10 Least Expensive 2006 Cars

By Insure.com

Being the most popular of something can come with a cost. Celebrities often have to give up their privacy for fame. Top-selling vehicles, on the other hand, are saddled with higher insurance premiums in return for their popularity.

Over the years, insurance companies have discovered that the most popular vehicles sold in the U.S. indeed tend to rank higher as it pertains to insurance premium pricing. This stems from the fact that these vehicles have historically proven to been either more expensive to repair or more easily damaged--or both.

Being in the middle of the pack on the popularity scale, now that appears to be a car-buyer’s ticket to a reasonable-priced auto insurance premium. So reveals Insure.com’s 2006 report detailing the Least Expensive Vehicles to Insure (encompassing both 2006 and ’05 model years). The report duly notes that popular autos that slid down the list of the 20 top-sellers in the U.S. were also less expensive to insure than those top-sellers that fell within the top 10.

Vehicles such as the Chrysler Town & Country Mini-Van (19th most popular), Chevrolet Cobalt (15th) and Dodge Caravan (13th) all landed in the lower echelon of the Top 20 top-selling vehicles. Not surprisingly, these vehicles ranked 1-2-3, respectively, on the Least Expensive To Insure list. (Insurance rates were determined by insurance carriers within a system that uses four key factors: Who drives a car, how it’s used, the ease to damage and repair it, and the accident history of its drivers.)

Despite these facts, most consumers don’t enter into a new-car purchase aware of the implications surrounding changes waiting to occur with their auto insurance premiums. Dave Roush, CEO for Solon, Ohio-based Insurance.com, an independent online insurance agency, confirms that his company has performed extensive research about the awareness individuals have for auto insurance premiums in connection with the vehicles they own or wish to buy.

“Consumers are not only not aware of how much auto rates differ from one vehicle to another, but they aren’t also aware of how insurance costs differ from insurer to insurer,” explains Roush.

Roush asserts that people are not in an insurance-centric mindset prior to buying a new car—and that’s a crying shame. ”If we had a conversation with an individual about buying auto insurance as that individual was in the process of shopping for a new car, it would be an exercise in futility,” says Roush. “We’ve learned that we can only have this conversation after the new car has been obtained.”

Due to this lack of awareness, you can imagine a car-buyer’s delight when the Dodge Caravan Mini-Van they bought came with a lower-priced insurance premium.

Greg Lindenberg, of Wilmette, Ill. is certainly one of these people oblivious to insurance premium fluctuations. But Lindenberg got lucky. That’s because he bought a vehicle on the Least Expensive to Insure list—without knowing it. “We bought a Dodge Caravan, and did so mainly because our family needed a larger vehicle to accommodate our camping gear. It turned out to be very serendipitous, because as we looked at our mini-van buying options, we were never aware that the Caravan had such a reasonable insurance rate. Obviously, we're very pleased anytime we can save money on our auto premiums!

Other Ways to Save

Acquiring a new vehicle on Insure.com’s Least Expensive To Insure list is one way to arrest sky-high insurance premiums. There are other creative yet basic techniques individuals can employ to also obtain lower rates. Some of these techniques include:

Shopping around. There are literally hundreds of insurance companies in the United States and each files its own rates with state insurance departments. Moreover, insurance companies often use different procedures for determining what your premium should be. ISO filed a new system for determining Liability, Medical Payments, and Personal Injury Protection (no fault) with every insurance department this summer but not all insurance companies have adopted the new program. Depending on your state and your vehicle, the new program might call for a 20% discount off your policy liability premium but if your insurance company hasn’t adopted the new program, it could cost you 20% more for the same coverage.

Considering higher deductibles for comprehensive and collision coverage. If you’ve financed the purchase of your new car, the lender is going to require that you carry collision and comprehensive coverage, but how much of a deductible is on your policy will probably be up to you. You can save substantial sums if you are willing to bear the cost of a higher deductible on your policy. The savings to go from a $250 deductible to a $1,000 deductible could be as much as $400 depending on your location. That means that if you don’t have any losses for two or three years, your premium saving will have more than covered the deductible if you do have a loss. On the other hand, if the value of your vehicle is low, you might want to consider dropping collision and comprehensive coverage entirely. In the event of an accident, the insurance company will depreciate the value of your auto based on wear and age and then apply the deductible. You may find that what you end up getting isn’t worth the cost of insurance.

Asking about discounts. Different insurers give discounts for different reasons depending on the type of customer they are trying to attract but commonly found are discounts for buying your homeowners and auto insurance from the same company, credits for being a safe driver, credits for anti-theft devices, and a good student credit if there is a youthful driver who maintains a B or better grade average.
Checking with your agent or insurer to ensure your policy is rated correctly. Youthful operators receive a credit each year up to age 21 and you do not have to wait until your policy renews to apply for it. Your premium is also influenced by whether or not you commute to work and how far that is one way. If your job has changed recently and you no longer drive as far, you may be eligible for a lower-rated classification. If your son or daughter is attending school more than 100 miles from where your car is kept, you can ask that they be reclassified on your policy. If your insurance company agrees, this can save you a lot of money. The basis for insurance rates is the location where the vehicle is garaged. Make sure that information is correct on your policy.
Considering car pooling to work. If you do not drive more than 2 days to work, this can save you up to 15% on your premium.
Maintaining a good credit record. Many insurance companies have adopted a “credit scoring” system for determining how much they will charge. Not all companies are using it and not all states allow it but for those that do, a good credit history can save you a lot of money on your insurance premium. Check your record at least once a year. The Fair and Accurate Credit Transactions Act gives you the right to request a free copy of your credit report annually. Fix any errors you find and be sure your insurance company knows about it.
These are all effective techniques to rein in auto insurance costs. But there's more: Roush of Insurance.com explains that auto insurance rates in 2005 were reduced an average of 1% nationally, and he expects this trend to continue through 2006. The reason? “A lower frequency of auto accidents have put auto insurers in a favorable position from a cost standpoint,” says Roush.

“One theory that supports a reduced frequency of accidents is that baby boomers, who represent a large segment of the driving population, have a tendency to be more responsible behind the wheel. Moreover, stricter drunk driving laws, new and improved airbag designs and uni-body construction of vehicles also have to be factored into the equation,” notes Roush.

It all adds up to exceptional news for car owners who have eternally sought to infuse a greater degree of stability into their auto insurance premium payment responsibility!



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