Many people buy cars based on only a few factors, such as engine power, handling, safety ratings, appearance, perceived quality, and of course, price. However, some prudent and cost-conscious buyers think a little further ahead, considering factors such as maintenance costs and car insurance.
One way to find out the insurance the costs for the car that you are considering buying is to call your insurance agent and issue your list. But that takes time, and that also means you have to keep coming back to ask for more information if you get a list of new cars later.
The best way to buy a car while maintaining insurance premiums in mind is to understand the factors, how insurance companies calculate premiums based on differences in car models.
If you are looking for a car with the cheapest insurance rates, learn about five factors that influence car insurance rates:
1. Lower cost equals low insurance premium
Start by understanding this simple rule: cars that cost less to buy also tend to cost less to insure. So, while the price of the car you are considering will affect how much you pay for monthly auto payments, it will also affect the amount you pay in insurance.
2. The degree of car-driving experience
Your insurance premiums will also be kept as low as possible if you find a car that is not known for being fun to drive. The more that the car is built to be fun to drive, the higher the rates. Sound like a cruel insurance industry trick right? This rule actually has some very sensible underpinnings. Cars with more power and sport-tuned suspension are going to be driven harder and more dangerously, on average. Think of the danger factor in minivan vs. Aston Martin.
3. Profile of the average person who drives that car
Insurance companies keep on the profiles of what the average driver of each given car is like. They base their rates in part on this profile. What drives up costs are profiles with factors like the tendency for driving aggressively, driving at night, and driving during peak commuting hours.
4. A car that ranks in terms of auto thefts
Simply, cars that get stolen more often are more costly to insure. This makes sense: the insurance company anticipates that there is a higher possibility that your car will get stolen if you buy a frequently-stolen model. This means bigger cost signs for your premiums.
5. Safety features and record
Cars with a better safety record and which are equipped with more safety features naturally have lower medical bill-related claims risks and, this will translate to a lower auto insurance premium for you to pay.
Here 10 example cheapest cars to insure for 2019:
- Honda Odyssey LX: $1,298
- Jeep Wrangler: $1,304
- Subaru Outback 2.5I: $1,306
- Mazda CX-3: $1,307
- Honda HR-V: $1,325
- Honda CR-V: $1,333
- Jeep Renegade: $1,338
- Ford Escape: $1,344
- Subaru Forester 2.5i: $1,347
- Jeep Compass: $1,349
Keep these five factors in mind as you look for the car with the cheapest insurance rate.