A variety of factors are considered in determining the cost that a consumer pays to insure a particular car. The car's make and model, while not the only such factors, are two significant ones. Certain organizations, such as Insure.com, actually analyze various cars to determine their typical insurance costs across all major car insurance providers. They judge hundreds of different cars, comparing them to a formula that analyzes certain data that applies to them all. The frequency of accidents involving a particular car, the typical prices of injury claims for the driver and passengers in that car, the overall cost of a totaled vehicle and the cost of repairs to a non-totaled vehicle are all basic numbers included in the formula. The driver is the constant variable in the formula. For the sake of comparison, he is considered to be a single male at age 40 with good credit and a clean driving record. The coverage of the policy is also the same for each test. The specific insurance costs, of course, will vary somewhat based on the policy chosen and the individual driver.
The Most Expensive Vehicles to Insure
As the list of the most expensive cars to insure was created, it quickly became evident that the higher end of the spectrum would mostly be covered by the high-priced cars. The key points that played into this result were the high frequency of accidents and the high repair cost of these vehicles. That made the Audi R8 Spyder Quattro convertible the most expensive, with an average rate of $3,384 annually. This model is noted for its powerful engine and quick acceleration. Out of the top 20, eight were Mercedes-Benz models, including the second highest, the Mercedes CL600 Coupe, a luxury car noted for its high-priced repairs. One oddity in the top 20 was the inclusion of the Nissan GT-R Coupe Turbo, a sports car designed for speed and racing. The rest were vehicles from European car makers.
The Least Expensive Vehicles to Insure
On the list of the least expensive cars to insure, the Toyota Sienna LE minivan was the most economical option. Its average annual insurance cost was only $1,111. Cars on this list were cheaper to repair and got into accidents less frequently than the typical vehicle. Aside from the many minivans on the list, several vehicles in the top 20 were large trucks like the GMC Sierra K1500 Regular Cab and SUVs like the Jeep Patriot Sport. Trucks, SUVs and minivans are all practical, durable vehicles, which is why the average insurance cost of the top 20 vehicles in this category is under $1,200 annually.
Author Bio:
Guest post by Victoria, for Easy Finance. Victoria is a freelance tech and finance writer. She contributes to a number of websites.
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