Which Cars Cost More to Insure?
Often when people shop for a new car they can get caught up in the
moment. For most people, buying a new car is an exciting experience.
However, that excitement can sometimes mean that we don’t always make
the best decision for our own situation. It’s important to remember
that when the “new car smell” goes away and the shine is off the
wheels, you still have all the costs and expenses associated with your
purchase.
As such, it’s important before you buy to consider things like how good
of gas mileage the car gets, what the repair statistics are for that
particular model, what the sticker price is, the costs of financing,
and, of course, how much it will cost to insure that vehicle.
The truth is that car insurance costs can be a big factor in the
overall cost of a vehicle. Statistics say that only about one in 20 car
buyers actually purchase insurance before they buy their car and many
buyers never even consider how much insurance will cost until after
they have purchased a vehicle.
There are many sources on the web for you to find out if your car is
going to cost more to insure in the event of an accident. One source is
the Insurance Institute for Highway Safety (IIHS). The IIHS tracks many
statistics about vehicle safety, insurance costs, and more. If you are
considering purchasing a certain vehicle, it’s a good idea to research
it on the Internet to see if it will be an expensive car to insure. You
can access the IIHS website at www.iihs.org.
According to the Insurance Institute for Highway Safety, the best
vehicles (for the 2005 to 2007 period) to insure in terms of their cost
to repair following a collision are as follows:
On the other hand the highest cost vehicles to insure in terms of their cost to repair after a collision are as follows:
Is an expensive-to-insure car in your future?
Now, even though most of us are not going to be buying a Lotus or a
Bentley anytime in the near future, the point is that the type of car
you drive can dramatically affect your cost of insurance. In fact, the
difference in cost to insure certain vehicles versus others can be
thousands of dollars annually! You might be surprised at many of the
cars on the “expensive-to-insure” list. Many mainstream vehicles are
considered “higher risk” by insurance companies.
The reason for the dramatic difference is that individual premiums are
calculated by using statistics, models, and tables that take into
account many different personal factors and then those statistics are
combined with what is called the “loss experience” of the vehicle or
vehicles being insured. The “loss experience factor” means that, as a
group, the owners of certain types of vehicles end up with far fewer or
far less expensive insurance claims than the owners of others.
In fact, there is a statistically supported theory that certain vehicle
types tend to attract certain driver types. What that means to you is
that even if you are a great driver with a perfect driving record and a
great credit history, you’ll still be paying more for car insurance if
you choose a vehicle model that is in a “high loss experience” group.
The moral of the story is to know what you’re in for before you
purchase by doing research on the cars you’re interested in. You’ll be
glad you did.
It pays to look at the costs of car insurance before you buy a car. QualityAutoInsurance.com has helped many customers get cheaper car insurance by giving them instant, online quotes from top tier carriers.
So take a few minutes and fill out our simple form. You’ll probably get
a better deal on your car insurance no matter what type of car you want
to buy.