Cars That Will Help Save on Insurance
If you’re a car owner, the law requires that you get auto insurance. There’s no way around it, paying the insurance premiums needs to be part of the plan when you think about buying a car. You can save cash not only by buying a used car, but also by finding a car that will help you save on auto insurance.
Let’s say you and a friend have the same number of years driving experience, live in the same area and have your insurance with the same company. If you drive the latest sports car and they drive a minivan, it’s a safe bet you’re going to be paying higher insurance premiums.
Before you buy your next car consider these factors that will help you save on the cost of insurance:
Why Your Wheels Matter
Insurers look at what you’re driving to determine your premium by looking at claims data for theft, collisions and property damage for other drivers of the same vehicle. If the data shows that a Ford Mustang is more likely to get stolen or get into accidents than a Toyota Yaris, then owners of Ford’s iconic pony car will have to pony up more to insure it.
The Insurance Bureau of Canada has access to insurance claim data from most car insurance companies in Canada. In the last couple of years they’ve compiled a helpful little document that compares insurance claims data for popular cars by make, model and year.
So Which Cars Are the Cheapest to Insure?
Checking out the IBC’s data paints a clear picture that the older you buy, the more you’ll save on car insurance. The top 50 vehicles for below average comprehensive insurance were all pre-2007 model vehicles and of that number only a handful were post-2004.
But Nobody Wants to Drive a Beater
Personally, I would have thought that newer vehicles, with better safety features and less time on the market would make for better insurance premiums, but the numbers don’t lie.
Of course, while it may be cheaper to buy a 14 year old car that’s near the end of its life, it might be worth it to spend a little more money on a newer model and not worry about its expiration date.
If I was buying a used car today I would buy a 2012 Honda Fit, that's my car of choice. It has 55% below average in comprehensive insurance costs and 35% below for collision frequency.
The Honda Fit is a small car, but it has enough capacity to fit in friends and gear when it needs to (pun intended). It's fuel efficient and has helpful features such as keyless entry and USB music playback. It's also manufactured by a company that's well-known for building highly durable vehicles.
What kind of car do you drive?
Use our helpful comparison tool and see how much money you can save with aFREE auto insurance quote!