Survey: Hyundai 7% More Expensive to Insure than Kia
by Andrew Evans | Automobile.com | 7/05/2012
The survey showed drivers pay 7.03% more to insure Hyundai Motor Company vehicles compared to Kia models. The average annual cost to insure a Hyundai was $946.05 while Kia models averaged $884.23. Although the two South Korean brands compete directly, Hyundai has owned a portion of the Kia Motors company since 1998, making up the Hyundai Motor Group parent company.
Driver age is at the forefront when examining the factors behind the insurance premium cost disparity. Hyundai drivers were almost five and a half years older on average than Kia drivers, a considerable difference between the two groups. Esurance.com reports drivers 75 and older have the highest level of fatal accidents during the day, which suggests older drivers could be faced with higher insurance premiums and could have influenced the survey.
Additionally, the Hyundai vehicles included in the survey were close to a year younger on average than the Kia models. In this case, the insurance costs may be influenced by vehicle age. Often newer cars are more expensive to insure because they are typically valued higher than their older counterparts. Parts for new cars may be more expensive or advanced, costing more to replace in the event of an accident.
Beyond these two distinctions, our survey didn't show glaring distinctions in factors such as levels of protection or amount of miles driven daily. Kia and Hyundai enthusiasts should note that this is one of the closest cost comparison surveys we conducted which isn't surprising due to the fact that most models share platforms and powertrain technology across each brand, according to TheCarConnection.com.
Regardless, saving money is at the top of many people's lists these days. So what can Hyundai drivers do to lower car insurance costs? Begin by comparing car insurance quotes from an unbiased source such as Automobile.com. Since each car insurance company uses unique criteria to determine policy costs, you will be able to determine the best deal when you compare. For example, if one insurer charges mature drivers a higher rate, this disparity will show when the rates are lined up. Also look into features you can add to your vehicle to reduce rates, such as an aftermarket security system.
Finally, it may be worthwhile to compare individual models from each brand if shopping for a new vehicle. Although the brands are affiliated, there will likely be differences in insurance costs between similar models due to differing safety features and replacement cost estimates.
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