Credit: Hardy Mutschler
Toyota Prius Prime
Credit: John Murphy Photography
Credit: James Halfacre
Credit: Kia Motors
With the U.S. seeing auto insurance premiums increase an average of 17% during the first half of this year, according to Insurify, Inc., drivers across the country are looking for ways to save some money.
Insurance costs play an important role in the overall cost of ownership, according to Chong Gao, director of product management R&D for Mercury Insurance. Gao noted that certain vehicles are known for having lower repair costs, which typically means they are less expensive to insure.
This point is especially prudent now, as growing repair costs are one of the factors causing auto insurance premiums to grow.
“Vehicle repair and maintenance costs have outpaced inflation and show no signs of slowing, leading insurers to increase auto insurance prices to keep up with the cost of higher claim payouts,” Allie Feakins, Insurify’s senior vice president of insurance, said in a report. “Given the lag between regulator approvals and actual rate increases, consumers can expect rates to increase over the next 12 to 18 months.”
For those looking to beat the oncoming rate increases, the above slideshow highlights the 10 sedans that are the most affordable to insure, according to Mercury Insurance.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.