Yahoo Autos The Best and Worst Car Insurance Deals
The hidden cost of buying a car is not the price of gas or even fuzzy dice, it’s what you’ll pay in auto insurance, which can vary widely depending on the type of car you pick.
In fact, the make and model of the type of auto you buy is factored into your car insurance rate, even if your driving record is spotless. And more expensive cars do not necessarily translate to higher rates.
Ford Explorers were the best deal when it comes to car insurance, according to a study released Thursday by insuranceQuotes.com, a division of Bankrate, which analyzed 20 of the most popular types of cars. The study divided the average annual cost to insure each vehicle by its manufacturer’s suggested retail price to determine which cars are relative bargains to insure and which carry a surprisingly high insurance burden.
The five are:
1. Ford Explorer
MSRP: $34,345
Average Annual insurance cost: $1301
2. GMC Sierra
MSRP: $28,315
Average Annual insurance cost: $1272
3. Chevrolet Silverado
MSRP: $27,815
Average Annual insurance cost: $1269
4. Chevrolet Equinox
MSRP: $26,105
Average Annual insurance cost: $1265
5. Dodge Ram 1500
MSRP: $26,855
Average Annual insurance cost: $1302
SUVs and trucks fared much better overall, accounting for most of the best insurance values, while some of the most popular sedans made up a majority of the worst deals.
The larger SUVs are less likely to get damaged in accidents and provide greater protection for drivers and passengers, said Laura Adams, senior analyst at insuranceQuotes.com. They also tend to be driven by more responsible adults (read: middle-aged parents), she said.
Because sedans are smaller, they are more susceptible to damage and are typically driven by younger, riskier drivers. These types of cars are also some of the most stolen vehicles out there — with an active black market for parts — which factors into what drivers must pay to insure them, Adams said.
The five worst are:
