Driving a new car is a beautiful experience. There are no mysterious noises or little quirks. Everything is clean and spotless. That new car smell fills the air. It just feels good to be in a new car.
That experience does come with a cost, however. In addition to paying a higher sticker price than you would for a used car, you can expect to pay more for insurance as well.
New car insurance generally costs more. It’s a fact of life. How much more depends on the type of car you get. Now, if you can afford a luxurious new car, you can probably afford the premium insurance prices that come with it.
Just make sure you know what you’re signing up for. Especially if it’s a Mercedes.
New Mercedes are Expensive to Insure
Did you know 6 of the top 10 most expensive cars to insure are Mercedes? This is including the number 1 spot. The Mercedes S65 AMG is the costliest car to insure, coming in at a grand total of $3,835 a year.
Along with a variety of Mercedes, you’ll find a number of BMWs, Audis, Porsches, and the Nissan GT-R NISMO at the top of the insurance price list.
A little too rich for your blood? Let’s take a look at the cheapest cars to insure.
The Least Expensive Vehicles to Insure
There was a time when the least expensive vehicles were consistently compacts and smaller sedans. However, with the rise in safety features on small to midsize SUVs, minivans, and crossovers, insurance cost has shifted.
In fact, the cheapest new vehicle to insure is the Honda Odyssey minivan, coming in at $1112 a year.
How is Insurance Cost Determined?
The cost to insure a car is affected by a few things. This includes repair costs, claim rates, and general risks. A car that’s luxurious and/or less common is going to cost more to repair. The parts are usually more expensive, and sometimes, they even take a longer amount of time to repair.
Some cars are notoriously difficult to fix, which typically drives up insurance cost.
Additionally, some cars have more problems than other. They malfunction regularly, they’re more susceptible to external elements, or they’re easier to break into. Insurance companies monitor the claim records of different makes and models and adjust rates accordingly.
This is factored in with other risks and trends. Faster cars are more likely to be driven faster. Some cars have poor safety measures. Etc.
And, of course, you are a big factor in how much your insurance costs. Your driving record, tickets, accident history, age, and even gender play a part in determining insurance cost.
Getting the Cheapest Insurance
The only way to get the best insurance at the lowest cost is to shop around. The cheapest company for one person might not be the cheapest for another. For quality cheap car insurance in Springfield, Ohio, contact Link Hellmuth today.
We’ll do all the shopping and pass the savings on to you.