As anyone who has ever bought car insurance knows, there’s a big difference in insurance rates between a sports car and a station wagon. Regardless of how good your driving record is, certain vehicles will always have a higher monthly car insurance premium than others. Drivers looking for cars for sale in Texas and New Mexico should factor insurance costs into their purchasing decision to keep from overextending their finances.
Vehicle insurers will charge higher rates for more expensive vehicles and vehicles they believe will be driven by higher-risk drivers. For example, drivers of small cars typically pay more for vehicle insurance than drivers of larger vehicles. According to the Insurance Institute for Highway Safety, small cars are statistically more likely to get into accidents, making them riskier to ensure, hence the higher premiums.
Going big isn’t an automatic guarantee of cheap insurance, however. Some SUVs have high insurance rates because of their potential to cause costly damage to other vehicles.
Knowing how expensive a vehicle will be to insure is a critical piece of information for prospective car buyers. According to CNBC, these are the most and least expensive vehicles to insure:
Least Expensive Vehicles to Insure
· No. 5 – Honda Odyssey – Average annual insurance cost: $1,163
· No. 4 – Dodge Grand Caravan – Average annual insurance cost: $1,162
· No. 3 – Honda CRV – Average annual insurance cost: $1,160
· No. 2 – Jeep Patriot Sport – Average annual insurance cost: $1,136
· No. 1 – Jeep Wrangler Sport – Average annual insurance cost: $1,134
Most Expensive Vehicles to Insure
· No. 5 – Audi R8 – Average annual insurance cost: $3,206
· No. 4 – Porsche 911 Carrera S Cabriolet – Average annual insurance cost: $3,216
· No. 3 – Dodge SRT Viper– Average annual insurance cost: $3,318
· No. 2 – Mercedes-Benz SL65 AMG Convertible – Average annual insurance cost: $3,573
· No. 1 – Nissan GT-R Nismo – Average annual insurance cost: $3,574
Ways To Save
When shopping for a new vehicle at car dealerships in El Paso and New Mexico, drivers should shop around for quotes from insurers to get the best deal. Drivers can also save money on insurance by buying vehicles with smaller engines and avoiding smaller sportier models. Avoiding the classic red Firebird sportscar can end up saving you more than you would think on insurance costs (and car payments).
By shopping smart and being willing to make a few small sacrifices, drivers can find a vehicle that’s affordable on payments and insurance costs.
Jack Key Auto Group is a new and used car dealer serving Southern New Mexico and West Texas. With nine brands - Chrysler, Jeep, Dodge, Ram, Ford, Nissan, Kia, Honda, and Lincoln – in five locations, Jack Key Auto Group is the dealer that generations of local residents have trusted to supply quality vehicles.