The Top 10 MOST EXPENSIVE Vehicles to Insure:
1. Dodge Ram pickup
2. Chevrolet Silverado C/K pickup
3. Toyota Prius gas/electric hybrid
4. Honda Accord
5. Nissan Altima
6. Toyota Corolla
7. Ford Focus
8. Chevrolet Cobalt
9. Honda CR-V
10. Dodge Caravan
The Top 10 LEAST EXPENSIVE Vehicles to Insure:
1. Chrysler Town & Country
2. Ford Escape
3. GMC Sierra pickup
4. Chevrolet Impala
5. Ford Econoline Club Wagon
6. Ford Fusion
7. Ford F-series pickup
8. Honda Civic
9. Toyota Camry
10. Toyota RAV-4
Vehicles can land on the most expensive list for numerous reasons. They may be targets of theft, which can increase comprehensive premiums for all owners of that model; they may have high repair costs, which can increase collision premiums; or passengers may suffer more injuries in accidents, which can affect personal injury protection premiums.
Insure.com has compiled and published its annual Car Insurance Ranking Report for the past four years. Individuals can view the previous reports online at insure.com.
This report serves as a wake-up call for consumers to investigate insurance costs prior to purchasing a new vehicle.
The 2008 Insure.com Car Insurance Ranking Report strives to make consumers more informed in the new-car buying process. Investigating and obtaining auto insurance quotes can save consumers the possible negative financial surprise before they drive their new car off of the dealer's lot. However, there's still a long way to go. Robert Bland, chairman and CEO of Insure.Com, says that too often consumers do not take into account the price of auto insurance while purchasing a vehicle.
"Too many consumers neglect to get an auto insurance quote during the buying process. Instead, they blindly purchase a car and add it to their policy before discovering just how much their premium has changed," explained Bland.
Katherine Mazeika, editor of Insure.com, recommends that car buyers comparison shop for auto insurance quotes in order to secure the best rates. Consumers may also want to investigate the savings in switching to a vehicle that's more insurance-friendly. Mazeika also notes that consumers can keep auto premiums low by getting all the discounts to which they're entitled, keeping their driving record clean, and maintaining a good credit score.
The good news for consumers considering a vehicle on the most expensive to insure list is that auto insurance rates stabilized in 2004/2005 according to a report issued by the National Association of Insurance Commissioners (NAIC) in September 2007. This auto database report provides the average costs associated with personal automobile insurance nationwide and features state-by-state auto insurance data. Despite steady auto insurance rates, certain popular cars are still pricey to insure, with additional insurance premium variations occurring on a state-by-state basis. In 2005, the average cost of auto insurance declined by 1.3 percent, according to the database report. New Jersey has the highest average annual expenditure ($1,182), followed by the District of Columbia ($1,113) and Louisiana ($1,070).
Based on a list of the 20 top-selling vehicles in the nation, Insure.com calculated average premiums across three states and multiple insurers to put together the 2008 Insure.com Car Insurance Ranking Report. In order to develop the insurance premium for each of the autos, they assumed a single male driver, age 40, who owns his own home, has a bachelor's degree and no accidents or driving convictions. The insured works as an administrator in a hospital and drives 5 miles to work one way.
The policy limits were $100,000 per person and $300,000 per accident for bodily injury and $50,000 for property damage. Minimum Personal Injury Protection (No-Fault) was included where applicable. The policy had a $500 deductible for comprehensive and collision losses.
