Reader’s Question:
What is the cheapest car to insure? My dad will buy my car and I would like to know what vehicles I should avoid getting.
Charles
Cambridge, MA
Car insurance companies refer to statistics from the Insurance Institute for Highway Safety and Highway Loss Data Institute (IIHS-HLDI) to approximate your car insurance rate. The computation done by IIHS-HLDI is based on the following factors:
Type of Car
Insurance rates for muscle and sports car and other luxury SUV’s are higher compared to regular vehicle because their cost of repair is more expensive.
Four-door cars are charged lower rates compared to two-door car because statistics shows that four-door cars have up to 93% lower claims. Car insurance companies, generally, refer to previous claim data for charging new holders.
Full-size family sedans are statistically safer and are, therefore, charged lower. They are also generally cheaper.
If you don’t want to have high insurance rates, you may have to avoid these models:
- Cadillac Escalade
- Chevrolet Corvette Convertible
- Lincoln Navigator
- or any car that has the name Mercedes, Maybach, or Porsche in it.
Level of Risk
Car models that are more prone to theft are given higher rates. Today’s list of most theft-prone cars includes:
- Acura Integra
- Ford F-150
- Honda Accord
- Nissan Sentra
- Toyota Camry
- Toyota Corolla
- Toyota Pickups
Cars that have costly stereos (e.g. Volkswagen) and similar accessories are also charged more.
ON the other hand, the cars which are least prone to and are there given lesser rate for theft coverage are:
- Buick LeSabre
- Buick Park Avenue
- Mercury Grand Marquis four-door
- Volvo V70 Station Wagon
Cost of Repair
More expensive vehicles are, of course, costlier to repair. The list includes:
- Kia Rio 4-door
- Kia Spectra 4-doors
- Mitsubishi Mirage 2-door
- Suzuki Esteem 4-door
(The lists above are based on statistics and similar data. However, you are not discouraged form buying them. You are only informed so you won’t be surprised if you are given greater car insurance rates.)
Luxurious cars are not only expensive to drive; they are also costlier to insure. But if you have lots of money, go ahead and pick the one that you really want.
