Savvy online consumers not only shop for the best deals in used car prices. They bundle their Internet searches to compare average auto insurance premium rates among popular used vehicle models.
This analysis presents the average annual auto insurance rates for six of the most popular used vehicles according to Cars.com. One truck, the Ford F150, is included to benchmark insurance premiums for high-demand used trucks.
Also presented are the average manufacturer suggested retail prices for the most popular used-vehicle models. These prices are available on the Cars Direct website.
This two-stage approach enables consumers to compare a bundled cost that combines the used vehicle price with average auto insurance premiums.
Average Auto Insurance Quotes Online
Below are the average annual auto insurance premiums for six of America’s most popular vehicles. Rates shown were calculated based on minimum and maximum average premium quotes:
- from 15 top-rated auto insurance companies
- that Insurance.com compared for over 250,000 online consumers.
The following average premiums represent one-car, single driver quotes from 2008 until the first 2 quarters of 2009. For each model shown above, quotations are limited to vehicles manufactured in 2005 and later.
- Honda Accord … $2,441 average annual auto insurance premium (down 4.1% from 2008)
- Honda Civic … $2,561 (down 6.9%)
- Toyota Camry … $2,831 (down 1%)
- Ford F150 … $2,980 (down 4%)
- Ford Mustang … $3,033 (down 1.2%)
- Nissan Altima … $3,150 (down 7.1%).
The average yearly auto insurance premium for a Honda Accord is 24.2% lower than the comparable car insurance rate for a Nissan Altima.
Prices for America’s Most Popular Used Vehicles
Below is the average manufacturer suggested retail price (MSRP) for the 2008 model of each vehicle. Averages were calculated based on the high and low MSRPs, which represent a suggested range of starting prices. Auto manufacturers recommend this range of MSRPs to car dealers across America.
- Honda Civic … $22,155 average MSRP
- Toyota Camry … $23,345
- Nissan Altima … $23,645
- Honda Accord … $25,435
- Ford Mustang … $25,948
- Ford F150 … $26,425.
The average MSRP for a used 2008 Honda Accord is 7% more expensive than that for a Nissan Altima. This is despite the fact that the Accord's average annual auto insurance premium is 24.2% lower than the higher-priced used Altima.
Bundled Auto Insurance Rates and Vehicle Prices
The following compares the total average annual auto insurance premium plus the corresponding MSRP for each used vehicle model shown.
- Honda Civic … $24,716 (annual auto premium plus MSRP)
- Toyota Camry … $25,774
- Nissan Altima … $26,156
- Honda Accord … $27,876
- Ford F150 … $28,875
- Ford Mustang … $28,980.
Among the six popular used vehicles in this brief study, the Ford Mustang has a bundled insurance premium plus car price that is 17.3% higher than the comparable total for a Honda Civic.
Compare Auto Insurance Rates and Vehicle Prices Online
These statistics represent overall averages for auto insurance quotes for all U.S. states that Insurance.com services. Rates differ significantly by many factors including state where the consumer resides, the quoting auto insurance company and the specific type of car insurance coverage.
Similarly, used vehicles that are in higher demand in one region of the country will have a higher sticker price than those sold elsewhere.
The above analysis does give an example of how to compare the total combined cost of both auto insurance premiums and vehicle price for different automobile models.
Consumers can set up spreadsheets and track their own quotes from free online auto insurance services like Insurance.com. As well, price benchmarks for popular used cars can be found on websites like the online Kelley Blue Book.
Sources for this Article
This article presents copyrighted data provided to the author by Insurance.com , a leading provider of online comparative insurance quotes. Insurance.com is dedicated to educating consumers, with a website that showcases the latest business intelligence technology.
Daniel Workman - A senior business and finance writer who also does French translations, notably international trade and insurance materials.
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