Author: Susan Moss
Ready to buy a car? You’ve researched the performance, the gas mileage, and the resale expectations. But have you considered how much your new vehicle will cost to insure? Most buyers don’t give a thought to insurance rates until after they’ve purchased a new vehicle, but taking the time to find out which are the most expensive and least expensive vehicles to insure can save you a bundle on insurance premiums down the road.
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.
Averages for the most expensive and least expensive vehicles to insure can be determined by looking at premiums charged in different states by various insurance companies. When you go to the car dealership, you can use these averages to determine which cars will most likely have cheaper insurance and which ones will be less expensive to repair if they break down.
According to insurance rate averages calculated by insure.com, you’ll pay top dollar to insure cars such as the Dodge Caravan, Chevrolet Cobalt, Honda CR-V, Ford Focus, Nissan Altima, Toyota Corolla, Toyota Prius, Honda Accord, Dodge Ram pickup, and Chevy Silverado. These vehicles are among the most expensive to insure because they are stolen more often and are involved in accidents more often than other vehicles.
If you’re looking for the least expensive vehicle insurance, the same study points to the following cars and trucks: Toyota Camry, Ford F-series pickup, Toyota RAV-4, Honda Civic, Ford Econoline Club Wagon, Ford Fusion, GMC Sierra pickup, Chevrolet Impala, Chrysler Town and Country, and Ford Escape. You can expect these vehicles to crash less often, get stolen less often, and require lower repair costs.
Assumption of risk is the basis of the insurance company’s determination of which cars are the most expensive and least expensive vehicles to insure. The most expensive insurance list consists of common, popular vehicles instead of expensive luxury models because the more commonly driven vehicles are more likely to be stolen, more likely to be in an accident, and more likely to be driven by inexperienced drivers than luxury cars are.
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.
Begin shopping around today and save money when you learn what the most expensive and least expensive vehicles to insure are!
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