As the price of oil continues to drop, a growing number of consumers have begun to prioritize the cost of insurance premiums in their purchasing decisions over such considerations as fuel economy. As a result, brokers are capitalizing upon this time to reach out to clients and recommend vehicles that are friendly to their auto insurance budget.
“We’re in a unique situation where we can quickly look at different insurance companies and assess the advantages of each vehicle, rather than just a generic estimate,” said Brian Tatum, director of business development and marketing, Buckley Insurance Brokers Ltd. “This is especially true for existing customers, as having definitive numbers before a purchase is always helpful.”
While misconceptions hold that cheaper cars are less pricy to insure, a new report from insuranceQuotes.com reveals that the opposite is true.
SUVs and trucks were found to have the lowest premiums, primarily because their larger size means they are less susceptible to damages. These vehicles also tend to be driven by an older and more risk-averse client base.
“Some of the bigger vehicles, SUVs and trucks do have higher safety ratings and more experienced drivers operating these vehicles,” said Tatum.
Sedans, on the other hand, are more likely to be severely damaged in accidents, and also tend to be stolen for parts that can be sold on the black market. The researchers note that even in total dollars, or without looking at the cost ratio to the car’s sticker price, a Ford Focus remains more expensive to cover than a Ford Explorer – despite the fact that an Explorer costs almost twice as much as a Focus.
The most and least expensive cars to insure, based on average premiums compared with the vehicle’s MSRP, were found to be:
Best Deals:
| Make/Model | MSRP |
| Ford Explorer | 3.8% |
| GMC Sierra | 4.5% |
| Chevrolet Silverado | 4.6% |
| Chevrolet Equinox | 4.846% |
| Dodge Ram 1500 | 4.848% |
Worst Deals:
| Make/Model | MSRP |
| Chevrolet Cruze | 6.7% |
| Honda Civic | 6.9% |
| Hyundai Elantra | 7.3% |
| Toyota Corolla | 7.5% |
| Ford Focus | 7.7% |
Tatum says this information is not only valuable for clients purchasing a vehicle for themselves, but also when it becomes time to buy one for their children.
“This is especially true when clients are looking at vehicles for their children and want to know which is cheapest to insure, since young drivers’ premiums are already so high,” he said. “Any amount you can save is obviously a good thing.”
