Insuring Your New Car

When cost-conscious consumers shop for new vehicles, they mostly concentrate on price and fuel economy. However, the cost of owning a vehicle goes beyond just these two factors. Aside from maintenance costs, consumers should focus on how much it will cost to insure the automobile.

Consumers should also not assume that the lower-cost cars are necessarily cheaper to insure than luxury brands. Insurance companies take a number of factors into consideration, including to what extent an automobile is likely to be damaged in a crash, how likely drivers and passengers are to be injured in crashes, and how often the vehicle is stolen.

It may pay to check how much it will cost to insure a car before purchasing it.

NOTE: According to the National Insurance Crime Bureau’s annual “Hot Wheels” list of the most frequently stolen cars in the United States, the 1994 Honda Accord was the most stolen car during the 2011 calendar year.