Insure.com recently awarded four automakers with the Low Cost Car Insurance Awards. Toyota, Chrysler, Nissan and Chevrolet were recognized as manufacturers that make vehicles that are the least expensive to insure.
The awards included cars, minivans, SUVs and trucks – with models like the Toyota Highlander and Chevrolet Silverado – all costing less than $1,175 to insure each year, according to their average annual premium. The Chrysler Town & Country minivan costs the least to insure, the study found, at $1,092 per year.
Average rates for a male driver were collected from 10 zip codes in each state and insurance companies including State Farm, Allstate, Progressive, GEICO, Farmers and Nationwide.
Insure.com points out that financing a car requires consideration of car insurance rates in addition to the vehicle's features and price tag. The affordability of the car's insurance can play a major role in the vehicle's overall attractiveness on the market. Prospective buyers who take out car loans to pay for this purchase may find that they save more money by choosing a model that is cheap to insure.