expensive vehicles to insure, you can find out which insurance company can offer you the best insurance rates. Even if your car typically gets higher insurance rates, you can still find cheaper insurance by shopping around and comparing prices.
See which cars are the most expensive and least expensive vehicles to insure and begin shopping around for the most affordable car insurance!