The Most And Least Expensive Cars To Insure

Posted by Benji Riggins on October 24, 2011 under Saving money | Be the First to Comment

When it comes to cheaper auto insurance, family-friendly four doors are usually your best bet. The humble though still popular Chrysler Town & Country is a sensible car that’s fairly cheap to insure. On the other hand, if imported luxury is your preferred mode of transportation, be prepared for hefty insurance premiums to go with all the trappings.

Knee-buckling beauties like the 12-cylinder Mercedes SL65 AMG can set you back a national average of $3,543.81 per year in insurance costs alone, making it the most expensive car in America to insure, according to data from Quadrant Information Services commissioned by Insure.com. Overall, European brands including Mercedes, Porsche, Aston Martin and BMW are the most expensive to safeguard. Meanwhile, American and Japanese non-luxury minivans, SUVs and sedans make up the 10 least expensive cars to insure, according to Quadrant’s data. The top four cheapest cars to insure are minivans.

For comparison’s sake, Quadrant calculates average annual insurance premiums based on a single 40-year-old male driver with a clean driving record, good credit, and who commutes 12 miles to work each day. The premiums Quadrant comes up with include uninsured motorist coverage with policy limits of $100,000 for injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident, plus a $500 deductible on collision and comprehensive coverage. Premium quotes come from six large insurance carriers: State Farm, Allstate, Progressive, GEICO, Farmers and Nationwide.

Of course, your own rates may vary based on your personal situation.

And insurance rates can be much higher in certain states. While one might expect that New York and California would top the list of states with the highest average auto insurance premiums, they don’t even make it to the top five.

There are a couple of key reasons why Michigan holds the top spot in terms of costly car insurance according to Insure.com spokesman Emmet Pierce. “Michigan is the only state that guarantees unlimited personal injury protection payments to those who are injured in auto accidents,” plus the state includes assistance to help people with catastrophic injuries to pay for medical care, Pierce explains.

But brand and price aren’t necessarily the only factors that come into play when determining insurance premiums. Age and driving experience of owners are also a factor.

“An inexpensive car can be relatively costly to insure if it appeals to younger, less-experienced drivers who tend to get into more accidents,” says Pierce. For instance, a Kia Rio is definitely not considered a luxury car, but at $1,522, the annual insurance premiums aren’t much less than that of a Corvette two-door coupe which costs around $1,741 per year on average to insure.

Cars on the list of most commonly-stolen vehicles in the country according to the National Insurance Crime Bureau can also be more expensive to insure than those that aren’t on the list. Those particular cars actually tend to be older models that aren’t equipped with the sophisticated anti-theft and tracking devices that newer vehicles have.

Top 10 least expensive to insure (national average annual premium):

10) Toyota Highlander SUV ($1,154.02)
9) Ford Escape XLS SUV ($1,150.26)
8) Toyota Sienna V6 Minivan ($1,142.94)
7) Honda Odyssey EX Minivan ($1,138.16)
6) Jeep Wrangler Unlimited Sport ($1,131.27)
5) Nissan Murano SL SUV ($1,127.89)
4) Honda Odyssey LX Minivan ($1,114.62)
3) Toyota Sienna LE Minivan ($1,107.70)
2) Toyota Sienna I4 Minivan ($1,100.66)
1) Chrysler Town & Country LX Minivan ($1,091.80)

Top 10 most expensive to insure (national average annual premium):

10) Mercedes G55 AMG SUV ($3,086.49)
9) Aston Martin DB9 Volante Convertible ($3,088.96)
8) Porsche 911 Carrera S Cabriolet ($3,092.31)
7) Mercedes CL600 Coupe ($3,114.28)
6) Aston Martin DB9 Coupe ($3,120.45)
5) Mercedes S65 AMG Sedan ($3,220.86)
4) Mercedes SL63 AMG Convertible ($3,263.46)
3) BMW 750Li Sedan ($3,280.70)
2) BMW 750i Sedan ($3,280.70)
1) Mercedes SL65 AMG Convertible ($3,543.81)

Full List: The Most And Least Expensive Cars To Insure

By Althea Chang | Forbes – Wed, Sep 21, 2011 2:12 AM EDT

New Web Site Calculates Diminished Car Value for Consumers

Posted by Benji Riggins on December 14, 2010 under Saving money | Be the First to Comment

The people who launched TheyWroteOffMyCar.com are at it again with a new Web site service called MyCarIsWorthLess.com. That’s worth less, not worthless, according to the announcement.

It’s supposed to help consumers calculate the reduced, or diminished, value of their vehicle after an insurance repair claim.

“Approximately 15 percent of vehicles on the road are involved in a vehicle damage claim annually,” claims Viraf Baliwalla, president of TheyWroteOffMyCar.com. He says that about 10 percent of those claims result in a total loss but 90 percent are repaired and have a claim registered against their history and therefore incur diminished value, which amounts to billions of dollars nationwide annually.

According to Baliwalla, most car owners assume they have not lost any money if insurance has paid for all repairs to their damaged car. But, he says, that’s not the case.

