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And The Winner Of The Least Expensive Car To Insure Is…

What factors are the most important when selecting an automobile to buy? Does the color matter that much, the body style, or the make?

Asking any driver the top 10 reasons for buying a car would bring many answers, but most wouldn’t list low insurance premiums as a reason to make the purchase. Still, insurance is an important part of car ownership.

Car Payment Plus Insurance Premium Equals Real Car Payment

It is much better to consider the cost of insurance before even shopping for a vehicle, because it adds to the bottom line. That, in essence, equates to insurance expense being something “added” to the monthly car payment. What good is it to make payments on a car when you can’t afford the insurance?

Several organizations rate the cost of insurance for different types of automobiles each year to provide comparisons for consumers. The estimated rates are based on a hypothetical driver with a good driving record who is middle aged.

Coverage is set for amounts that aren’t the minimum, but are low. For instance, something along the lines of:

* $100,000 Injury Liability

* $300,000 for all Injuries * $500 Deductible

* $50,000 Property Damage

It might seem that anyone would understand that you must pay more for insurance on a Porsche than you would for a Ford, but given the choice between similar vehicles and price tags, there can be significant differences in insurance premiums.

How Premiums Are Set

The way that insurance companies set premiums, aside from the driving record and other personal aspects of the policyholder, is based on several factors, primarily historical ones. By checking the number of accidents a make of car has each year, tendencies are determined that may have to do with the overall safety of the vehicle and its design flaws.

Of course, consideration must be given as to how many of each model vehicle is on the road. How much each vehicle costs to be repaired when damaged, or the amount paid for total loss, bears directly on premiums. Also taken into consideration are bodily injury claims and payouts.

The winner of this year’s least expensive vehicle to insure is the Toyota Sienna LE, according to one source. This is just one of 20 cars that are economical to insure this year. The most costly to insure of the models reviewed is the Audi R8 Spyder Quattro. As you might guess, BMWs, Mercedes Benz vehicles, and other high dollar automobiles are going to be expensive to insure.

Although not as sporty as many people like, mini-vans are generally less expensive to insure because of the safety features added in their design and what it costs to have the vehicles repaired.

Bottom line is, if you can’t afford the insurance, you can’t afford the car.