If you’re shopping for a new car, you’re most likely thinking about comfort, size, function or gas mileage–especially as the price of fuel seems to continually climb day after day.
But if you haven’t talked to your insurance agent about the price of insuring that sportscar, hybrid or SUV you’re considering, you might want to do so ahead of time. Why? Because if the vehicle you’re considering is expensive, particularly powerful or costs megabucks to repair, your insurance costs could greatly offset that all-important cool factor (and that would NOT be cool!).
Indeed, your choice of make and model can have a big effect on your auto insurance premium, confirms Russ Rader, spokesman for the Insurance Institute for Highway Safety. Cars that are decked out with all the options, have lots of horsepower under the hood or set you back more dinero are more likely to be stolen, stripped for parts or driven recklessly–and crashed.
That means increased risk for your insurer and higher auto insurance bills for you.
So which vehicles are cheaper to insure–and which set you back the furthest?
According to a recent article in MSN Money, some of the cheapest cars to insure include the Volvo XC90, the Chevrolet Malibu Maxx, the GMC Safari, the Buick LeSabre and the Nissan Pathfinder Armada, to name just a few. And why do these cars cost so much less to insure? Because they tend to be safer, well-built, sedan-type family cars driven by more middle-aged, safer drivers.
Coming in as the most expensive insurance-wise are the Mitsubishi Lancer Evolution (duh!), Mercedes CL-class vehicles, the Dodge SRT-4, the Subaru Impreza WRX and the Jaguar XK convertible. Why? Mostly because they are either sportscars–which inherently carry more risk–or considered highly-prized loot for thieves. [For a more comprehensive list, see the article here.]
So before you buy that new car, stop and think about these factors–and consider their long-term effect on your insurance rates. They could make quite a difference over the long-haul.