Why Not Buy a Cheap Car to Insure?
There are a couple of good reasons to consider the cost of insurance premiums when you shop for a new car in 2014 or beyond. In some cases, your insurance premium may represent a substantial portion of the cost of vehicle ownership. Second, there are good reasons that some cars cost less to cover than others, and it is usually because auto insurance company statistics back up the fact that these vehicles may tend to get stolen less often, are involved in fewer claims, and/or are cheaper to repair when they are damaged.
Here are some things to know about the cost of insuring different types of vehicles:
- The sales price of the vehicle may not reflect the cost of insurance: Typically, medium-priced newer vehicles that are intended for the family market make the list of 2014 cars that cost less to insure. Very cheap and very expensive cars usually come with higher premiums. Also, used cars are not always cheaper to cover than new cars.
- The make and model of vehicle are not the only things that impact car insurance rates: Of course, insurers also consider the driver(s), the way the car gets used, and the location where the car is typically driven.
- Insurers are not all the same: Some auto insurance companies are friendlier to certain types of cars and certain types of drivers than others. It pays to shop around to ensure you get the best insurance rate, and you are free to get car insurance quotes before you purchase a new or used car.
Which Cars are Generally Cheapest to Insure in 2014?
Forbes Magazine published an article called Cheapest 2014 Cars to Insure in 2014, and the results might surprise you. SUVs, crossovers, and minivans typically make the top 10 best insurance values, and this may be because these cars are made to haul kids around, so buyers care about safety more than other things. This is partly because insurers like the safety record of these vehicles, but it is also because insurance company actuaries like the type of people who purchase these family vehicles.
These are some results of average annual costs to insure these cars with a driver representative of an average owner:
- Jeep Wrangler average annual premium: $1,080
- Patriot: $1,104
- Compass: $1,140
- Grand Cherokee: $1,171
- Honda CRV: $1,115
- Subaru Outback: $1,144
- Dodge Journey: $1,149
The costs are just averages, and the quotes were obtained with some definition of an “average” driver. The quotes are also national averages, and your state may be more expensive or cheaper. You might be interested in looking at some average car insurance costs by state to see how your area ranks.
Of course, you are free to obtain quotes for any make and model of car you might consider buying for yourself. Combinations of discounts and other positive factors, like a clean driving record, could make your own 2014 car insurance cheaper. Of course, a few dings on your record or living in a city with high average premiums could make your coverage more expensive too.
Which vehicle is most expensive to cover in 2014? According to Forbes:
Nissan GT-R sports coupe in its top Track Edition breaking the bank at an annual average $3,169.