What are the cheapest cars to insure?
The most significant way you can reduce the cost of your car insurance is to make sure that your car is cheap to insure. Most of us have an idea that a Ferrari is going to be much more expensive to insure than a Ford, but what are the cheapest cars to insure?
Car insurance groups explained
When insurers decide how much your car should cost to insure it’s not just a guessing game. All cars are placed in categories numbered 1-50. The cheaper your car is to insure, the lower the category number, simple as that. It’s worth remembering that while these categories are defined by the Association of British Insurers, they can be changed by individual insurers themselves. But don’t worry, you won’t suddenly find your 1.1 litre run around is classed alongside a sports car.
So, what car should I be buying?
With hundreds of cars on the market, it would be almost impossible to print an exhaustive list of all the cheap cars to insure that you could buy. However here is a list of the top ten cheapest cars to insure at the moment:
1. Chevrolet Spark
This one hasn’t got a very big engine which makes it cheap to buy and cheap to insure.
2. Citroen C1 and C3
This petite range of cars comes with extra security measures which might do you favours on the insurance quote.
3. Fiat Panda and Qubo
These are real city cars. Quick for getting about in and basic, so you the insurance should be straightforward.
4. Vauxhall Corsa Hatchback
A roomy car while still being fashionably small. A popular one for low cost insurance.
5. Volkswagen Fox
A cheaper version of its predecessors. The brand comes with a price tag, but the insurance makes up for it.
6. Ford Ka and Fiesta
An old favourite with ever increasing popularity ratings. You know where you are with a Ka, and you won’t have to worry about the insurance bills.
7. Nissan Pixo
This Japanese favourite is built for the task with interesting technology features.
8. Peugeot Partner Tepee
Another French mini that always comes at the top of the list. Along with the Citroen this is a favourite in the low insurance market.
9. Skoda Fabia Hatchback and Estate
Based on the VW, this neat little number is built for an economical lifestyle and pain-free insurance quotes.
10. Smart Fortwo Coupe and Cabriolet
In a league of its own, this little model, renowned for squeezing into tight spaces also squeezes into tight budgets when it comes to insurance.
Cheap cars to insure
A rule of thumb is that if your car was cheap to buy in the first place then it’s usually quite cheap to insure. But buying price isn’t the only way insurers decide how to classify a car.
Insurance companies are most interested in how much a car is going to cost in repairs if the owner makes a claim.
Nearly three quarters of the money insurers pay out goes on repairs – the cheaper and simpler your car is to repair, the more likely it is that your premium will be low.
Also, insurers are interested in how secure your car is. If you have an alarm, immobiliser or tracker then you will find your premium is lower. Even if your car is not of a high value, it is worth considering having these fitted. The newer your car is, the more likely it is to have these devices fitted.
One other thing to consider is that your sports car may look fantastic but you will have to be prepared for a high insurance cost. Insurers will penalise cars with greater acceleration and top speeds because they are statistically involved in more accidents.
*60% of car insurance customers could save up to £200 (Consumer Intelligence data, December 2011)
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