Not all vehicles are equal when it comes to insuring
Even the sweetest deal on a new car can come with a hidden cost.
Aside from paying for the car itself, some vehicles cost way more to insure than others. Mercury Insurance says the Honda Fit is the cheapest car to insure — and Hondas make up three out of the top four most inexpensive.
But is it really the best car for the money? U.S. News & World Report measured quality and value to make that determination, and the Honda Fit took the top spot for Best Subcompact car. For quality, value and insurance, it could be the right fit for you and your family.
“Car shoppers are extremely savvy today and are looking at the total cost of ownership and car insurance is one way to help lower this cost,” says Tom Coyne, auto line lead for Mercury Insurance. “Mercury compiles these top-10 lists to help our customers save money, and [these] vehicles are more than 10 percent cheaper to insure than the average of all cars and trucks Mercury insures.”
In the top cheapest cars to insure:
- Honda Fit
- Ford Fiesta
- Honda CR-V
- Honda Pilot
- MINI Countryman
- Ford Edge
- Hyundai Elantra
- Toyota Sienna
- Nissan Versa
She’s got the look (and the value)
The Honda CR-V came in third on Mercury’s list, and it also took the top spot for their division, Best Compact SUV, in the U.S. News report. This makes Hondas great cars to invest in while also saving you some serious cash when it comes to insurance.
When it comes to value, though, Honda wasn’t the top winner in the report study. That went to another foreign car maker.
“Toyota, along with its luxury brand, Lexus, won the most awards, netting five different trophies in categories,” the report says. “While Lexus and Toyota models tend to have higher prices than some competition cars, their excellent performance in our rankings, plus their low long-term costs, make them excellent choices.”
The report also had some surprises in winners like Kia.
“Kia managed to edge out tough competition from brands like Honda, thanks to their long list of standard features and comfortable interiors, as well as how inexpensive they are to own over the long haul” the report says.
Car affordability: demographics matter, tech doesn’t
Investing in a car is a big expense no matter who you are, but it could be a bigger factor depending on where you live.
It’s not just your demographics, though, as newer cars with better safety features aren’t giving consumers a break on car insurance. We all want breaks in our insurance, but usually not at the expense of our livelihood. Why can’t we have a car with top-rated safety and somehow get rewarded by our insurance companies for choosing a smarter car?
It turns out insurance companies aren’t as fast as car manufacturers when it comes to technology in vehicles. Cars are churning out better technology at a faster rate than car insurance companies can stay up to date with. This means consumers are being punished for their car choices, even if they are the safer and better choice.
Article last modified on July 25, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Need Car Insurance? Your Choice Could Cost You More Than You Think - AMP.