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Most Expensive and Least Expensive Vehicles to Insure

When you plan to purchase a new car, you consider various factors before actually selecting such as miles per gallon, repair costs, resale value and so on. However, with the increasing cost of insurance, very soon you will have to add the cost of insurance in the above list. This is also because car insurance premium can now add significantly to your annual cost of operating your vehicle. To get some idea, let us the go through the most expensive and the least expensive vehicles to insure.

Based on the list of 20 top-selling vehicles, insure.com calculated average car insurance premiums across different states and multiple insurers to put together a list of most expensive and the least expensive vehicles to insure. Dodge Ram pickup, Chevy Silverado-C/K pickup, Toyota Prius, Honda Accord and Nissan Altima are at the top of the list of most expensive vehicles.

 

Top 10 Most Expensive Vehicles to Insure

     

  1. Dodge Ram pickup
  2.  

  3. Chevy Silverado-C/K pickup
  4.  

  5. Toyota Prius
  6.  

  7. Honda Accord
  8.  

  9. Nissan Altima
  10.  

  11. Toyota Corolla
  12.  

  13. Ford Focus
  14.  

  15. Chevrolet Cobalt
  16.  

  17. Honda CR-V
  18.  

  19. Dodge Caravan
  20.  

 

Top 10 Least Expensive Vehicles to Insure

     

  1. Chrysler Town & Country
  2.  

  3. Ford Escape
  4.  

  5. GMC Sierra pickup
  6.  

  7. Chevrolet Impala
  8.  

  9. Ford Econoline Club Wagon
  10.  

  11. Ford Fusion
  12.  

  13. Ford F-series pickup
  14.  

  15. Honda Civic
  16.  

  17. Toyota Camry
  18.  

  19. Toyota RAV-4
  20.  

 

Most Expensive

There are several reasons for so expensive insurance coverages for these vehicles. The basic concept of any insurance coverage is that the premium varies with risk. The higher the risk, the higher the premium will be. Similarly, the lower the risk associated, the lower the premium will be. So there are several reasons of high premium such as theft, high repair cost etc.

For example, there are several models of cars that are specially stolen the most, which increases comprehensive premiums for all owners of those models. Similarly, parts of certain vehicles are known to be highly costly, which increases the repair cost of those vehicles, this in turn increases the cost of collision coverages of these cars. A particular model of any vehicle which is known to be accidents prone and is used to carry passengers will have to pay high cost for personal injury protection premiums. Similarly, collision-damage cost is one of the most important differentiating factors for considering the insurance cost.

 

Factors that enhance Vehicle Insurance cost

     

  • Luxurious Cars
  •  

  • Accident Prone
  •  

  • Costly parts
  •  

  • High repair cost
  •  

  • High horsepower
  •  

  • Youth targeted sports cars
  •  

Also, an interesting feature is that the vehicles at the top of most expensive list are of high horsepower, high cost and/or highly expensive to repair. High horsepower means that the driver is more likely to drive fast and attract more accidents. Similarly, there are certain sports cars that are always favoured by young people, who are considered high-risk drivers. Therefore all those cars which are of high horsepower or are preferred by young drivers have high premium.

On the other hand, those vehicles which are not usually stolen, are considered safe for drivers and passengers and have low repair cost have low insurance coverage cost. These are non-luxury standard cars, used by most of the people.

You may have a natural question that how come the list does not have names like Ferrari, Bentley or Lamborghini. The fact is that first of all most of the people can't afford Ferrari or Bentley or Lamborghini and most of those who can afford are of middle age or more. These people are not considered high risk drivers. Moreover, these cars also are not high on the list of thieves i.e. these cars are not usually stolen. Also, these are highly luxurious cars and so are not used on daily basis; therefore have little chance of accidents. These facts minimize the risk associated with Ferrari or Bentley or Lamborghini etc which reduces the cost of the insurance coverages.

It is always preferred to research the insurance cost before purchasing a new vehicle. However, the fact is not many people bother about insurance cost while purchasing a new vehicle. In fact, cost of insurance coverage is the secondary consideration by most buyers. It is estimated that less than ten per cent of all potential buyers actually research the cost of insurance coverage before purchasing a vehicle. However, there are certain special conditions when buyers give a thought to the high insurance bill that they may have to pay such as custom made cars or hybrid cars.

When you know the most expensive and the least expensive vehicles to insure, use online facilities to compare rates of insuring different cars and accordingly finalize your choice. The auto insurance quote comparison facility is offered free of cost by several websites.

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