When searching for the best car insurance rates, you may overlook the fact that the type of car you own affects your insurance costs. While several factors influence your monthly premiums, the vehicle you drive is critical. For example, insuring a Volkswagen Phaeton W12 450 Motion LWB costs 70% more than insuring a Toyota Aygo
When searching for the best car insurance rates, you may overlook the fact that the type of car you own affects your insurance costs. While several factors influence your monthly premiums, the vehicle you drive is critical.
For example, insuring a Volkswagen Phaeton W12 450 Motion LWB costs 70% more than insuring a Toyota Aygo 1.0 VVT-i. That’s quite a difference! Therefore, if you’re on a tight budget, start by buying an insurance-friendly car. The following five tips will help you make an informed decision:
1. Compare premiums:
Before going to the dealership, compare quotes online for the year, make, and model you’re interested in purchasing. The results may make you reconsider. While you can cut costs by reducing your coverage or adding a higher excess, don’t sacrifice quality coverage for a fancy car.
2. Avoid high-performance vehicles:
Sports cars, large SUVs, luxury cars, and other vehicles with added features have higher insurance rates because they’re costly to repair or replace. The safety of the car is also crucial- a small sports car offers limited safety features and attracts reckless drivers. Additionally, these cars are gas-guzzlers, which will increase your expenses.
3. Research the average costs for repairs:
Insurers cover cars that are inexpensive to repair, or if the parts are readily available. Prior to purchasing the car, determine the costs of repairing and maintaining the vehicle in your area. Resource sites have average repair costs based on the category.
4. Know the stolen vehicle statistics:
Cars that are typically targeted for theft are more expensive to insure. You can find out about stolen-car statistics through the Vehicle Crime Intelligence Service. Fortunately, your brand new car is less likely to be stolen.
5. Get a less expensive model:
The extra features included in high-end cars may be convenient, but they will also be costly to repair. For instance, your built-in navigation system and sunroof may increase your premiums. Forgo the frills and save money on both the sale price of the car and your insurance premium.
Final thoughts:
Family-friendly four-door cars are safe choices when seeking low-cost car insurance rates. The Chevrolet Spark is a sensible vehicle to insure. Other options include the Ford Fiesta, Ka, Peugeot Partner Tepee, and Skoda Fabia Hatchback and Estate. However, if you’re set on purchasing an imported luxury vehicle, be prepared to pay a high insurance premium. Regardless, research your vehicle to understand how it will impact your insurance rates before making the purchase.
