Insuranks.com’s Auto Insurance Cost Research Finds Honda Civic Among Cheapest Popular Cars to Insure

According to a research carried out by Insuranks.com, an insurance education and comparison website, auto insurance for Honda Civic is among the cheapest in the market in 2020 for popular cars. 

How Was the Research Carried Out?

Insuranks.com carried out a detailed market study to calculate what the average cost of car insurance is in all states of the US. Data was taken from all of the top insurance providers, and the best plans were analyzed for this study. 

Metrics such as the type of vehicle, the age and experience of the driver, the kind of auto insurance coverage, maximized savings and so on were taken into consideration during the analysis. 

Findings of the Research

This study revealed that the average cost of auto insurance for 2020 is about $131 per month. However, a further deep-dive into the data also revealed that quotes on insurance coverage varied based on individuals’ personal ratings. 

This meant that based on the factors mentioned above, the same insurance plan could be more expensive for one person as compared to another. So, a person with a good credit score and a great track record in driving (no DUIs, no car accidents, no tickets, etc.) would have to pay much less for the same coverage. Interestingly enough, families with teenagers have to pay the highest auto insurance premiums. 

The data also showed that the best way balance premium costs and coverage was by buying minimum liability coverage. This means letting go of comprehensive as well as collision coverage and also minimizing claims and coverage limits. 

While this strategy would minimize the cost of auto insurance, it would also means that claimants would not be covered if there were involved in a car accident. 

The full research that was released back in July can be found at Insruanks.  

Honda Civic Among Cheapest Insurance Coverages

The data analyzed by Insuranks has been segregated in various ways – by state, by age, by credit history, by gender, family size and so on. However, one of the most interest results of this research was how the cost of insurance varied based on the type of car a person buys. 

This study compared insurance rates for four of the most popular cars in the market in 2020 – the BMW, Ford Mustang, Honda Civic and the Dodge Charger. For the last 3 years (2017, 2018 and 2019), the Ford Mustang has had the cheapest insurance, followed by the Honda Civic. 

The reasons for the difference in insurance premiums based on car models are many:

• The cost of the car. The more expensive your car is, the higher the insurance costs will be. This is because repairs and replacements of parts are also more expensive. 

• Security features in the car. The higher the number of security features in a car, the lower the insurance cost will be. 

• Reliability of the car model. The more reliable a car is, the lower the insurance cost will be. 

About Insuranks.com

Insuranks.com is an educational website for insurance consumers that ranks insurers based on user ratings