Car insurance rates are on the rise and are therefore a major cause of concern for most people. The cost of auto insurance adds up to the burden of monthly payments on the car loan. When buying cars, the cost of insurance plays an important role.
Cheapest Vehicles to Insure
Car insurance rates depend on the make, model, age and condition of the car. The car insurance companies have different ways of determining the rate of auto insurance premiums and base their rates according to the risk factor of each car.
Family cars such as minivans have higher safety standards and that will lessen the chance of accidents and injuries. The less expensive cars also cost less to insure. Examples of this type of cars are four door cars with 4 cylinder motors. Buying an older car is a good idea to get the cheapest auto insurance rates. Most of them do not need full coverage and the insurance cost will be the lowest. Many of them require only the minimum liability coverage. They are charged much less by auto insurance companies. Other cars that are the cheapest to insure are the domestic cars. The locally manufactured cars cost less to insure than the imported cars because of the low rate of payouts in the event of a claim. Most of the cars damaged in accidents need repairs and the parts replacement costs are much lower as they are available easily and at lower prices. The labor costs for repairing these cars also is low. The charges for replacing foreign spare parts are far higher and hence the higher and hence they will cost more to insure. The drivers of these cars are safer than others so the rate is lower due to lower risk.
Here are some cars that have the lowest insurance rates:
Given below are a few collision averages from HLDI data. The least expensive vehicle to insure in each category with corresponding collision damage scores:
Small Sports Car Pontiac Solstice - 73
Midsize Luxury SUV Volvo XC90 - 62
Small SUV Jeep Wrangler LWB 2 Door - 63
Midsize Luxury BMW 3 Series Wagon - 58
Small Pickups Dodge Dakota Quad Cab - 75
Small Four-door Honda Civic - 105
Midsize Four-door Subaru Outback 4WD - 72
Large Luxury SUV Land Rover - 53
The following cars are listed by car retailers as the cars that cost the least to insure:
Chrysler PT Cruiser 4dr Wagon
GMC Safari SLE AWD 3dr Minivan
Dodge Caravan SE 4dr Minivan
Saturn ION 1 4dr Sedan
Pontiac Sunfire 2dr Coupe
Among Sports Utility Vehicles (SUV) the cheapest to insure is the Land Rover as it is found to be less prone to accidents.
Among the small cars Honda Civic is the cheapest to insure as they get high safety ratings and repairing costs is affordable and so insurance companies charge less for these cars.
In the midsized cars category the BMW 3 series wagon is the cheapest for insuring. The reason is they are priced low and the drivers’ have loss rates are much lower.
Among Trucks, Dodge Dakota Quad Cab truck with its high ratings is the cheapest to insure.