How To Determine The Most Expensive And Least Expensive Vehicles To Insure
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 companies determine your rates based on several variables such as the age of your vehicle, its make and model, and what safety features it has. The insurance company also calculates risk by considering your age and driving experience, your accident history, and the likelihood that your car will be stolen.
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.
According to that same study, you’ll pay the least to insure the following ten vehicles: Ford Escape, Chrysler Town and Country, Chevrolet Impala, GMC Sierra pickup, Ford Fusion, Ford Econoline Club Wagon, Honda Civic, Ford F-series pickup, Toyota RAV-4, and Toyota Camry. Because these vehicles cost less to repair, don’t get stolen as often, and don’t crash as often, insurance companies charge less to insure them.
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.
Learn which cars are the most expensive and least expensive vehicles to insure and start shopping around for the most affordable car insurance!
