If you’re shopping for a new car and want to keep your insurance premiums as low as possible, consider purchasing a car that commands some of the lowest insurance rates. You may need to make some compromises and just say “no” to that luxury sports car you had your eye on, but you will end up saving a significant amount of money in insurance costs in the long run.
According to research, the following 2011 vehicles command the lowest car insurance rates:
1. Chrysler Town amp; Country LX , with an average yearly premium of $1,091.80
2. Toyota Sienna, with an average annual premium of $1,100.66
3. Toyota Sienna LE, with an average yearly premium of $1,107.70
4. Honda Odyssey LX, with an average annual premium of $1,114.62
5. Nissan Murano SL, with an average annual premium of $1,127.89
6. Jeep Wrangler Unlimited Sport, with an average yearly premium of $1,131.27
7. Honda Odyssey EX, with an annual average premium of $1,138.16
8. Toyota Sienna (six-cylinder), with an average annual premium of $1,142.94
9. Ford Escape XLs, with an average yearly premium of $1,150.26
10. Toyota Highlander, with an average yearly premium of $1,154.02
These are all national averages, so even if you were to insure any of these vehicles, your actual annual premium may be significantly higher or lower depending on the state you live in and several other factors.
Factors Used to Calculate Car Insurance
All of the major car insurance providers calculate insurance coverage using several different criteria. The make, model and year of your vehicle is just one element of the calculation. Some of the other factors that many insurance providers take into account include:
– Your driving record
– Your credit rating
– Primary use of the vehicle
– The state you live in and the geographic areas you plan to drive
– Estimated annual mileage
Even when you are looking for car insurance for one of the vehicles in the list above, it can pay to shop around and find the best rate. Car insurance providers are competing for customers and may be able to offer you a competitive rate quote and package when they know you are shopping around. Even when the offer sounds low, don’t be afraid to shop around for quotes and compare packages from at least two or three reputable car insurance providers.
Another important thing to consider when shopping for car insurance is the deductible. If you elect for a higher deductible, you will pay a lower premium but will be responsible for paying more out-of-pocket in the event of an accident.