Chevrolet Beats Toyota in Annual Cost to Insure Survey
by Andrew Evans | Automobile.com | 5/18/2012
In the survey, Toyota owners reported paying an annual average of $889.15 for insurance compared to the $819.82 Chevrolet owners spend. As Toyota was dealing with well publicized recalls and fallout from Japan's natural disasters, Chevrolet sales were rising due to popularity of the Cruze and Sonic models. While difficult to pinpoint the exact cause of the cost disparity, some industry analysts cite vehicle thefts and safety features as two prominent reasons one make or model would cost more to insure than another.
When the two car companies are compared side to side, Toyota models are clearly favored by thieves according to the National Insurance Crime Bureau. The NICB reports that the Toyota Camry ranks as the most stolen vehicle in America, although the Chevrolet C/K Pickup is also included among the top ten. This disparity most likely influences the cost to insure averages to some degree.
Safety ranks as one of the top three factors for 65% of consumers, according to ConsumerReports.org. Both Chevrolet and Toyota have multiple vehicles listed on the Insurance Institute for Highway Safety's 2012 Top Safety Picks list with 7 and 11, respectively. The two automakers are within four percentage points of each other in terms of quality according to Consumer Reports respondents. This data suggests that vehicle theft and cost to replace might play a significant role in determining insurance costs as both automakers achieve similar ratings in safety and quality.
Ways to Reduce Insurance Costs
To compensate for the insurance cost disparity, Toyota owners might consider installing reliable theft deterrent devices such as aftermarket alarms and monitoring services or upgrading existing equipment. Many insurance companies offer discounts for vehicles that feature antitheft devices, which could help bridge the insurance premium cost gap for Toyota owners. Despite the Automobile.com insurance costs data that seems to favor Chevrolet, fans of the Japanese automaker can take comfort in knowing Toyota beats Chevrolet by 5% in a brand value comparison by Consumer Reports.
Those who are looking to purchase a new car or truck should consider the estimated value and ownership costs over the life of the vehicle in addition to the anticipated insurance costs. Automobile.com allows consumers to compare car insurance quotes for any make and model. Drivers who currently own a Chevrolet or Toyota model may consider comparing car insurance quotes to ensure they are getting the best deal.
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