You need two things when you drive a car -- a drivers license and auto insurance. Owning the license itself may not be costly, but buying auto insurance sure is. That's why everyone who drives is looking for the cheapest car insurance they can get. A lot of factors go into the final cost of insurance. They include the type of car you drive, where you live, how much you drive and more. If, for example, you drive a Mercedes-Benz SL65 AMG, then you can expect to pay a lot of money on car insurance. In fact, the SL65 AMG is the most expensive car to insure. Why? Well, maybe the car's six liter, V-12 bitturbo engine that generates 604 horsepower has something to do with it. Maybe it's speed -- it has a top speed of 120 mph and goes from 0 to 60 in 4.2 seconds. How much do you think a good driver who owns this car would spend on auto insurance? A recent study by Quadrant Information Services discovered that the average annual national premium would be $3,629.11.
The BMW 750i is number two as the most expensive car to insure. A luxury sedan, the car has a V-8 engine that generates 400 horsepower and has a lot of luxury amenities, like a navigation system that works via voice command, a power tilt moonroof and a 10-speaker sound system. Do you see a pattern here? It seems that the auto insurance companies frown on cars with large engines that generate a lot of horsepower. They also don't like it when it is jammed with expensive goodies.
Insurance companies look at something called the "loss history" of a vehicle when determining its premiums for collision and comprehensive coverage. What is "loss history?" It is the frequency and severity of claims that are typically filed for a particular model vehicle by its owners. So a car with a lot of sizzle and speed is going to cost a lot to insure. Moreover, if the driver has a lot of traffic violations, claims and/or accidents on his or her record, that just adds to the mound of money.
So what kind of vehicles will help get you cheaper rates? It appears that it is the mundane type of vehicles -- the family cars, for example. The vehicles that will get you the cheapest insurance are the minivans and SUVs. For example, the vehicle that would land you the cheapest insurance is the Chrysler Town & Country LX. The national average annual premium for this vehicle is $1,092.72. If you do the math, that's one third the cost of insuring that Mercedes SL65 referred to above. It appears that the insurance companies like vehicles that moms would drive to shuttle their kids to soccer, football, tennis or ballet practice. These drivers don't drive much, especially, especially during rush hours, and they don't speed very often. Insurance companies also like vehicles that have a lot of safety equipment over and beyond the standard. In addition, they like security devices which help assure that the vehicle will not be stolen, meaning that there is a better chance that there will not be a claim.
The top 10 2011 vehicles with the lowest car insurance rates are:
- Chrysler Town & Country LX with an average annual premium of $1,091.80
- Toyota Sienna (4-cylinder) with an average annual premium of $1,100.66
- Toyota Sienna LE with an average annual premium of $1,107.70
- Honda Odyssey LX with an average annual premium of $1,114.62
- Murano SL with an average annual premium of $1,127.89
- Jeep Wrangler Unlimited Sport with an average annual premium of $1,131.27
- Honda Odyssey EX with an average annual premium of $1,138.16
- Toyota Sienna (6 cylinder) with an average annual premium of $1,142.94
- Ford Escape XLS with an average annual premium of $1,150.26
- Toyota Highlander with an average annual premium of $1,154.02
Top 10 2011 vehicles with the highest car insurance rates are:
- Mercedes SL65 AMG with an average annual premium of $3,543.81
- BMW 750i with an average annual premium of $3,280.70
- BMW 750Li with an average annual premium of $3,280.70
- Mercedes SL63 AMG with an average annual premium of $3,263.46
- Mercedes S65 AMG with an average annual premium of $3,220.86
- Aston Martin DB9 with an average annual premium of $3,120.45
- Mercedes CL600 with an average annual premium of $3,114.28
- Porsche 911 Carrera S with an average annual premium of $3,092.31
- Aston Martin DB9 Volante with an average annual premium of $3,088.96
- Mercedes G55 AMG with an average annual premium of $3,086.49
(Source: Insure.com)