“Even if a vehicle is repaired properly by the insurance company, the vehicle still has an inherent decrease in value just because of a claim being registered against it,” he maintains. “Try to sell that car or trade it in and be ready for a rude awakening, anywhere from several hundred to several thousand dollars.”

“Most people don’t know they are eligible to claim for diminished value and therefore don’t ask for it. Nor do they know how to calculate or demonstrate their loss,” says Baliwalla.

He says it is not the insurance company’s responsibility to inform people of their eligibility for diminished value or to educate them on how it works. They also have to be able to demonstrate that they have incurred the amount of loss they are claiming.

One of the challenges for both policyholders and insurers has been that both sides have a vested interest but neither have expertise in pricing vehicles, according to the Web site guru. That’s where his MyCarIsWorthLess.com comes in. He says it is the first “completely neutral” online tool that delivers a “fair and reasonable result instantly.”

The cost to generate an online diminished value report is $39.

His main Web site, TheyWroteOffMyCar.com, helps consumers whose vehicles have been deemed a total loss by their insurance company.

Read more: http://www.insurancejournal.com/news/national/2010/12/01/115298.htm#ixzz16tOVVHJO

The Most (and Least) Expensive Vehicles to Insure

Posted by Benji Riggins on March 26, 2010 under Saving money | Be the First to Comment

The Porsche Carrera 911 GT2 two-door coupe is the most expensive 2010 vehicle to insure, according to a new ranking of average premiums for 2010 models that Insure.com released this week.

The rankings, which the insurance information and shopping site publishes annually, are based on the premium that a 40-year-old man with a good driving record, a good credit record and a 12-mile commute would pay annually.

The insurance data firm Quadrant Information Services calculated the average premiums for Insure.com by averaging car insurance rates from six large carriers across 10 ZIP codes in each state. According to the results, the national average annual premium for the Porsche 911 Carrera GT2 is $2,943.78, and other high-end sports cars like the Dodge Viper tended to dominate the list of the most expensive premiums (see the chart below for more). Amy Danise, senior managing editor at Insure.com, said the results didn’t surprise her since insurance policies are based on claims history. The Porsche Carrera GT2 “would have a really high claims history, meaning the drivers of that model have submitted a lot of very expensive claims. They crash a lot, and the cars could be very expensive to repair,” she said.

(In 2007, I wrote an article for The Wall Street Journal called “Honey, I Wrecked the Porsche,” about the spate of owners crashing expensive sports cars, including Porsche Carrera models. One reason for the crashes: inexperienced or reckless drivers getting behind the wheel of increasingly powerful and light cars.)

Meanwhile, at the other end of the spectrum, minivans dominated the list of those least expensive to insure (see the chart below for more). Ms. Danise said minivans and smaller sport utility vehicles tended to be the least expensive to insure.

One surprise on the least expensive list? The Jeep Wrangler, which Ms. Danise said must not have a lot of claims attached to it. “It’s hard to speculate” why it’s on the least expensive list, she said. “But it could be cheaper to repair or have fewer injury claims.”

The particular car insurance policy that the survey examined contained uninsured motorist coverage, coverage of $300,000 for all injuries, coverage of $50,000 for property damage in an accident and a $500 deductible on collision and comprehensive coverage.

The study covered about 2,400 2010 models. Those left out were ones for which there wasn’t enough data, including exotic cars like Bentleys and Lamborghinis, which Insure.com said probably carried hefty insurance bills.

While actual premiums will vary based on individuals’ characteristics, including age, driving record and the chosen policy, Ms. Danise said vehicles’ placement in the rankings should stay relatively consistent from driver to driver.

Among categories of vehicles, according to Insure.com, the Dodge Caliber is the least expensive passenger car to insure, the GMC Canyon WT (2WD 2 Door 2.9L) is the least expensive pickup to insure and the Honda Odyssey LX (5 Door 2WD SOHC) is the least expensive minivan to insure. Click here for the full list and a new tool from Insure.com that lets you search the rankings by vehicle and location.

When have you been surprised (positively or negatively) by the price an insurance company quoted for coverage for your vehicle?

The Five Least Expensive 2010 Vehicles to Insure

Rank Make and Model Style & Type Cylinders Average National Premium
1 Mazda Tribute I 2WD, 4-door utility 4 $1,070.25
2 Honda Odyssey LX 5-door 2WD SOHC van 6 $1,095.26
3 Mazda Tribute I 4WD 4-door utility 4 $1,103.29
4 Chrysler Town & Country LX 2WD 4-door 3.3L wagon 6 $1,119.83
5 Jeep Wrangler X 4WD 2-door 3.8L Utility 6 $1,124.38

The Five Most Expensive 2010 Vehicles to Insure

Rank Make and Model Style & Type Cylinders Average National Premium
1 Porsche 911 Carrera GT2 2-door coupe 6 $2,943.78
2 Mercedes S65 AMG 4-door sedan 12 $2,863.03
3 Dodge Viper SRT-10 2-door coupe 10 $2,851.89
4 Porsche Panamera Turbo AWD 4-door sedan 8 $2,837.39
5 Dodge Viper SRT-10 2-door convertible 10 $2,815.90

Source: Insure.com, from a study commissioned by Insure.com from Quadrant Information Services

By JENNIFER SARANOW SCHULTZ

U.S. Launches Auto ‘Clunker’ Program

Posted by Benji Riggins on July 28, 2009 under Saving money | Be the First to Comment

The U.S. government launched a $1 billion cash incentive program on Friday to stimulate auto sales by getting consumers to part with gas guzzling cars and trucks and buy more fuel efficient vehicles.

