How Much Will it Cost to Insure That New Car?

Trying to find out the price of insurance on that new vehicle you’ve just taken on a test drive is almost as difficult as finding out what an airplane ticket from LA to Chicago will cost. The same way a plane ticket has so many variables (date, time, nonstop or with layovers, business or coach, staying over a weekend or not), so does any vehicle’s insurance.

There are intangible reasons for the costs of a premium, such as the part of the country you reside in, your age and gender, as well as the statistics of the other drivers in your household. It also takes into consideration how many miles the vehicle is driven to work, how much mileage is put on it in a year’s time, the neighborhood it is parked in most often and whether it is garaged or not. Your credit rating and driving records, such as any accidents or how many claims you’ve filed in the past can also have an effect . Since these differ from person to person, you may pay more than your next door neighbor on an identical vehicle, if you’ve got a lead foot and don’t pay your bills on time.

There are also tangible reasons the costs of a policy will be higher or lower, based on the type of vehicle. Foreign vehicles are more costly to insure over domestics, as it is generally a bit more difficult to repair and replacement parts are more expensive. Insurance companies also take into consideration the construction and safety factors on any vehicle—one with ABS, side and front airbags, steel cage construction and satellite technology will get a more favorable rating than one that only has airbags and ABS. Insurers also keep a close eye on the "most likely to be stolen" list. If you drive a nice car, you’re at a higher risk of having someone vandalize or steal it, and your premiums will be higher.

It goes without saying that higher-end luxury vehicles are expensive to insure. Here are the most expensive for 2010:

1. Porsche 911 Carrera (average $2,706 to $2,944, depending on model)
2. Mercedes 565
3. Dodge Viper (the coupe runs a little higher than the convertible)
4. Porsche Panamera (The Turbo costs almost $100 more per year than the S)
5. Mercedes C-Class (average $2,647 to $2,755)
6. Mercedes S-Class (average $2,654 to $2,715)
7. Audi R8
8. BMW M6
9. BMW 760Li
10. Jaguar XKR

If the cost of your policy will affect your choice of vehicle, here are the 10 least-expensive to insure:

1. Mazda Tribute
2. Honda Odyssey
3. Chrysler Town & Country
4. Jeep Wrangler
5. Dodge Grand Caravan
6. Toyota Sienna
7. Hyundai Tucson
8. Kia Sportage
9. Hyundai Santa Fe
10. Jeep Patriot

Other popular brands that aren’t too costly to insure include the Honda CR-V, Dodge Journey, Ford Escape and the GMC Canyon.

No matter which vehicle you ultimately decide upon, be sure to get quotes from at least three insurance providers. Just as premiums vary depending on the tangible and intangible aspects, the costs on an identical policy can also vary by several hundred dollars per year, depending on the insurance company.

*Insurance rankings found at www.insure.com