The Cheapest Used Cars to Insure and Why They’re More Affordable
When you buy a car, your monthly lease isn’t the only expense you have to worry about. Insurance can also skyrocket. Here are the cheapest used cars to insure and why they’re cheaper.
If you’ve ever been responsible for ensuring a car, you’ve probably heard the urban legend that car insurance companies jack up insurance rates for red cars. That’s not true. Your insurance company has no idea what color your car is.
But some cars are cheaper to insure.
There are some used cars that cost more than others. So what are the cheapest used cars to insure? Read on to find out more.
Why Some Cars Cost More to Insure
While the urban legend about the red car isn’t true, there is some hidden truth in the myth.
There are some cars that are going to cost more to insurance companies. That’s because insurance companies are data-driven. If they think that owning a particular car means you’re inherently more reckless than you should be, they’ll charge you accordingly.
One example is a sports car. Their numbers say that people who drive sports cars tend to be riskier-than-average drivers.
Luxury cars can also come equipped with high insurance rates. This is mostly because any damage done to the car is going to be more expensive to repair, and replacement is not going to be cheap either.
That doesn’t mean that inexpensive cars are less expensive to insure as a rule, though. One-third of insurance payouts go towards vehicle theft. The most stolen cars in America are Honda Accords and Civics.
Those aren’t exactly luxury sports cars, right?
If your car is one of the most popular targets for thieves, your insurance is going to be higher.
And lastly, your insurance company considers a bigger car to be more of a liability than a small one. That’s because a huge vehicle might be safe for you, it’s less safe for anything you might crash into.
You see, your insurance doesn’t just cover you. It covers you and the damage that you do to someone or something else.
The Cheapest Used Cars to Insure
Here’s a list of the cheapest cars to insure, ranked by estimated annual premium cost.
- Honda CR-V ($1,440 per year)
- Chrysler PT Cruiser ($1,440 per year)
- Ford Taurus ($1,452 per year)
- Dodge Caravan ($1,464 per year)
- Toyota Tacoma ($1,464 per year)
- Toyota RAV4 ($1,464 per year)
- Toyota Prius ($1,488 per year)
- Dodge Grand Caravan ($1,512 per year)
- Hyundai Santa Fe ($1,515 per year)
- Ford Escape ($1,515 per year)
It’s worth pointing out that the main thing insurance companies look at before selling you insurance is you. They pay attention to how safely you drive, how many moving violations you’ve gotten, and whether or not you’ve been in any accidents.
If your driving record is a mess, your premiums will be higher even if you get one of the cheapest vehicles to insure.
Why They’re More Affordable
Insurance companies set their prices based on large “pools” of drivers. If one vehicle gets into a plot of accidents, everyone who drives that particular vehicle will need to pay more money.
There are a few other factors that might go into making these cars seem less risky than others.
They’re family cars, for starters. These are all cars you’re likely to see around a neighborhood toting a few children around.
But this isn’t the only factor. Take the Honda Accord, for example. They were one of the most stolen cars in 2016, making them one of the more expensive cars to insure.
These cars are also inexpensive to repair. This is an important factor when choosing a used car that might seem to need more repair than a new one.
However, used car insurance operates the same way new car insurance does. And there are many factors that go into insuring a car.
Your used car’s safety rating is going to affect your premium. If the car you want to buy has a high safety rating, you’ll get a good rate. The safety rating depends on how likely a passenger is going to be hurt in an accident. So when you’re shopping for used cars, look for those with safety features like airbags and traction control.
Also, your used car is going to be older. Even though it costs pretty much the same to repair an old car as it does a new one, older cars are more likely to be totaled in an accident. This is because the cost to repair far outweighs the value of the car.
It’s All About You
Your demographic has a huge influence on your insurance. Car insurance companies are going to consider your gender, age, marital status, your location, credit score, and profession when coming up with a premium for you to pay.
Young men tend to pay more than young women due to the number of teenaged boys in car accidents. However, older men pay less than older women do.
Married people also tend to have fewer accidents, and getting married can seriously lower your rate.
Most traffic accidents happen close to home. This means that some areas are going to have a higher insurance rate than others do. More populated areas put you at a higher risk for an accident, so you’ll have to pay more as well.
Also, car insurance companies make judgments about a person’s risk of an accident based on their profession. Delivery drivers and journalists are in their cars more often and are more likely to be in an accident. Pilots tend to just drive between the airport and home, so they pay less.
Likewise, police officers, nuns, and insurance underwriters are considered more carefully, so they typically don’t pay high rates for premiums.
The Least Expensive Used Cars to Insure
Paying for your car to be insured is probably the most costly part of owning a car. You have to remember that you have power too. You can shop around and do things to lower your car’s rate.
If you’re looking for the cheapest used cars to insure, pick one of the ones listed above. A small, family car with a low age and high safety rating is your best bet.
If you’re looking for a used dealership on blackstone, visit the clawson truck center today!