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Expensive cars can lead to costly luxury car insurance premiums

January 25th, 2011

While a shiny new sports car may appeal to many shoppers interested in buying a new vehicle, anyone vying for lower car insurance rates should avert their eyes and settle for a more practical model.

Most Expensive Luxury Cars to Insure

Luxury car brands such as Mercedes, BMW, Porsche and Aston-Martin will be the most expensive to insure in 2011. Topping the list was the Mercedes SL65 AMG, a 12-cylinder convertible that costs more than $3,500 a year to insure. The Mercedes is about $700 more than the least expensive vehicle on the luxury car list – the Jaguar XJ Supercharged sedan – and almost $2,500 more than 2011′s cheapest car to insure, the Chrysler Town and Country LX, a minivan whose premiums come to just $1,091 a year.

Less Expensive Cars to Insure

Traditionally family friendly vehicles like SUV’s, minivans and some sedans often contain safety features that can lower their insurance rates. Plus, insurer’s figure that parents behind the wheel of a vehicle such as the Toyota Sienna – the second cheapest car to insure this year – aren’t driving as aggressively as someone in a flashier car, and are therefore less likely to become involved in a crash.

“Soccer-mom vehicles are driven by people who are generally not driving aggressively, aren’t speeding and often aren’t driving during peak commuting hours,” said Russ Rader, a spokesperson for the Insurance Institute for Highway Safety’s Highway Loss Data Institute.

A Luxury Car’s Loss History Affects Insurance Rates

Differences in car insurance quotes are also determined by a models “loss history,” which reflects the frequency and severity of insurance claims filed by drivers with the same vehicle. Therefore, luxury cars chosen especially for their speed and attractiveness may rack up more claims than the average sedan, in addition to starter-cars used by inexperienced drivers.

Buy a Used Luxury Car for Low Auto Insurance Rates

Purchasing used rather than new vehicles can also help lower auto insurance rates, according to Edmunds.com. The fledgling economy has caused many companies to cut prices on their new cars, meaning that some models are almost the same price whether used or fresh off the assembly line. However, while some new automobiles from higher-end brands such as Audi and BMW can be purchased for almost the same price as their used counterparts, new cars often come with higher insurance rates that a shopper on a budget may want to avoid.

No matter the make or model of your luxury car, having good credit is a surefire way to lower luxury car insurance rates. There is a direct correlation between a person’s credit score and the likelihood they will file an auto insurance claim, a factor insurers will use to determine a clients insurance risk score which factors into their luxury car insurance premium.

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