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Insurance costs for different cars ?
Old 12-16-2009, 06:49 PM   #1
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Insurance costs for different cars ?

Anybody know of information that details what cars types / models are "high insurance" and "low insurance" cost cars ?

Obviously the older a car is, lower the insurance. I would guess less expensive cars cost less to insure.

I'm looking at a bunch of used cars: pickup trucks, jeeps, convertibles, etc and I'm trying to assess if insurance costs should influence my direction here.

Thanks !
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Old 12-16-2009, 07:10 PM   #2
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There are several factors involved.

1) If your car is in an accident how (relatively) how much does that model cost to repair

2) If your car is in an accident what is the likelihod that someone (inside your car) will be injured or seriously injured. Broadly with many exceptions, small cars rate poor large cars rate high.

3) For that particular model do people tend to race around in them. On this claim Volvos rate good and Corvettes rate bad.

4) For that particular model what is the rate of theft and vandlelism.

5) It goes without saying that your age and personal driving record and also your credit report heavily influence your insurance costs.

here is a link to the Insurance Institute for Highway Safety (IIHS) ranking of insurance losses by make and model.

http://www.iihs.org/research/hldi/composite_intro.html
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Old 12-16-2009, 07:11 PM   #3
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Auto Insurance - Cheapest Cars to Insure - Makes and Models

I am surprised that my 2007 Escape hybrid costs less to insure than my DW's 2004 Taurus.
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Old 12-16-2009, 07:42 PM   #4
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Spot on. The more boring the car the less the insurance cost.

Personally, I would be more interested in reliability and maintenance costs than insurance. Depending on how many miles you drive a year the maintenance on a used car could be as much or more than the insurance. Also look at repair costs as parts for some cars are much more than others.

Unless you are a poor driver set your deductible at $500 and save some money.

Quote:
Originally Posted by MasterBlaster View Post
There are several factors involved.

1) If your car is in an accident how (relatively) how much does that model cost to repair

2) If your car is in an accident what is the likelihood that someone (inside your car) will be injured or seriously injured. Broadly with many exceptions, small cars rate poor large cars rate high.

3) For that particular model do people tend to race around in them. On this claim Volvos rate good and Corvettes rate bad.

4) For that particular model what is the rate of theft and vandlelism.

5) It goes without saying that your age and personal driving record and also your credit report heavily influence your insurance costs.

here is a link to the Insurance Institute for Highway Safety (IIHS) ranking of insurance losses by make and model.

HLDI: Insurance losses by make and model
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Old 12-16-2009, 08:29 PM   #5
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Although your initial question was about insurance costs, it seems that what you really want to know is the total cost of owning and operating a car.

if you go to the www.edmunds.com website they have a number that they compute a number for many cars called "The True Cost to Own" that includes depreciation, repairs, insurance, and carying interest as well as some other factors.

here is a link:

True Cost to Own (TCO)

Look up the number to get a handle on what a particular model may cost you.
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Old 12-16-2009, 08:39 PM   #6
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Also, you can call your insurance company if you are looking at several different models, USAA is very good at giving an estimate on what insurance costs would be.
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Old 12-17-2009, 04:56 AM   #7
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Quote:
Originally Posted by MasterBlaster View Post

if you go to the www.edmunds.com website they have a number that they compute a number for many cars called "The True Cost to Own" that includes depreciation, repairs, insurance, and carying interest as well as some other factors.

True Cost to Own (TCO)
Wow - great - thanks !
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Old 12-17-2009, 08:17 AM   #8
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I worked in the actuarial department for Insurance Services Office for 23 years, specializing in personal auto. What you need to compare when it comes to the relative cost of coverages relating to your car (I.e. Comprehensive and Collision) is an item called the Symbol Code. The higher the code, the costlier it will be to purchase those coverages. You can find this code in the NADA guide, often found at your local library.

The Symbol Code is based on the loss experience of the make and model of the car in question. Originally, it based on the cost new of the car but gets adjusted up or down as the car ages based on its relative loss experience. Eventually, the Symbol Code gets locked in but the cost (for Comp and Collision) of insuring the vehicle will drop as the car ages. This is why you should drop Collision on an old car; Comprehensive, too although it is usually a cheaper coverage so it more often worthwhile to keep.

What others have said here is good advice. I can add that other factors including the presence of features such as anti-theft devices will lower the cost of the Comprehensive coverage. Taking a defensive driving or accident prevention course (if available in your state) will lower your premium. Raising deductibles or lowering limits will lower your premium. (I am not saying either is necessarily a wise choice.)
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Old 12-17-2009, 09:06 AM   #9
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Just be aware that you will get pelted with emails when asking for an online quote. I wish they would allow you to mark it as a curiosity thing instead of really searching and not get the come-ons from the companies.
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Old 12-17-2009, 09:22 AM   #10
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I had a John Cooper Works Mini Cooper that I was paying $770 every 6 months on....I just bought a 2008 Corvette and my insurance went down by 50% with the same company. Funny how that works....can't complain.
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Old 12-17-2009, 10:49 AM   #11
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I always go by the symbol code too.
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Old 12-17-2009, 11:00 AM   #12
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Just be aware that you will get pelted with emails when asking for an online quote. I wish they would allow you to mark it as a curiosity thing instead of really searching and not get the come-ons from the companies.
You should create a free e-mail account (yahoo, hotmail, etc) that you use exclusively for things like this. Never use your main email account.
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Old 12-17-2009, 11:21 AM   #13
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I always get a quote from my insurance company for the last few cars I'm considering, before I buy. You never know about a particular car with a particular company.
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Old 12-17-2009, 09:51 PM   #14
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Quote:
Originally Posted by MasterBlaster View Post
.

if you go to the www.edmunds.com website they have a number that they compute a number for many cars called "The True Cost to Own" that includes depreciation, repairs, insurance, and carying interest as well as some other factors.

here is a link:

True Cost to Own (TCO)

Look up the number to get a handle on what a particular model may cost you.
Look at how high they estimate the insurance rates!!! I have already called my insurance company with quote requests for several models - and they were nearly half of what Edmunds is using for TCO calculations. Just a FYI
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Old 12-18-2009, 01:00 AM   #15
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I always get a quote from my insurance company for the last few cars I'm considering, before I buy. You never know about a particular car with a particular company.
I just buy the car I want and suck it up. That's what FI means
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Old 12-18-2009, 11:58 AM   #16
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Look at how high they estimate the insurance rates!!! I have already called my insurance company with quote requests for several models - and they were nearly half of what Edmunds is using for TCO calculations. Just a FYI

The edmunds TCO score is just a guide.

I suspect that Edmunds uses some sort of average insurance rate. Consider what a 20 something with an accident or two and a ticket or two pays for insuring the same car.

I also suspect that you must be one of those "good" drivers. You probably have a pretty good credit score and driving record.


- Your milage may vary !
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