Posted on May 10, 2018
Cheapest New Cars to insure in 2018 | Toronto, Ontario, Canada
Figuring out your budget when purchasing a new car, truck or SUV should always include the cost of insuring that vehicle. Do some research to find out which vehicles rate best for affordable insurance, and keep some other factors in mind, too. Jeep vehicles score well on such lists, where the Jeep Renegade Sport, Jeep Wrangler Black Bear, Jeep Compass and Jeep Cherokee Sport models all rank in the top 10 most affordable vehicles to insure this year. Read on to learn what other factors may impact the cost of insuring the car you've got your heart set on.
Insurers create something called a driver profile for each vehicle model, and it’s a big influencer when it comes to insurance rates. It makes sense that vehicles with surplus safety features and technologies are most often driven by people who drive with extra caution because their passengers include kids, and because they tend toward a family-oriented lifestyle. They're probably not drag strip enthusiasts, in other words. Purchasing a vehicle that falls into the family driver profile can benefit you even if you aren’t driving kiddies around. Rates are also determined by the insurer’s overall loss experience with a given vehicle model. The longer an insurance company insures certain models, the more data they have on that vehicle to calculate a fair rate based on historical fact. As long as there’s no sudden jump in the number of incidents (accidents, thefts) involving said model, the rate will likely remain pretty steady. Brand spanking new vehicle models with less established incident records have rates tallied up with other factors in mind, such as national safety ratings, cost of parts, and anti-theft and anti-collision features.
Always negotiate for a better rate with your insurance provider. Yes, even if the car you have in mind isn't on the best cars to insure list. Consider the following 5 key factors that affect insurance rates as you begin to shop for a new vehicle.
1- Your own personal profile as a driver. If you have a history of accidents, for example, your rate will definitely be higher.
2- How much does it cost to repair or replace the vehicle? That will impact the comprehensive and collision sections of the insurance premium you will pay.
3- If that model also has a history of frequent incidents or claims, that increases the rate.
4- Can the vehicle cause more or less damage to other vehicles, properties, or persons? Check your liability and medical coverage sections in the insurance package.
5- Lastly, the insurance company also has a target market when it comes to client and vehicle profiles. It helps to shop around locally to see which insurance company offers the best rate for your vehicle.
How often and how much you drive also plays a part, as do your age and years of driving experience, where you live and commute, and yes, the intensity of weather conditions where you will be driving the vehicle. A very important thing to keep in mind is that while staying with the same insurance company can, over time, allow for a loyalty-based drop in your rate if you maintain an excellent driving record, it may not be the cheapest insurance on the market. Shop around. Research other providers to ensure that you are indeed getting the most competitive rate possible for your vehicle and driver profile. You never know where a hidden discount is possible, and it’s worth it to ask lots of questions.
Come see us at Team Chrysler. We’ll be happy to help you find the vehicle that works best for your budget.