The program, which offers up to $4,500, will be overseen by the Transportation Department.

Dealers and manufacturers are offering additional incentives, including matching funds in some cases, to help boost sales.

Congress approved the program to help the U.S. auto industry after handing out billions of dollars in bailouts and the bankruptcies of General Motors Corp and Chrysler Group.

Efficiency terms established by the Transportation Department are narrow enough to help GM, Chrysler and Ford Motor Co sell their bread-and-butter pickups and sport utilities, even though passenger cars as a class get better gas mileage and give off fewer carbon emissions.

Overseas automakers like Japan’s Toyota Motor Corp and Honda Motor Co dominate sales of fuel-efficient passenger cars in the United States.

Trade-ins must get no more than 18 miles per gallon, they must be drivable and no more than 25 years old. No model later than 2001 will qualify. Trade-in vehicles must also meet specific ownership and insurance criteria.

The government estimates the program will help finance up to 220,000 new car purchases, or about 12 per dealer in the United States. The program is not expected to boost manufacturing output unless it is extended beyond $1 billion.

Congress has not ruled out additional funding if the program is successful.

Shedding Light On Car Insurance Savings

Posted by Benji Riggins on May 18, 2009 under Saving money | Be the First to Comment

It can be easier than you think to put the brakes on high auto insurance rates – as an independent agency, Statewide Insurance Group, Inc. can help! We can review your policy and possibly help you find a variety of illuminating ways to save money. Here are some things you may want to consider:

 

 

• Ask us to check several companies’ rates. This is the single most important thing you can do to get the best possible rate—and we can do it for you quickly and easily. The difference between the highest and lowest rate available to you from different companies could vary by hundreds of dollars.

 

 

• Reduce or drop physical damage coverage on an older car. Depending on your car’s age and where you live, comprehensive and collision coverage may not be worth keeping. We can give you advice on whether it makes sense to reduce or drop this coverage altogether.

 

 

• Raise your deductible. According to the Insurance Information Institute, raising your deductible from $250 to $500 could reduce your collision and comprehensive cost by 15 to 30 percent. In addition, because the average driver files a collision claim only once every ten years, odds are that over the lifetime of your car, a higher deductible will save you money. We can show you how raising your deductible will lower your premium.

 

 

• Look for discounts. Many insurance companies reduce premiums for certain driver traits or car features. For example: being a homeowner for more than three years, nonsmoker, nondrinker, students with good grades, senior citizens who have taken an approved defensive driving course, people who only drive for pleasure, cars kept in garages, antilock brakes, antitheft devices, air bags, etc. Ask us to check.

 

 

• Don’t assume having your car and home insured by the same company is the best option. Because auto insurance rates vary so much from company to company, it may make sense for you to have your car and home insured by separate companies. Let’s talk about it.

 

 

To learn more about all an independent agency can offer you, stop by or call:

 

 

Statewide Insurance Group, Inc.

5718 Hwy 74 West

Indian Trail, NC 28079

704/821-7630

Shedding light on car insurance savings

Posted by Benji Riggins on March 18, 2009 under Saving money | Be the First to Comment

 

It can be easier than you think to put the brakes on high auto insurance rates – as an independent agency, Statewide Insurance can help! We can review your policy and possibly help you find a variety of illuminating ways to save money. Here are some things you may want to consider:

 

• Ask us to check several companies’ rates. This is the single most important thing you can do to get the best possible rate—and we can do it for you quickly and easily. The difference between the highest and lowest rate available to you from different companies could vary by hundreds of dollars.

 

• Reduce or drop physical damage coverage on an older car. Depending on your car’s age and where you live, comprehensive and collision coverage may not be worth keeping. We can give you advice on whether it makes sense to reduce or drop this coverage altogether.

 

• Raise your deductible. According to the Insurance Information Institute, raising your deductible from $200 to $500 could reduce your collision and comprehensive cost by 15 to 30 percent. In addition, because the average driver files a collision claim only once every ten years, odds are that over the lifetime of your car, a higher deductible will save you money. We can show you how raising your deductible will lower your premium.

 

• Look for discounts. Many insurance companies reduce premiums for certain driver traits or car features. For example: being a homeowner for more than three years, nonsmoker, nondrinker, students with good grades, senior citizens who have taken an approved defensive driving course, people who only drive for pleasure, cars kept in garages, antilock brakes, antitheft devices, air bags, etc. Ask us to check.

 

• Don’t assume having your car and home insured by the same company is the best option. Because auto insurance rates vary so much from company to company, it may make sense for you to have your car and home insured by separate companies. Let’s talk about it.

 

To learn more about all an independent agency can offer you, call us at 704/821-7630