Several car models have been cited as the best cost-effective choices to ensure cheaper auto insurance rates, according to financial advisory site Doughroller.com.
There are many factors, other than the automobile owned, that go into consideration that determine the cost of car insurance monthly premiums including location, age, credit history, gender, driving history and occupation. These categories, when broken down even further, reveal several variables which determine rates. However, one of the biggest factors is the car itself.
Generally, auto insurance providers use the same criteria when they determine insurance costs for a certain brand or vehicle.
Theft is the first criteria. The frequency of how often the same car model is stolen annually is taken into consideration. If the trend is upward, the premium charged might be more costly.
Durability and Safety are the second criteria. Insurance providers may have several thousands of policyholders who register with the same cars or trucks. Every time a claim is made, the insurance company is able to record the data and see which of the car models are more damage-prone. If the same problems are reported regarding the same car models, then this may also translate into higher premiums.
Price is the third criteria. Though the newest car models make if difficult for insurance companies to determine their premium rates immediately, it is generally the case that higher premiums are charged on the more expensive cars.
Performance is the fourth criteria. Cars which are able to accelerate very quickly usually cost more to insure.
Based on 2009 data, 10 car models are named which would most likely attract higher premiums for 6-month auto insurance schemes. The top 10 most costly vehicles to insure are: Nissan GT-R ($2,533.00), Dodge Viper ($2,446.00), BMW M6 ($2,236.00), Ford Shelby GT500 ($2,186.00), Mercedes Benz G Class ($2,088.00), Audi S8 ($2,071.00), BMW M5 ($2,020.00), Hummer H2 ($1,912.00), Lexus ISF ($1,881.00); and Porsche 911 ($1,809.00).
The 10 top least costly cars to insure include the following: Hyundai Sante Fe ($832.00), Kia Sportage ($840.00), Hyundai Entourage ($848.00), Kia Sedona ($857.00), Kia Rio 5 ($870.00), Honda Odyssey ($871.00), Smart ForTwo ($881.00), Saturn Vue ($911.00), Mazda Tribute ($913.00); and Chrysler Town and Country ($915.00).
For certain drivers who still end up paying more even if they own any of the vehicles mentioned previously, the cost disparity may be attributed to having a poor driving record, having a very low credit score, or living in an accident-prone city. Car owners are also urged to look into auto insurance quotes from different providers to suit their personal needs and lifestyle.