Everyone knows that the type of vehicle you drive affects your car insurance rates. But, do you know why and how much? With the unstable economy in our country today, saving money is a priority for every American. One good way to cut expenses is to lower your car insurance costs.
So, what are you driving these days? Is it worth the extra insurance you’re paying? To see if switching vehicles could save you money, let’s look at the vehicles that cost the most to insure.
Sandifer Insurance Agency works diligently to help our customers cut costs on insurance. Here is some information that may be helpful to you and your wallet. You may be surprised at how your choice of vehicle can affect your insurance premium.
How Do Make and Model Affect Car Insurance Rates?
Generally, car insurance rates are based on a combination of factors. Your driving record tops the list, followed closely by the make and model of the vehicle.
If you have a vehicle with high-tech features, it will cost more to repair or replace. Your insurer typically requires higher rates due to the possibility of large claims if your car is damaged.
Aside from make and model of the vehicle, insurance companies evaluate other factors that can affect your insurance premium.
What Else Affects Car Insurance Rates?
In addition to the type of vehicle you choose and your driving record, several other factors affect car insurance rates. Here are the most important things an insurer looks at when rating a policy:
- Age, especially for young drivers
- Credit score
- Driving experience
- Where you live
- Gender
- Insurance history
- Annual mileage
- Marital status
- Claims history
- Coverage level
- Amount of deductible
Your car insurance policy will be cheaper if you have less risky rating factors. So, let’s look at how you can lower your risk factors based on the type of vehicle you own.
10 Car Brands That Are the Most Expensive to Insure
It’s hard not to love a high-performance or luxury car, but they can certainly put a dent in your finances. If you’re interested in driving a dream car, here are a few things to keep in mind. According to the Insurance Institute for Highway Safety (IIHS), these are the 5 most expensive vehicle brands to insure:
- DODGE – The IIHS found that insurance losses for the Dodge Charger are 110% higher than average. Other Dodge models were also the most expensive vehicles to insure in 2022. The average cost to insure a Dodge is about $354 per month which is 145% higher than the national average.
- TESLA – Although Tesla is a popular choice for EV enthusiasts, the cost to repair the Tesla Model X is significant. In 2022, the average cost to insure a Tesla is around $251 per month which is a 74% increase from the national average.
- BMW – Insuring a BMW will cost you 35% more than standard vehicles because of it’s luxury car status. Depending on the insurer, you will pay from $112 to $171 per month to insure a BMW.
- LEXUS – As the 4th most expensive car to insure, the Lexus IS and ES 350 are rated as luxury vehicles. The average cost to insure a Lexus is about $189 per month.
- GMC – Trucks and utility vehicles are expensive to repair and considered high-risk vehicles. The average cost to insure a GMC model typically runs about $184 per month.
- RAM – Due to their risk for fatal vehicle accidents, heavy-duty Ram pickup trucks cost more to insure. The average cost to insure a RAM pickup is about $175 per month.
- NISSAN – Models like the speedy Nissan GT-R and the EV Nissan Leaf cost about $167 per month to insure.
- HYUNDAI – The Highway Loss Data Institute (HLDI) found Hyundai vehicles to be top targets for vehicle theft which contributes to higher insurance rates. In 2022, the average cost to insure a Hyundai was about $164 per month.
- KIA – The HLDI also ranks Kia as a top target for vehicle theft. As such, it costs about $164 per month to insure a KIA.
- TOYOTA – The cost to insure a Toyota vehicle is about 13% higher than the national average. A full-coverage policy will cost about $164 per month.
Next, we’ll explore the cheapest cars to insure, so you can make an informed decision when buying your next vehicle.
What Are the Cheapest Cars to Insure?
Of course, many factors play a role in determining your insurance rate. But, let’s face it, some cars are cheaper to insure regardless of the other factors. If you’re looking to save money on car insurance, consider these facts:
- MAZDA – $89 to $119 per month to insure
- VOLKSWAGEN – $90 to $134 monthly
- SUBARU – $89 to $127monthly
- JEEP – $87 to $138 monthly
- HONDA – $86 to $142 monthly
The above monthly premiums are based on 2022 national averages. The rates may go up depending on the insurer and other factors.
Get the Best Car Insurance Rates With Sandifer Insurance
The best way to get the best car insurance rates is to compare quotes from different insurers. However, it can be a lengthy and confusing process. Sandifer Insurance Agency can make the task easier. We’ll compare quotes from several major insurance companies to get the best rates available.
Sanidifer has helped customers get affordable, reliable insurance for over 40 years. We are proud to serve our neighbors in Cheraw, SC, and customers in surrounding areas as well. Contact us today by phone, email, or online to get a free quote or to talk with one of our knowledgeable agents.
Sources:
- marketwatch.com/ – 10 Most Expensive Car Brands to Insure
- iihs.org/ – Insurance Losses by Make and Model
- iihs.org/ – High-Theft Vehicles Revisited