What is a Great First Car that’s Cheap on Insurance?
If you are shopping for a first car for your child, you are probably concerned about the cost of insuring the vehicle. Insurance companies tend to charge high rates for young drivers, and choosing the wrong type of car can drive these rates even higher. Here are some tips for finding a great first car that’s cheap on insurance.
Stay Away from High Performance Vehicles
Your young driver probably has his or her eye on a sports car, but these vehicles tend to significantly drive up insurance rates. Generally speaking, small coupes tend to cost more to insure than larger cars. If the car is a GT or similar model, your insurance costs can be astronomical. It is a good idea to stay away from these models if you want to be able to find affordable car insurance.
Family Cars that are Cheap on Insurance
A family car is a much better choice for a young driver, because these vehicles are cheaper to insure. This is because they tend to be larger and sturdier than sports cars, and because they lack the power of high performance models. A Chevy Impala, a Toyota Camry, and a Honda Accord are all vehicles that tend to be cheap on insurance. While these cars might not be your child’s first choices, they can save you hundreds of dollars a year on your insurance costs.
Consider an Older Model
Generally, the older a vehicle is, the less expensive it is to insure. Older models have a lower market value, so your insurance company will pay less if the car is damaged or totaled. Also, you may be able to decline comprehensive and collision coverages for an older vehicle, which can lower your insurance premiums even more. Older sedans are especially cheap on insurance, and can allow you to provide the coverage your child needs without paying a small fortune.
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