You may have decided to get a bigger car for your growing family. The options could be SUV, Van or a minivan. There are many factors that need to be considered apart from more seating capacity and storage space. You may finally narrow down your list to a minivan as you got a good deal. Well, you may be delighted to know that by choosing to buy a minivan, you could save a lot on your insurance cost too.
Minivans are considered best for good stow away storage and seating capacity, reliability, and fuel economy. Though not as trendy as SUV or crossovers, minivans do get the job done. That is to transport passengers and some luggage from one point to another. The passenger comfort and least risk of being stolen is an advantage too.
- 1 Why Does Minivan Insurance Cost Less
- 2 How Is Insurance Calculated For A Minivan
- 3 How Can You Save On Minivan Insurance
- 4 List of top 10 Minivans with the lowest insurance
Why Does Minivan Insurance Cost Less
Quite often you buy a vehicle based on value, style, comfort and safety etc. and then look into getting auto insurance. Well, it often better to choose a car considering the cost of insurance as it does vary with different makes and models. The difference in insurance costs on different types of cars could range from few hundreds to more than a thousand. So it is best to compare cars with total prices including insurance premiums. You may choose to check on our car insurance calculator to get an idea of how much you may have to pay for car insurance. Just a few clicks and you could save money.
When you compare different cars, the minivans do come out with cheaper auto insurance premiums. One major reason could be that minivans do not figure much in the list of most stolen cars. This list is updated by IBC and is often assessed by insurance companies for quoting premiums. As minivans have less theft risk, the insurance cost is also much low. Each car and driver are different so the premiums are also affected such. There is no single math formula but in general, it is a known fact that minivans could turn out to be a good insurance bargain after sedans.
How Is Insurance Calculated For A Minivan
Insurance premiums are also calculated by considering the type of risk carried by a particular class of vehicles. If a car has fewer chances of being stolen then that is a big plus.
Some factors that affect minivan insurance are as follows.
- The coverage that you choose including any optional coverage.
- The amount of deductible that you choose for each coverage.
- The type of minivan that you drive including the model, make and age of the minivan.
- The distance that you drive the minivan daily.
- The purpose of use of the minivan such as commuting to and from work, home etc.
- The average annual mileage of the minivan.
- The driving record of the main insured and the occasional drivers listed on the policy.
- Any kind of safe driving courses completed by the driver from a reputed driving school.
How Can You Save On Minivan Insurance
There is no doubt that a minivan could be the best fuel efficient option to SUV. It also does have the capacity to carry as much cargo and people. Let us consider some main criteria that you could adjust in your buying decision of a minivan to save on insurance.
Coverage: There is often an option to cut down on insurance cost by reducing the level of coverage. Some may prefer to keep just the standard coverage and get rid of optional. If you drive an older minivan, it might be a nice idea to think about removing collision or comprehensive coverage. However, it is also important to know that in the event of an accident, you may have to bear the losses. Or someone else is at-fault for the accident. Sometimes it may not be really worth it to repair an old car. You may even consider not filing a claim at all and get rid of the old car.
Deductibles: Another way to lower insurance premiums is to choose higher amounts of deductibles. Especially, if you drive an old minivan this could cut down insurance costs. In case you drive a newer minivan then, you may want to get it repaired than discard in case of damage. So, you may weigh in your options as to how much you could afford to spend for repairs without having to claim. It is vital that your minivan insurance provides coverage for any damages to your car, liability coverage and personal injury benefits in case of an accident when you are at-fault. Else, it could be a big financial loss for you to recover.
Multi-product: You may combine different policies with the same insurance provider. It could be for your other cars, life or for your home. Any kind of insurance policies that you have could get you an overall discount when bundled through the same insurer. This discount could be anywhere from 5% to 16% and is a tactic that insurance companies use to draw more business.
Location: If you live in a big city like Toronto, then you may have to pay higher insurance rates. Though not practical, if you do move out to smaller towns or cities, your postal code could rate your insurance premiums lower.
Driving record: It goes without saying that a claims free and clean driving record could fetch better insurance rates. A good driving history with least violations could be an advantage.
Car: The type of minivan you drive also matters. Insurance companies consider larger cars to be safer than smaller cars in the event of a collision. So when they look at the safety ratings that could cut down on the premiums for lesser risk. When a minivan is fitted with higher powered large size engine then, that could also increase the insurance premiums. If a car is more expensive then the insurance premiums also go up. So, by choosing a reasonably priced minivan you could save on insurance costs. As the cost of repairs or replacement would be less for the insurer.
List of top 10 Minivans with the lowest insurance
This minivan has seating capacity for 8 people. It is good for family storage and many safety features. It gives good value for money and has a V6 engine with 276 hp and 6-speed transmission.
2. Dodge Grand Caravan
This is a very popular choice for big families. The engine is a V6 with 3.6 L capacity and 283 hp. The seating can fit 7 people and also has folding seats on the second row that can be stowed away for more cargo room.
3. Kia Rondo
This minivan comes as a 5 seater standard or you may get a bigger one with a 7 seater capacity. The engine is a 2.0 L 4 cylinder with 164 hp 156 torque. The transmission is auto.
4. Honda Odyssey
Another favorite among large groups, this minivan can seat up to 8 people. It has very good fuel economy and ideal for long trips. The engine is a V8 with 248 hp and 3.5 L capacity. Another popular feature is the vacuum in the cargo area that comes built-in.
5. Chrysler Town & Country
This minivan tips towards luxury and has premium interiors. It can easily seat 7 people and also features stow away storage capacity. The engine is a V6 engine with 283 hp and 3.6 L with good trailer towing capacity.
6. Toyota Sienna
This minivan features a direct injection V6 engine with 3.5 L capacity 6-cylinder and 296 hp. It comes with an 8-speed transmission that is auto with front wheel or all- wheel drive. It can seat up to 7 or 8 people and has 8 airbags. The interiors are spacious with cruise control, 3 zone auto climate control, and backup camera for safety.
7. Mazda Mazda5
This minivan is a good choice for a family of 5 with a new addition. The engine is MZR 4 cylinder with 157 hp and 2.5 L capacity. It has a compact size with rear sliding doors. The transmission is 6- speed manual or a 5- speed auto.
8. Nissan Quest
The floating roof with full glass and the smart key system does make this minivan a stunner. The seating is roomy with folding second and third-row seats. The engine is a V6 with 3.5 L capacity. The only drawback seems that it is able to seat only 7 people when compared to others in its class that could seat up to 8 people.
9. Chrysler Pacifica
This minivan has very good safety features such as surround view camera and forward collision alert. The engine is a V6 with 287 hp and comes with the 9-speed auto transmission. Great in fuel economy and hands-free power liftgate and sliding doors. This model also boasts of the first ever hybrid electric minivan and is highly advanced.
This minivan was in production between 2007 to 2009 and initially had a V6 engine with 3.8 L capacity with 242 hp. Later on, it featured engines with 250 hp capacity. The three-row seating has very good leg room is best suited for large groups of passengers.