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Inside this Article
10 Most Expensive
Cars to Insure vs. 10 Least Expensive
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Chances are
it's the price of gas, not auto insurance, that's
driving you to the poor house.
But if you want to
cut your auto insurance premiums to the bone, stay
away from small, fast cars.
"It's a
common denominator among vehicles that have the
highest losses -- a lot of smaller,
sportier vehicles, says Russ Rader, spokesman for
the Insurance Institute for Highway Safety.
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American culture
attributes the car we drive to our persona —
defining our values, our sense of style, and to some
extent, our eccentricities. It’s the reason that
Corvette owners wave to each other, and why everyone
feels the need to catch a look to see who’s driving
the Hummer. In the same manner, the car we drive also
determines how much we pay for car insurance.
Easily an afterthought
to the monthly car loan payment, many owners are
“car-broke” because of their insurance costs, and
don’t know it. Are you driving one of the most
expensive cars to insure?
| 10
Most Expensive to Insure
1 Lexus IS 300
2 Land Rover Discovery Series II
3 Audi S4
4 Jaguar X-Type
5 Mercedes SLK Class
6 Lexus GS 430
7 Land Rover Freelander
8 Mitsubishi Montero
9 BMW X5
10 Toyota 4Runner
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10
Least Expensive to Insure
1 Oldsmobile
Silhouette
2 Pontiac Montana
3 Saturn L Series Sedan
4 Chrysler PT Cruiser
5 Saturn L Series Wagon
6 Chevrolet Venture
7 Chevrolet Astro
8 Saturn Vue
9 Jeep Wrangler
10 Oldsmobile Bravada
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There are a handful of
factors that determine how much a person pays for
insurance, including gender, age, driving record,
location of residence, annual driving mileage, credit
scores (in most states), and most importantly, the car
we drive.
Although common-sense
holds that the more expensive a car, the more
expensive the insurance, this is not always the case.
Insurance rates differ greatly between makes and
models. If a car performs well in crash tests, it’s
not frequently stolen, and has additional safety or
anti-theft devices, it will generally cost less to
insure it. On the other hand, if your car is flashier,
attractive to thieves, and doesn’t wow anyone in the
crash tests, it will cost more to insure.
What’s the
Fastest You’ve Taken It?
If you drive a high
performance vehicle with more horsepower than General
Washington’s Army, insurance companies have no other
choice but to assume that you will use it and practice
riskier driving. Should you get into an accident,
regardless of fault, the cost of returning your
vehicle to its original condition can be
extraordinary— even for a seemingly innocuous fender
bender.
Bigger is
Safer, But Cause More Damage
Although SUVs, large
trucks, and other large road warriors might be safer
than compact cars in accidents, they tend to foster a
more expensive liability coverage rate given the fact
that they inflict more damage than most standard cars
in accidents. On another note, there are still many
SUVs that have inherent safety flaws in their design,
specifically with rollover tests. Accordingly,
insurance companies share these additional financial
risks onto the driver in the form of higher premiums.
Car Insurance
Companies Love Family Cars
Cars that are
particularly associated as “family cars” tend to
have lower insurance premiums. These types of cars
include minivans, family sedans, and station wagons.
Cars that are used primarily to transport a family are
generally involved in fewer accidents, due to safer
driving habits associated with those who transport
family members.
It Doesn’t
Matter Which List You’re On: Don’t Over-Pay for
Car Insurance
Insurance companies
specialize in different types of financial risk and
demonstrate this best in their insurance rates. Just
because your insurance company affords you a wonderful
rate on your homeowners insurance policy, doesn’t
mean they’ll offer you the same deal to insure your
Jeep Wrangler. Remember, the same policy can differ by
hundreds of dollars from company to company, not to
mention that rates are always changing. Regardless of
which list your car is on, you can always get quotes
to identify potential savings from a new insurance
company, or any previously unrecognized discounts from
your current company.
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