**Top 10 Affordable Cars with Low Insurance Costs**
In today’s world where every penny counts, saving money on car insurance can make a significant impact on your budget. One way to reduce insurance costs is by choosing a vehicle that is cheaper to repair. According to a recent report by Mercury Insurance, the make and model of your car can have a significant impact on how much you pay for insurance. By selecting a car with lower repair costs, you can potentially save on insurance premiums in the long run.
Mercury Insurance Director of Product Management R&D Chong Gao emphasized the importance of considering the total cost of ownership when researching a vehicle. “Insurance plays an important part in the overall cost of owning a car,” Gao said. “By choosing a vehicle with lower repair costs, you can potentially save money on insurance as well.” To help consumers make informed decisions, Mercury Insurance has compiled a list of the top 10 most affordable makes and models to insure:
1. Chevrolet Spark
2. VW Golf
3. Hyundai Accent
4. Toyota Prius Prime
5. Mitsubishi Mirage
6. Volvo S90
7. Mazda 3
8. Nissan Versa
9. Hyundai Venue
10. Kia K5
If you’re looking to save on car costs, it may also be worth considering changing your auto insurance provider for a lower monthly rate. By shopping around and comparing different providers, you may be able to find a personalized premium that suits your budget. Websites like Credible can help you easily compare multiple providers and find the best rate for you.
States with Varied Insurance Costs
When it comes to insurance costs, where you live can also play a significant role. A recent report from the Zebra highlighted how states more affected by climate-related disasters have seen higher insurance premiums. In these states, insurance providers may be pulling out or writing new policies, leaving consumers with fewer options for insurance shopping.
For example, Florida and Louisiana are among the states with the highest annual premiums, with drivers paying an average of over $2,700 per year. This is 47% more than the national average. In contrast, drivers in Vermont and Idaho pay the least for insurance, with premiums registering 35% below the national average. Overall, drivers in 19 states now spend an average of more than $2,000 a year on auto insurance premiums.
If you’re in the market for new auto insurance, consider using the Credible marketplace to compare multiple providers and find a personalized rate in minutes. This can help you find the best insurance policy for your needs without affecting your credit score.
Rising Gas Prices
In addition to insurance costs, another significant expense that drivers continue to face is rising gas prices. According to a recent study by American Trucks, drivers are spending an average of $1,712 annually on fuel, which is about 37% more than they would like to pay.
While gas inflation has moderated somewhat, the national average price for fuel is forecasted to remain in the mid-$3 per gallon range for most of the summer. However, there may be some relief on the horizon, with potentially tens of thousands of stations falling below $3 per gallon in the coming months, according to a GasBuddy forecast. Despite this, 23% of Americans still plan to limit their summer travel and road trips due to gas prices, with millennials being the most likely to cut back on travel plans.
If you’re feeling the pinch of rising gas prices and want to save money on car ownership, consider finding a new auto insurance provider to lower your monthly premium. By comparing multiple providers on Credible, you can find the best rate for your budget and potentially save money in the long run.
In conclusion, saving money on car ownership involves considering various factors such as insurance costs, gas prices, and the overall cost of owning a vehicle. By choosing a car with lower repair costs and finding a competitive insurance premium, you can make a significant impact on your budget. Utilizing resources like Credible can help you compare multiple insurance providers and find the best rate for your needs. Stay informed and proactive in managing your car expenses to ensure financial stability in the long run.