2015 was a banner year for automobile sales. When it was all said and done, 17.5 million cars and trucks went to our homes. Cheaper gasoline, low interest rates and big incentives helped eclipse the previous record set 15 years ago.
However, if you are in the market for a new vehicle, don’t forget to factor in the cost of insurance when you are researching what to buy. The excitement of that new vehicle can quickly fade when you find out the cost to insure it.
Insure.com did some number crunching to determine which new cars will save you money on auto insurance premiums. They created a mythical 40 year old male with a 12 mile commute, a good driving record and good credit, and then checked rates for over 1,500, 2015 vehicles.
They found the least expensive to insure was the Jeep Wrangler Sport 4WD, with an annual cost of $1,134. The Jeep Patriot 2WD was second at $1,136. Rounding out the top five were the Honda CR-V LX 4WD, Dodge Grand Caravan SE Plus and the Honda Odyssey LX, all under $1,200 per year (See the attached list).
Now keep in mind, the actual average per state premiums varied widely, with the driver of the Jeep Wrangler paying as little as $694 a year in Maine or as much as $2,012 in Hawaii.
The factors that determine the cost to insure a vehicle are a combination of its price, horsepower, and claims history. From an insurance perspective, the better value vehicles were those that retail for less, cost much less to repair and are less likely to be stolen or involved in a crash. It’s no surprise that the most expensive vehicles to insure typically sell for more than $100,000, reach speeds of 200 miles per hour and cost much more to repair.
No matter what new vehicle you choose, there are ways you can lower the insurance costs:
- Clean up your credit. Many insurance companies look at your credit score, the better your credit the better rate you are likely to receive.
- Increase your deductibles. The savings will add up, especially if you are incident free for a number of years. Just make sure you have an emergency fund to cover that higher deductible.
- Check for good driver/good student discounts. Speaking of incident free, when’s the last time you had an accident or a moving violation. Most insurance companies will give you a good driver discount, but make sure you tell them. The same goes for students with good grades.
- Cut your driving. Ride a bike, take mass transit or move closer to where you work. How many miles you drive each year can affect your auto insurance rates; the less you drive, the greater the possible discount.
- Get a policy review. Has your commute changed? Did you install a security device? Did you get married? All of these can lower the rate you pay for insurance. Talking with your insurance advisor at least once a year is the best way to make sure you get the discounts you’re entitled to.
- Compare your current insurance to California Casualty. We are a 100 year old, policyholder owned company that provides auto and home insurance to educators, law enforcement officers, firefighters and nurses with exclusive benefits not available to the general public. This means:
- Deductibles waived or reduced for vandalism or accidents that occur when your vehicle is parked at work
- $500 coverage for personal property that is damaged or lost in a collision, fire or taken from your car
- Rates guaranteed for a full year (not six months)
- Free identity theft protection comes with each policy
- Multiple payment options including EZ Pay and holiday or summer skips
- Superior customer service – 99 percent with a claims satisfaction rating of 96 percent, (source: https://www.calcas.com/customer-feedback)
If you’re in the market for a new car, truck or SUV, contact a California Casualty advisor today. You might be surprised at the savings and all the benefits you qualify for at 1.800.800.9410 or visit www.calcas.com.
Sources for this article:
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters and nurses. Get a quote at 1.800.800.9410 or www.calcas.com.
Ten Most and Least Expensive Cars to Insure (from Insure.com)
The least expensive 2015 cars to insure
|1||Jeep Wrangler Sport 4WD||$1,134|
|2||Jeep Patriot Sport 2WD||$1,136|
|3||Honda CR-V LX 4WD||$1,160|
|4||Dodge Grand Caravan SE Plus||$1,162|
|5||Honda Odyssey LX||$1,163|
|6||Jeep Compass Sport 2WD||$1,164|
|7||Subaru Outback 2.5i||$1,176|
|8||Ford Edge SE 2WD||$1,176|
|9||Smart ForTwo Pure||$1,186|
|10||Ford Escape S 2WD||$1,190|
The most expensive 2015 cars to insure
|1||Nissan GT-R Nismo||$3,574|
|2||Mercedes-Benz SL65 AMG Convertible||$3,573|
|3||Dodge SRT Viper||$3,318|
|4||Porsche 911 Carrera S Cabriolet||$3,216|
|5||Audi R8 5.2 Spyder Quattro||$3,206|
|6||Porsche Panamera Turbo Executive||$3,174|
|8||BMW M6 Convertible||$3,115|
|9||Mercedes-Benz E63 AMG 4Matic Wagon||$3,042|
|10||Mercedes-Benz CLS63 AMG 4Matic Sedan||$2,972|