New Car Insurance Rate Comparison Calculator
New tool shows considerable cost variability between different makes and models
SAN FRANCISCO – May 21, 2014 – insuranceQuotes.com has released a new car insurance rate comparison calculator that enables consumers to compare the insurance costs of different cars by year, make and model:
The “Car vs. Car: Insurance Comparison Shopping Tool,” is fully customizable by age, gender, marital status and zip code. For example:
- If you’re thinking of an entry-level luxury sedan over a standard mid-size sedan or SUV, prepare to pay a lot more for car insurance. A 2014 Audi A8 3.0T Quattro costs 66% more to insure than a 2014 Toyota Corolla LE Premium and a 2014 Mercedes C250 costs 23% more to insure than a 2014 Toyota Camry XLE.
- Good news for growing families: it costs 7% less to insure a 2013 Honda Odyssey EX (a minivan) than a 2013 Nissan Altima 2.5 (a mid-size sedan).
- Are you considering an environmentally-friendly vehicle? Trading in a 2010 Hyundai Sonata GLS for a 2014 Toyota Prius V Five would lead to 17% higher car insurance costs.
- Upgrading to a vehicle with a more powerful engine can also lead to higher car insurance costs. For example, a 2014 Subaru Outback with a six-cylinder engine costs 14% more to insure than a 2014 Subaru Outback with a four-cylinder engine.
- Insurance rates even differ among entry-level luxury cars. A 2013 Mercedes C250 costs 7% more to insure than a 2013 BMW 328i.
“One of the biggest mistakes consumers make when shopping for a new car is not considering the insurance costs,” said Laura Adams, insuranceQuotes.com’s senior analyst. “Nearly seven in 10 Americans say it is important to know insurance costs before buying a car, yet only three in 10 actually get an insurance quote before car shopping.”
Sample insurance premiums are for a 40-year-old married woman living in Chicago (ZIP code 60640).
The consumer shopping habits statistics came from a survey conducted by Princeton Survey Research Associates International. PSRAI obtained telephone interviews with a nationally representative sample of 1,010 adults living in the continental United States. Interviews were conducted by landline (510) and cell phone (500, including 280 without a landline phone) in English and Spanish by Princeton Data Source from April 3-6, 2014. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.5 percentage points.
insuranceQuotes.com provides consumers with a free, easy way to shop for and compare insurance quotes online, and delivers information about auto, home, health and life insurance and other types of insurance.
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Senior Insurance Analyst, insuranceQuotes