You might be able to save several thousands of dollars by choosing the right make and model of car. That’s what insure.com’s latest survey of insurance costs shows.
The study revealed which makes and models were most expensive to insure and which would offer the lowest insurance rates. Not surprisingly perhaps is that foreign models are more expensive and domestic North American models are cheapest.
The study calculated average insurance rates for each state in the US. So those driving a BMW M6 in Michigan are probably paying some sizable insurance premiums annually. But then, if you can afford $100,000 to $130,000 luxury car, a couple of thousand for insurance probably isn’t a big deal. Compare this year’s rates with the cheapest cars to insure 2013.
In Canada, Ontario has the highest average auto insurance premiums, and it is the only province adopting no-fault auto insurance. Ontario is trying to curtail auto insurance fraud which has added sizably to insurance company costs.
In terms of makes, the most expensive to insure were expensive imports including BMW, Audi, Mercedes Benz, and Porsche models. The least expensive were primarily Jeep models.
Most Expensive Cars to Insure – 2014 Models
|Nissan GT-R Track Edition||$ 3169|
Least Expensive Vehicles to Insure – 2014 Models
|Jeep Wrangler Sport||$1080|
|Honda Odyssey LX||$1103|
|Jeep Patriot Sport||$1104|
|Honda CR-V LX||$1115|
|Jeep Compass Sport||$1140|
|Chrysler Town & Country Touring||$1140|
|Subaru Outback 2.5i||$ 1144|
|Dodge Journey SE||$1149|
|Honda Odyssey EX||$ 1149|
|Dodge Grand Caravan SE||$1158|
|Jeep Patriot Latitude||$1161|
|Ford Escape S||$1170|
|Jeep Grand Cherokee Laredo||$1171|
|Jeep Wrangler Sahara||$ 1172|
Average US Car Insurance Premiums by State
|West Virginia||$ 2518|
|Washington, D.C.||$ 2127|
|Rhode Island||$ 2020|
|North Carolina||$ 1060|
|New Hampshire||$ 983|
The rates in Ohio may seem ideal however coverage may be severely lacking. What seems a bargain state might actually mean claims paid are meagre with medical caps ridiculously low, and therefore don’t actually cover the insured driver’s needs.
As for cars, choosing a Jeep Wrangler sport as your next vehicle might, you may save you more money than you were hoping to save by shopping around for insurance.
Do both and make sure you are adequately covered. If it seems too good to be true, it probably isn’t for you.