Cheap Car Insurance: Knowing the Types of Car that are cheapest to Insure
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| Picture: Illustration cheap car insurance |
There are many factors used by car insurance companies in determining how much monthly premiums they are going to charge their policy holders. One of these factors is the type of vehicle that is to be insured by a car owner.
Car owners who drive vehicles that are considered to be high
risk have to pay for higher monthly premiums. On the other hand, owners of vehicles
that are considered to be low-risk have the advantage of paying for cheap car
insurance premiums.
It is important to understand how car insurance companies
base the monthly premiums they charge their policy holders.
Understanding this will help you find out more about the
types of car that are the cheapest to insure in order for you to get a low cost
auto insurance policy that will fit your needs and your budget.
The repair costs of a particular type and model of a vehicle
is one of the factors that determine the overall insurance premium. The
frequency of accidents met with a specific type of vehicle also determines the
total cost of an insurance policy.
Read Also: Busting the Myths about Auto Insurance
All about Repair Costs
Repair cost refers to the total amount of expenses needed to
pay for repairing a vehicle that was involved in a road collision. If a
particular model and make of a car is expensive to replace or repair, then it
follows that the collision coverage is higher.
One example of a type of car that has a higher monthly
premium is the Mercedes. This is because the parts and the labor associated in
repairing this type of car are also expensive.
Understanding Frequency of Accidents
The number of accidents that a specific type, model, and
make of a vehicle is involved in also determines how much a car insurance
company will charge drivers who own this type of car.
Vehicles that have been reported to have been involved in
numerous accidents are more expensive to insure. This factor is related to the
attitude of individuals who drive these types of vehicles.
For instance, one example of a type of car in its class that
is most expensive to insure is the Mitsubishi Lancer.
The reason behind this is not because it is expensive to
replace or repair, but because this vehicle is preferred by most young male
drivers who have a higher rate of getting into accidents.
Since statistics state that the Mitsubishi Lancer is most
often involved in accidents, car insurance companies charge their policy
holders driving this specific car with higher insurance premiums.
Types of Vehicles Cheapest to Insure
If you are looking for a cheap car insurance based on the
type of vehicle you are driving, here are some of the cars that are cheapest to
insure:
Mazda MX-Miata Convertible
Honda Pilot
Honda CR-V
Honda Odyssey
Volkswagen New Beetle
Types of Vehicles that are Most Expensive to Insure
On the other hand, the types of vehicles that are most
expensive to insure include:
Mitsubishi Lancer
Scion tC
Chevrolet Cobalt
Dodge Charger
Cadillac Escalade
Now that you know which types of vehicles will give you the
chance to find a cheap car insurance and which cars will make you pay for
higher premiums, you can now make a decision of which type of vehicle to
purchase.
Just remember that while the type of car to be insured plays a major role in determine whether you will get a cheap auto insurance premium, there are other important factors that you should also be aware of. (*)
