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You might be surprised to learn what some of the most important factors are that go into determining how much of an insurance premium you pay each month.
You could be saving up to $300 annually by switching your auto insurance company.
According to a recent survey, one in three insurance applicants have lied in the hope of get cheaper auto insurance rates.
Protecting Your Investment
Owning your dream car isn’t just all about making the payments. The cost of insuring some of the world’s most extravagant sports cars could punch another hole in your wallet each month.
A study conducted by Insure.com that calculated averages from six large insurance carriers (Allstate, Geico, Farmers, Nationwide, Progressive and State Farm) to determine the most expensive cars to insure. Unfortunately, data wasn’t available for some of the more high-end exotics, such as Ferraris and Lamborghinis, which is why they’re noticeably missing from this list.
The averages for the yearly premiums are based on full coverage for a 40-year-old male with a clean driving record and good credit while commuting 12 miles to work daily. The rates are based on $100,000 injury liability for one person, $300,000 for all injuries and $50,000 for property damage with a $500 deductible on collision and comprehensive coverage.
Protecting Your Investment
Need a car to get you from Point A to Point B without costing you a fortune each month in insurance premiums? AutoGuide has compiled a list of the Top 10 cheapest cars to insure. The estimated annual premiums for the vehicles on this list are based on a study conducted by Insure.com, which calculated averages from Allstate, Geico, Farmers, Nationwide, Progressive and State Farm. The insurance prices are based on full coverage for a 40-year-old male with a clean driving record and good credit and a 12-mile commute to work each day. Rates are based on $100,000 injury liability for one person, $300,000 for all injuries and $50,000 for property damage with a $500 deductible on collision and comprehensive coverage.
Curious to know what’s the cheapest car to insure according to a recent study?
A single claim on your auto insurance policy can increase your rates by up to 67 percent depending on where you live.
Your credit score could play a significant role on how much you’re paying for auto insurance a new study has revealed.
A survey conducted by CarInsurance.com suggests that 20 percent of drivers would prefer to have their cars take over on their daily commutes.
10. Arizona - $1,227 Average Annual Premium
Thinking of moving to another state and curious what insurance premiums might run you?
Insure.com has released its 2013 study that compared state-by-state annual insurance premiums based on insurance for a single, 40-year-old male who commutes 12 miles to work each day. Policy limits were set at $100,000 for injury liability for one person, $300,000 for all injuries, and $50,000 for property damage. The rates assumed the driver has a clean record and good credit and includes uninsured motorist coverage with a $500 deductible on collision and comprehensive coverage.
Kicking off the list is Arizona, with an average annual premium of $1,227. Nearly 6.5-million people live in the state, with its largest city being its capital, Phoenix. Public transportation is plentiful in the major metropolitan areas including Phoenix and Tucson while a light rail system known as the Valley Metro Light Rail connects Central Phoenix with the nearby cities of Mesa and Tempe.
10. Kentucky - $1,725 Average Annual Premium
Interested in how your state ranks in terms of car insurance premiums?
Each year, Insure.com does a state-by-state comparison of insurance costs, ranking all 50 states plus Washington D.C. by the average annual premiums. The rates are based on insurance for a single, 40-year-old male who drives 12 miles to work each day. Policy limits are $100,000 for injured liability for one person, $300,000 for all injuries, and $50,000 for property damage in an accident. The deductible is $500 on collision and comprehensive coverage. It also includes uninsured motorist coverage and assumes the driver has a clean record and good credit.
Kicking off the top 10 list of most expensive states to insure a vehicle is Kentucky with an average annual premium of $1,725. According to the most recent data from the United States Census Bureau, Kentucky has a state population of 4.38 million and is home to Louisville, Bowling Green, and Lexington.
Out in the United Kingdom, women’s insurance premiums could soar as high as 24-percent more than what they’re currently paying thanks to the EU’s Gender Directive that will be put into effect December 21st.
In the near future, your TomTom satnav unit could be snitching on you to your insurance company.
TomTom is teaming up with UK-based insurance firm Motaquote for its first insurance product – a GPS unit called Fair Play that is designed to give safe drivers a lower premium.
Thomas Schmidt, managing director TomTom Business Solutions, says that the company will expand the Fair Play system to other insurance firms in Europe in 2012 in order to draw a larger customer base.
It’s a great product for safe drivers – since they already drive safe, they can use their good habits to secure better premiums. If you’re a bad driver… well, this isn’t the GPS system for you.
According to Schmidt, “Drivers using the insurance product will have a TomTom tracking unit fitted in their vehicles, allowing driver behaviour and habits to be monitored by insurers and by improving driving style, you can drive down your premiums.” To start up on the plan, you’d have to buy the TomTom tracking kit, but you’d start paying lower premiums right away… as long as you follow the feedback provided by the TomTom tracking device.
The Fair Play TomTom system is only available in Europe right now, but we can only assume that if it’s successful, it will be a matter of time before we can use it here in North America. Would you use this kind of GPS system to lower your insurance rates? Let us know in the comments section below.
[Source: Toronto Star]
It’s time to buy a car and you’re weighing all the options before making a purchase – including insurance rates. Your timing couldn’t be better, because Insure.com has just released their list of the least expensive cars, vans, SUVs and trucks to insure in 2011, and the auto brands that will lower your insurance rates are Toyota, Chrysler, Nissan and Chevrolet.
With the help of Quadrant Information Services, Insure.com determined these findings on premiums for 40-year-old male drivers. Using six major insurance carriers’ premiums in 10 ZIP codes in each state, they were able to access which vehicles would cost less to insure.
Taking the top spot was both the four- and six-cylinder front-wheel-drive Toyota Highlander – this car will set you back $1,154 and $1,183 per year, respectively. In the minivan category, the Chrysler Town & Country LX is the least expensive minivan to insure at $1,092 per year. If you’re in the market for trucks, the Chevrolet Silverado 1500 costs $1,174 per year to insure, while at $1,128 per year, the Nissan Murano SL is the least expensive SUV to insure.
Hit the jump for a list of the least expensive vehicles to insure in their respective categories, along with the cost to insure them per year.
While good for the environment, hybrid vehicles will not save you money with fewer trips to the gas pump not equal to the increased sticker price. And yet, even as hybrids continue to improve and close the gap on this discrepancy, a new report suggests that additional factors, namely, insurance rates, will drive up the cost-to-own criteria.
An article in the latest issue of Industry Trends Report indicates that the changing owner base of hybrids will drive up insurance costs. No, hybrids haven’t suddenly caught on with 18-year-old males, rather, the average hybrid buyer is no longer the early-adopter as hybrids continue to become more mainstream.
The report indicates that for those early adopters, “while their politics may have been liberal, their driving habits were conservative.” Deemed low-risk, insurance companies were eager to offer discounted rates to early hybrid owners.
Now, however, trends are changing with hybrid buyers now living in more urban settings with long commutes, two factors that have lead to, “higher claim frequencies.” An additional factor is that hybrid collision repair costs are, on average, $182 more than on a conventional gasoline vehicle, while labor repair was also more expensive – likely a result of buyers taking their cars directly to the dealer.
Combining these factors and insurance companies aren’t likely to wait too long before hybrids like the Toyota Prius become a little more expensive to own, and a little less attractive to buy.