While searching for a new vehicle there are a few things you should consider, such as the cost of your insurance. Insurance companies have structured a way to determine the price a customer will pay for their auto insurance. The rates are determined by a long list of factors, with some factors impacting the rate more than others. One of the defining factors of auto insurance is the actual type of vehicle you drive. Insurance companies work around risk management and the likelihood you and your vehicle will be involved in an accident, therefore the risk they may have to pay for damages. The safer the vehicle, the less you may pay for your insurance premiums.
It has been commonly assumed the cheaper the vehicle to purchase, the cheaper the vehicle may be to insure. Typically, a cheap vehicle is owned by a young driver and therefore is more expensive to insure. Also, cheap vehicles tend to be less expensive for a reason. They may not be equipped with high rated safety features, security systems, expensive materials or the ability to sustain a long life. With this in mind, it should be no shock the safest cars are not cars at all, but rather trucks and SUV’s.
According the a 2009 study by the National Highway Traffic Safety Administration, the most inexpensive vehicle to insure is an Econoline van, which is 61% cheaper to insure than the average vehicle.
Before purchasing your next vehicle, do your homework. Sites such as www.autocricket.com provide a free service for those searching for new vehicles. Using this site, you have the ability to view an estimate of your insurance policy based on the new vehicle of your choice. Do not purchase and commit to a vehicle without first reviewing the future cost for insuring the vehicle.