Survey Shows Insurance Rates Vary by Car Model
As a driver, you make sure to follow the rules of the road, so you don’t get into an accident and have to pay higher rates. But, what if the car you drive is causing you to pay higher monthly premiums? In some instances, according to a recent survey conducted by Value Penguin, this could very well be the case.
To collect its data, the company examined the top 70 most popular car models in the U.S. and got quotes for each in five cities across the country. For the quotes, researchers fabricated a 30-year-old male driver behind the wheel.
A diverse array had the lowest rates – Toyota Tundra, Mazda CX-5, Volkswagen Golf, Kia Optima and Kia Sorento – and a similarly disparate group had the highest – Buick Encore, Ford Fiesta, Jeep Cherokee, Acura MDX and Chevrolet Camaro.
However, once researchers broke down figures by brand, certain car manufacturers had higher premiums. In particular, Volkswagen, Kia and Mazda were the most economical and Hyundai, Mercedes-Benz, Nissan and Subaru had the greatest costs.
On a very broad scale, certain models tend to be charged more. Because of potential accident risks and younger drivers, convertibles and SUVs are generally associated with higher rates. Vehicles designed for families with more safety features, such as hatchbacks and station wagons, tend to run lower.
Beyond these trends, the survey found one correlation: When drivers are more accident prone or a car model is frequently stolen, the carrier considers it riskier to insure. Thus, even if you’re a safe driver selecting an economy car, you could be paying a higher premium. In fact, this difference could be an additional $260 per year.
If you’ve recently purchased a car associated with lower rates and want to update your coverage, work with an agent at Ion Insurance. To discuss your policy and coverage options, give us a call at 203.729.5261.