Life is good. You make big money and you want people to know it. So you decide to shop for a 2015 Porche 918 Spyder.
While the base package will run you about $845k, it'll most likely cost you a hefty sum to insure it as well - though arguably if you can afford that kind of car you can probably handle the insurance costsl.
Conversely, one of the least expensive cars on the market, the 2015 Smart Fortwo Pure, which will run you just more than $13k would also add up to big savings on your insurance.
Why? Simply put: inexpensive cars are cost less to fix or replace than pricy, faster, and more powerful brands, according to a recent article on Insure.com.
In their survey of six major insurers for 10 zip codes in every state, calculating insurance for a 40-year-old driver with a clean-driving record, they determined 10 of the least expensive cars to insure. Their list includes the Jeep Patriot Sport two wheel drive, the Honda CR-V LX 4WD, Dodge Grand Caravan SE Plus 2WD, and the Smart Fortwo Pure.
Although the formula of "more expensive car equals more expensive auto insurance" holds true in many cases, there are discrepencies, some of which depend on the state you hang your hat (or park your car). For instance, they found that a Chevrolet Traverse LT 2WD sport-utility would cost the average Michigan driver $2,290 in insurance premiums but only $766 to the same driver in Maine. The most expensive states to insure your car includes Florida, Louisiana, Washington, D.C., and Montana. The least expensive states were New Hampshire, Iowa, Idaho, Ohio, and the aforementioned Maine.
So what should you do if auto insurance is a major consideration in buying a vehicle? With about 17 million Americans expected to buy a new car this year, insurance should be a consideration before before you buy a new vehicle.
Experts recommend that you check with your insurance agent or carrier when you start the shopping process. They can advise you on a makes and models that would have the biggest impact on your premiums.