Which Cars Have The Cheapest Insurance Rates?
Many people go out and choose a car to buy based only on a few factors, such as the way it looks, the safety rating, engine power, handling, and perceived quality, and of course, the price. However, a handful of cost-conscious and prudent buyers look a little further ahead, considering factors such as maintenance costs and car insurance costs.
One way to find out the cost of insurance for each car model you’re considering buying is to simply call your insurance agent and peruse your list of models. However, this is time-consuming, and it also means that if you get new car model ideas later, you will have to go back to ask for more information.
A better way to shop for a car with future insurance premiums in mind is to understand the factors that insurers calculate premiums based on differences in car models. If you’re looking for the car model with the cheapest insurance rate, learn about these five factors that affect car insurance rates:
(Lower cost equals low insurance premium)
Start by understanding this simple rule: Cars that cost less also cost less to insure. So, while the price of the model you are considering will affect how much you pay for monthly auto payments, it will also affect the amount you pay in insurance.
(The degree of car-driving pleasure)
If you find a car that is not fun for you to drive, your insurance premium will also be kept as low as possible. The more the car is made fun to drive, the higher the rates. Feeling like a cruel insurance industry ploy? There are actually some pretty sensible undergarments in this rule of thumb. Cars with more horsepower and Sport-Tune Suspension are on average going to drive harder and more dangerously. Think about the danger factor in mini-van vs. Porsche.
(Profile of the average person who drives that car)
Insurance companies keep an eye on the profile of the average driver for each given model. They base their rates on part of this profile. What drives costs are profiles with factors such as driving during peak commuting hours, night driving and a tendency to drive aggressively
(A car that ranks in terms of auto thefts)
Quite simply, cars that get stolen are more often more expensive to insure. This certainly makes sense: the insurance company estimates that there is a high chance that your car will be stolen if you buy a frequently stolen model. This means there is a big dollar sign for your premium.
(Safety record and features)
Cars with a better safety record and those equipped with more safety features naturally reduce the risk of lower medical bill-related claims and, this will translate into a lower auto insurance premium for you to pay .
Keep these five factors in mind when looking for the car with the cheapest insurance rate for teens.