To save money on insurance, buy a car that costs less to repair. (iStock)
A recent report suggests that budget-conscious consumers can spend less on car insurance depending on the type of car they own.
Insurance rates have skyrocketed in recent years as inflation has driven up the cost of auto repairs and drivers have been paying more for insurance, but Mercury Insurance says the make and model of your car plays a big role in how much you pay. report.
“One of the most important aspects of searching for your ideal car is to consider the total cost of ownership, and insurance plays a key role in that,” says Zhong Gao, director of product management R&D at Mercury Insurance. “There are many cars known to be cheaper to repair, which means cheaper insurance premiums. Mercury has created this list to help savvy consumers see where they can save the most.”
Here are the top 10 makes and models with the lowest insurance costs:
- Chevrolet Spark
- VW Golf
- Hyundai Accent
- Toyota Prius Prime
- Mitsubishi Mirage
- Volvo S90
- Mazda 3
- Nissan Versa
- Hyundai Venue
- Kia K5
If you want to save money on your car, consider switching car insurance companies to lower your monthly rates. Visit Credible to compare and find the rates that are right for you.
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Drivers in these states pay more for insurance
Recent research suggests that where you live may also affect the amount of your insurance premiums. report From Zebra: For example, in states hit hard by climate-related disasters, insurers are increasingly cancelling policies and writing new ones, leaving buyers with fewer options to buy insurance.
Topping the list of states with the highest annual premiums are Florida and Louisiana, with drivers here paying an average of more than $2,700 a year in insurance, 47% higher than the national average.
Vermont and Idaho drivers have the lowest annual premiums, 35% lower than the national average, and drivers in 19 states currently pay an average of more than $2,000 a year for auto insurance.
Looking for new car insurance? The Credible marketplace lets you compare multiple providers and find a personalized rate in minutes, without impacting your credit score.
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Gas prices are still too high
Another big expense drivers continue to have to deal with is the price of gasoline. Though gasoline price increases have eased somewhat, a recent American Trucking Associations survey found that drivers are still spending about $1,712 a year on fuel for their vehicles, about 37% more than they would like to spend. study.
The national average gasoline price is expected to remain in the mid-$3 range this summer and could fall below $3 a gallon at tens of thousands of gas stations in the coming months, a research firm said. GasBuddy PredictionsDespite cheaper gasoline, 23% of Americans plan to forego summer trips or road trips due to rising gas prices, with millennials the most likely to scale back their travel plans.
If you’re struggling with the rising costs of owning a car and want to save money, consider looking for a new car insurance company to lower your monthly premiums. Visit Credible to compare multiple car insurance companies at once and choose the one with the best rates.
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