Any insurance agent worth their salt knows a number of ways to tap into discounts that bring down a client’s auto insurance premium, but sometimes, the problem is simply the car itself.
According to a new study commissioned by insuranceQuotes.com, there are a number of 2015 models that are a relative bargain to insure and an equal number that come with a surprisingly high insurance burden attached.
By dividing the average annual cost to insure each vehicle by its manufacturer’s suggest retail prices, researchers discovered that in general, sport utility vehicles and trucks are the best vehicles for drivers looking for a bargain. These larger cars are less likely to be damaged in accidents, provide greater protection for occupants and tend to be driven by individuals considered more responsible by insurance companies – for example, middle-aged parents.
On the other end of the spectrum, sedans are the worst deals when it comes to the cost of insurance. High theft rates, small stature, greater damage exposure and an unfavorable driver profile (young, single men) all make these cars more expensive to insure.
Even in total dollars (no longer adjusting for the purchase price), sedans are more expensive than SUVs. That’s shocking because SUVs can be up to twice as costly to buy.
All things considered, the following five cars represent the best auto insurance bargains:
- Ford Explorer - $1,301 average annual insurance cost
- GMC Sierra - $1,272
- Chevrolet Silverado - $1,269
- Chevrolet Equinox - $1,265
- Dodge Ram 1500 $1,302
And the five worst deals include:
- Ford Focus - $1,391
- Toyota Corolla - $1,400
- Hyundai Elantra - $1,384
- Honda Civic - $1,368
- Chevrolet Cruze - $1,318
Laura Adams, senior analyst with insuranceQuotes.com, said the study highlights the importance of researching insurance costs before purchasing a car – a time in which agents may become especially helpful.
“[Insurance costs] are an important part of the total cost of ownership and don’t always move in tandem with the purchase price,” Adams said.
