Your insurance premium will depend on a number of different factors surrounding both your driving record as well your vehicle. It is important to know all of the factors that affect your insurance to get the best possible insurance rates. Knowing all the factors will help you to be able to pick out a vehicle that allows you to pay an affordable insurance premium. The factors used in determining car insurance premiums are fairly obvious in some cases and complicated in others. Understanding these procedures to the best of your ability should help you to negotiate with insurance companies and make sure that you’re getting the best possible rate.

What Is the Cheapest Car to Insure?

volkswagen jetta

The cheapest, best-selling car in Canada is the Volkswagen Jetta. The Volkswagen Jetta is one of the cheapest cars to insure due to its great safety rating and low MSRP. The Volkswagen Jetta starts at just $16,395. Due to the awesome standard safety technology in these vehicles such as side mirror signals, xenon headlights, LED running lights and a rearview camera, it is deemed to be one of the safest, most affordable vehicles to drive. You might be able to get cheaper insurance on things like old used cars and classic cars. However, if you are looking for a new vehicle, you can’t beat the cheap insurance that Volkswagen Jetta offers.

What Is the Most Expensive Car to Insure?

In Canada, it was determined that the Mercedes AMG S65 was the most expensive car to Insure. Sure, if you want to buy a supercar, you might pay more for insurance coverage. However, if you are looking at models that big-name car manufacturers sell, then the Mercedes AMG S65 is the most expensive car to insure. It seems a lot more reasonable when you consider that the starting MSRP for the car is $254,800.00. The car also has 621 horsepower, which means you have a whole lot of power under your foot that could land you in hot water.

How Much Would It Be to Insure My Car?

It is almost impossible to say how much your car would be to insure. Without knowing the year, make and model of the vehicle as well as its condition; guessing your insurance premium would be difficult. When your car insurance rates are determined, an insurance company will also consider whether or not you have a good driving record. The best way to be able to tell how much it will cost to insure your vehicle is to contact an insurance company. You should be able to get a quote for an insurance policy quite quickly. This will give you a pretty accurate number in terms of general insurance coverage. The best part is, you are not obligated to open a policy after getting an insurance quote.

What Is the Cheapest Colour of Car to Insure?

car

Contrary to popular belief, the colour of your vehicle does not affect your insurance rates. The only factors that affect your insurance premium regarding your vehicle are the year, make, model, body style, the number of kilometers that you drive your vehicle and the number of people on your insurance policy. Colours appear differently to different people, but do not affect your insurance premiums. One common myth about car insurance is that red is more expensive to insure. However, this is not the case. Red is just a colour that many sports cars are painted and therefore the colour red has been associated with higher insurance premiums.

Are Older Cars Less Expensive to Insure?

Older cars are usually less expensive to insure. However, there are some rare exceptions to this rule. It mostly depends on how much your car is worth. Most cars lose their value the older that they get. Some cars retain their value much better and your insurance premium might not drop by a whole lot as your car gets older. In Canada, you can also get a discount if you drive a classic vehicle. If you have an old car that qualifies as a collector car, you can usually get “collector’s” insurance. This type of insurance this will allow you to drive a lot of kilometers with a very low insurance premium.

Is It Cheaper to Insure a Hybrid Vehicle?

Whether or not it is cheaper to insure a hybrid vehicle depends on both the cost of the vehicle as well as your insurance provider. There are some car insurance providers that specifically offer hybrid and alternative fuel discounts. Usually, these discounts are anywhere from 5% to 10% off of your insurance premium. However, it is important to realize that the price of your car will also be taken into account. Should you be buying a high-end hybrid vehicle, you can still expect to pay a relatively high insurance premium even with your hybrid vehicle insurance discount.

Is It Cheaper to Insure an Electric Car?

electric car

Unfortunately, although you may save paying for gas with an electric vehicle, you likely are going to be paying more for car insurance. In the United States, for example, car insurance quotes for electric cars were on average 21% higher than the average car insurance premium. This is largely due to the cost of repairing electric vehicles. Electric vehicles have sophisticated battery systems in their designs. Often times, when an accident occurs, it can be devastating. Potentially thousands of dollars in damage can be done quite easily. Due to this reason, you can expect to pay more for insurance if you buy an electric car.

To Conclude

Whenever you’re thinking about picking up a new car it is important to consider your insurance premium. You also might want to consider the things that affect your insurance premium when you’re trying to decide whether it is worth adding insurance to a vehicle that you already own. Knowing the things that affect your insurance premium can help you to negotiate a discount on your insurance. Your car might have extra safety features or there might be some other thing that allows you to be able to get a discount on your insurance. However, if you fail to tell your insurance company about it, you might not get a discount for it. The more you know, the more likely it is that you will be able to get an affordable insurance premium.

Resources:

https://www.trustedchoice.com/car-insurance/compare-auto-coverage/rate-cost/
http://www.mercedes-benz.ca/content/canada/mpc/mpc_canada_website/en/home_mpc/passengercars/home/new_cars/models/s-class/_w222/configurator/configurator_v222_560.html#/p3501lling-cars-in-canada-which-are-cheapest-to-insure/
https://www.esurance.com/info/car/myth-red-cars-cost-more-to-insure
https://www.esurance.com/info/car/insuring-older-cars
https://money.howstuffworks.com/personal-finance/auto-insurance/buying-hybrid-car-affect-insurance-rate.htm
https://www.nerdwallet.com/blog/insurance/car-insurance-quotes-electric-cars/