When you have to invest in a car, the whole process tends to be an expensive affair. As you have to spend thousands of dollars in one go, you have to take an auto loan, to make it affordable. On top of that, you have to consider other costs. For example, you have to spend on maintenance and fuel, regularly.
Also, it is mandatory that you have car insurance, as it provides financial protection to you and other drivers, in case you meet with an accident. As a result, the amount you have to pay as premium will make it an expensive affair.
Due to this reason, you start to wonder whether it is cheaper to insure certain vehicles over others. Here is a complete guide on which vehicles have low premiums:
Why are certain cars cheaper to insure?
There are numerous factors that determine how much premium you have to pay. From the driver’s side, the company will take a look at your driving record and habits.
However, when it comes to the vehicle, insurance companies look at different factors, to determine the premium you have to pay. The category in which the vehicle falls into can affect the costs. For starters, is it designed to take families around Canada or is it a high-performance car?
Another factor is how much it will cost the insurance company to replace or repair the vehicle in case it meets with an accident. At the same time, what are the chances that the vehicle will get stolen? Also, what is the safety rating giving by the manufacturer to the car?
By combining the data of the vehicle, along with your driving record, habits, and number of insurance claims, the agency will give you an estimate. Due to this reason, it isn’t necessary that the cheapest vehicle to insure has the lowest rates. Always make sure that you compare the costs between different vehicles to see which one suits your budget.
Top 4 cars which have low premiums
Here are the four vehicles which are quite cheap to insure:
Volkswagen Golf
Volkswagen Jetta
Toyota Camry
Chevrolet Cruze
If you plan on purchasing one of these vehicles, getting a car loan will make the payments affordable and convenient. Get in touch with TakeTheDrive today so that you can go home in the car of your choice!