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Certain cars are more expensive to insure than others

September 26, 2014

Are you in the market for a new or pre-owned automobile? If so, it's likely you are already taking notes and jotting down the most important factors for a purchase. If you live in snowy conditions, you're more likely to be concerned with traction control and an all-wheel drive system. If you plan to put thousands of miles on your car in a hurry, gas mileage might be the most important factor.

Some cars are more expensive to insure than others.

Unless you are well-off, chances are the price of the car is going to be one of the biggest deciding factors. But how much you spend isn't limited to the sticker price. You'll also have to consider closing costs, taxes and insurance.

That last element—insurance—can be rather tricky. The make and model of a vehicle can greatly effect the cost of your insurance bill, just as your driving record, the area you live in and the demographics of those on your insurance policy would.

While it's unlikely you'd change cities to save money on insurance—Detroit is the most expensive city to insure a car, while nearby Chicago is less expensive on average—you can save money by choosing to buy a car that costs less to insure.

“The choice of the car itself is going to affect, in particular, what you will spend for comprehensive and collision,” Jeanne Salvatore, senior vice president of public affairs for the Insurance Information Institute, told Bankrate.

Cars to avoid to keep insurance rates low

Russ Rader, a spokesman for the Insurance Institute for Highway Safety, told Bankrate it's generally a good idea to stay away from small, fast cars if you want to keep insurance premiums to a minimum.

“It's a common denominator among vehicles that have the highest losses—a lot of smaller, sportier vehicles,” Rader said. “Contrary to the idea that smaller cars can help you avoid crashes, the data shows that small cars get into more accidents. If you feel like you have a vehicle that can zip in and out of traffic, chances are you'll do that.”

Most expensive cars to insure

According to a report from MSN, the most expensive cars to insure in 2014 have been the Nissan GT-R Track Edition and the BMW M6. Both cars are sporty coupes featuring plenty of horsepower and low-end torque.

“Sporty cars tend to be driven in ways that lead to more crashes,” Rader said. “They also tend to be driven by younger, riskier drivers.”

Younger drivers are typically bigger insurance risks because of their lack of experience. Compounding the matter is that smaller cars tend to be less expensive, which makes them attractive to such drivers.

Rounding out the top five most-expensive cars to insure were the Mercedes-Benz CL550, the Mercedes-Benz SLS AMG GT and the Porsche Panamera Turbo S.

MSN listed the Audi R8 Spyder, Mercedes-Benz G63, Audi A8 L, Jaguar XKR and Jaguar XK as the next most expensive cars to insure.

Automobile owners looking for the cheapest auto insurance rates should contact SelectQuote Auto & Home. SelectQuote offers comparison shopping from a slew of the nation's blue-chip insurance providers.

The least expensive to insure

The Jeep Wrangler Sport is the cheapest vehicle to insure in 2014, according to MSN. The Honda Odyssey, Jeep Patriot Sport, Honda CRV and Jeep Compass Sport rounded out the top five cheapest models.

On average, drivers paid $1,080 per year to insure a 2014 Jeep Wrangler Sport. That's nearly three times less than what drivers of the Nissan GT-R Track Edition pay to insure their vehicles.