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March 18, 2015

How much will it cost to insure a car that I am purchasing

Sometimes I am asked, “how much does it cost to insure a vehicle that I am planning to purchase?”  A rather simple question that is more complex than it may seem.

In an effort to address what might appear to be a rather simple question, an insurance industry publication (Insurance Journal) has printed the top 10 most and least expensive cars to insure based on a study utilizing a specific profile.  This list could answer the question of which car is the cheapest or most expensive car to insure… However, the vehicles listed are based on the value of the car and a very specific customer profile, in a few states with a few carriers.  I will tell you, that this study is really a very small sample of the real world and not indicative of the spectrum of drivers with a diverse rating characteristics that will alter the bottom-line premium results significantly.  The report results may be very different than some of the real life situations that actually exist.  The insurance premium for any vehicle will depend upon a rather complex combination of characteristics of the driver, vehicle, use, territory, the carriers’ rating rules and a long list of other attributes that make up the insurance premium.  The real question that people should ask is not which car is the right car to purchase to keep their premiums reasonable; but do I have a knowledgeable agent who will find the right insurance plan for you and your budget?   

Which leads us back to the original question, how much will it cost if I purchase this new car?  Well, it depends…tell me more about yourself.

Below is the results of the Insurance Journal reported Study:

The cheapest 2015 models to insure include two minivans, seven sport-utilities and the tiny Smart ForTwo, according to an ranking of the most and least expensive vehicles to insure.
The Jeep Wrangler Sport 4WD repeated its cheapest-to-insure title, with an average rate nationwide of $1,134.
The most expensive model to insure was the 600-horsepower, $150,000 Nissan GT-R Nismo at $3,574 a year.
Since car insurance rates vary widely by state, the same owner of that 2015 Jeep Wrangler would pay as little as $694 a year in Maine or as much as $2,027 in Michigan. A GT-R buyer in Montana would pay $6,630 in Montana and $2,012 in Hawaii.
“Insurance rates are all about claims – how many and how big,” said Penny Gusner, consumer analyst at “Cars that are cheapest to insure typically are easy to repair or have fewer claims or both.” commissioned Quadrant Information Services to calculate average auto insurance rates for 2015 models using data from six large carriers (Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm) in 10 zip codes per state. More than 1,500 models are included in the 2015 study.

Averages are based on full coverage for a single 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/50 ($100,000 for injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage. This hypothetical driver has a clean record and good credit. The rate includes uninsured motorist coverage.

The average rates below are for a 40-year-old single male driver with a good record

The most expensive 2015 cars to insure
1 Nissan GT-R Nismo $3,574
2 Mercedes-Benz SL65 AMG Convertible $3,573
3 Dodge SRT Viper $3,318
4 Porsche 911 Carrera S Cabriolet $3,216
5 Audi R8 5.2 Spyder Quattro $3,206
6 Porsche Panamera Turbo Executive $3,174
7 BMW 760Li $3,147
8 BMW M6 Convertible $3,115
9 Mercedes-Benz E63 AMG 4Matic Wagon $3,042
10 Mercedes-Benz CLS63 AMG 4Matic Sedan $2,972

The least expensive 2015 cars to insure
1 Jeep Wrangler Sport 4WD $1,134
2 Jeep Patriot Sport 2WD $1,136
3 Honda CR-V LX 4WD $1,160
4 Dodge Grand Caravan SE Plus $1,162
5 Honda Odyssey LX $1,163
6 Jeep Compass Sport 2WD $1,164
7 Subaru Outback 2.5i $1,176
8 Ford Edge SE 2WD $1,176
9 Smart ForTwo Pure $1,186
10 Ford Escape S 2WD $1,190


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