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7 March, 2019

Car Types with the Lowest Insurance Rates

Many factors come into play when determining car insurance rates such age of the driver, the value of the vehicle, the claim history, gender, and the credit score. Besides, the particular model of your car could substantially affect the insurance premiums.

A survey carried out by Insure.com established that mid-priced crossover SUVs, pickup trucks, and minivans are some of the cheapest cars to insure.

Insurance companies consider past claim records to decide which car types are likely to get involved in a crash or ram into other vehicles, people, and property. They also look at models that have the least chance of getting involved in an accident or stolen. They also consider which models have a high or low body injury claims.

Minivans have always ranked as the cheapest cars to insure. They tend to be safe and economical. Pickup trucks are also notably inexpensive to insure as well.

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Insurance Cost Per Makes

By models, the Jeep Patriot, Ford Escape, Santa Fe, crossover SUVs, Kia Sportage, and Nissan Frontier, Pickup trucks some of the least expensive cars to insure. According to a list compiled by Insure.com, these are the top 10 cheapest car types to insure with their corresponding annual premiums.

    • Jeep Wrangler Sport 4WD, up to $1,134
    • Honda CR-V LX AWD, up to $1,160
    • Honda Odyssey LX, up to $1,163
    • Subaru Outback 2.5i AWD, up to $1,176
    • Jeep Compass Sport 2WD, up to $1,164
    • Ford Escape S 2WD, up to $1,190
    • Ford Edge SE 2WD, up to $1,176

Some of the most expensive cars to insure include the Jaguar XKR, Mercedes-Benz CL-Class, Porsche 911 and Nissan GT-R Sport coupes. Typically expensive brands and luxury cars are expensive to insure. Some brands such as Porsche, Audi, and BMW can cost up to $ 3,000 annually.

Does the Color of Your Car Affect the Insurance Rates?

The insurance industry is color blind, and it does not matter if your car is black, white, red, blue or chequered, the premium rates for that particular model will remain the same.

To lower your car’s insurance premium, consider increasing the deductible for comprehensive and collision coverage. Ensure you have a good credit score and ask for all the discounts that you may be entitled to such as no claim discounts.

Before you buy a particular car type, it is advisable that you check with your insurance agent how much it will cost to insure the car. Also, shop around because insurance rates differ from one carrier to the other.

The Bottom Line

Consider the cost of insurance before purchasing your car. Of course, you want to get the best cover possible, and that will not happen if you cannot afford to pay the premiums.