Most automotive consumers do at least some research before buying a new car ? checking prices and incentives, looking at styles and options, comparing mileage and safety ratings, noting reliability scores and reading reviews.
But many fail to consider the cost of auto insurance as part of their buying decision when, in fact, the cost of insurance will often exceed the cost of gasoline and, in some cases actually be greater than car payments. Insurance is a major cost of car ownership, yet it?s often overlooked.
One of the major contributors to car insurance cost is the make and model of vehicle. Different vehicles have different insurance rates.
We know that more expensive vehicles have higher insurance rates simply because those vehicles cost more to replace and repair after accidents.? But rates can also be high for less expensive cars ? because they are wrecked more often and have higher claim incidents.
Therefore, it makes good sense to research auto insurance rates before making a new-car buying decision. A great deal on a car can be not such a great deal when insurance is considered.
So, what are the least expensive vehicles to insure?
Insure.com recently published results of a study of average insurance rates for more than 750 vehicle makes and models. Following are some of the 2013 model vehicles with the lowest rates:
- Ford Edge SE
- Jeep Grand Cherokee Larado
- Subaru Outback 2.5i Premium
- Kia Sportage
- Jeep Patriot Sport
- Subaru Outback 3.6R
- Hyundai Tucson GLS
- Ford Explorer
- Dodge Grand Caravan SXT
- Honda Odyssey EX-L
The list goes on but there?s a pattern at play here. The vehicles?are nearly all SUVs and a smattering of minivans. The reason is pretty obvious. SUVs and minivans are usually driven by sensible adults with families and are not wrecked very often.? Furthermore, none of the vehicles are especially expensive to replace or repair.
A?more comprehensive list of vehicles that are relatively cheap to insure would include inexpensive small cars such as the Honda Fit and Nissan Versa,?and non-luxury family sedans such the Honda Accord, Chevrolet?Malibu, Ford Fusion, and Toyota Camry. Some models such as Honda?s Accord have multiple versions (?trim levels?) such as LX, EX, and Touring. Insurance is nearly always cheaper on the lowest cost version.
Brands with low insurance cost: Kia, Hyundai (except for Equus and Genesis), Jeep, Toyota (except Avalon and Sequoia), Honda (low-priced versions). Actually popular brands such as Honda and Toyota tend to have rates a bit higher than normal, perhaps due the to fact there are more of them on the road and, therefore, involved in more accidents.
Some non-luxury cars have high insurance rates because they are primarily driven by young single males: Mitsubishi Ralliart, Hyundai R-Spec, Dodge Challenger, Dodge Charger, Ford Mustang GT500, Mini Cooper, Nissan 370Z,?Chevrolet Camaro, Chevrolet Corvette, Subaru Impreza. In general, sports cars, or smaller 2-door ?sporty? coupes with larger engines have high rates, especially for young male drivers.
Summary
Insurance rates depend on the make and model of vehicle, among a number of other factors such as driver sex, age, driving record, and location. Rates also vary between insurance companies ? for the same car, same driver. Therefore, it is important for prospective car buyers to not only consider vehicle brand and model but also the actual premium they?ll have to pay from an insurance company.
The absolute best way to find out how much insurance will cost is to compare rates from different companies through online services such as InsureMe.com where you can get free rate quotes from multiple companies, or directly from major providers such as GEICO.com
.? Collect quotes from a number of companies, compare them, and go with the best offer.? Also compare rates for different vehicles before making a decision.
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Source: http://best-car-deals.buyerreports.org/best-deals-car-insurance
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