Understanding which types of vehicles are the most and least expensive to insure is an important consideration when purchasing a car. When a person buys a car, they are purchasing a necessity that will make them spend money on gas, repairs (if the car is used) and insurance; which is one of the biggest expenses. When we talk about car insurance is easy to see how different types of vehicles can make your rates higher or lower, depending on the vehicle type and model.
Many may argue that new cars should be less expensive due to the fact that everything is new and the owner will take care of the car more, hence driving it slowly and carefully to avoid accidents. The truth however, is much different than what these people think. Insurance companies base the criteria and the rates they will charge for policies on the vehicle’s loss history (theft, injury and collision).
It is important to know however, that insurance companies don’t make the lists of the cheapest and most expensive autos to insure themselves. Most of them use actuarial companies in order to help them rate the vehicles, the most famous of those companies being Insurance Services Office. What this companies do is assign a number to each vehicle circulating the roads of the United States and then the insurance agencies are in charge of using these numbers to calculate the rates of their policies.
The cars that are most likely to be expensive when insured are those that have a higher degree of theft, those that are more expensive to repair or replace after an automobile accident and the ones with not so good safety ratings. The insurance company then offers a list of the top five or so vehicles in the theft, injury and collision categories and the ones on top of the list are those whose owners pay the highest premiums when it comes to car insurance.
Most Expensive Vehicles To Insure Because Of Theft
- Four-Wheel drive Cadillac Escalade
- Chevy Corvette Convertible
- Four-Wheel Drive Lincoln Navigator
- Four Door Jeep Cherokee
- BMW Series 3 Convertible
Most Expensive To Insure Because Of Injury
- Four Door Suzuki Esteem
- Four Door Kia Rio
- Two Door Mitsubishi Mirage
- Four Door Kia Spectra
Most Expensive Vehicles To Insure Because Of Collision
- Four-Wheel Drive Subaru Impreza
- Four Door Lexuz IS 300
- Two Door Hyundai Tiburon
- Two Door Porsche 911
- Acura RSX
The cars that have the lowest rates for car insurance are those that aren’t stolen often, are safe for the driver and the passenger, and are not expensive to repair or replace in case of an accident. In other words they are the non-luxury, safe cars in which parts are available anywhere at anytime for a reasonable price.
Least Expensive Vehicles To Insure Because Of Theft
- Buick LeSabre
- Buick Park Avenue
- Volvo 720 Station Wagon
- Four-Door Mercury Grand Marquis
Least Expensive Vehicles To Insure Because Of Injury
- Two-wheel drive GMC Sierra 2500
- Chevy Silverado 2500
- Four-Wheel Drive GMC Yukon
- Four-Wheel Drive GMC Sierra 2500
- Two-Wheel Drive Chevy Tahoe
Least Expensive Vehicles To Insure Because Of Collision
- Two-Wheel Drive Ford Excursion
- Four-Wheel Drive GMC Safari
- GMC Sierra 2500
- Four-Wheel Drive GMC Yukon
Compare Quotes To Find The Cheapest Auto Insurance For Your Vehicle
The ratings of the Insurance Services Office are not published, but you can still get an idea of where your vehicle of interest is ranked by asking your insurance company. It is important to know that SUV’s, Sport cars and Luxury cars are all going to be a little more expensive to insure because they are more likely to be stolen and cause worse accidents than all the other types of vehicles.
So now that you know which cars are the most expensive and which ones are the cheapest ones to insure, use our free car insurance quote finder to compare rates from top companies. Whether you have one of the cheapest cars to insure or one of the most expensive cars to insure it is important to remember that every insurance company sets their rates differently so it can pay off to shop around and compare auto insurance quotes from multiple companies.
Find the cheapest rate for your vehicle; get started shopping for car insurance now!