Study: Insurance premiums vary greatly for cars with similar pri - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Study: Insurance premiums vary greatly for cars with similar price

(KFVS) - Studies show that Memorial Day weekend kicks off the busiest time of the year for car sales, but before you buy, you'll want to know about the insurance costs for that new ride.

According to WalletHub, the summer months account for 27-percent of recorded annual car sales and to help you prepare they've studied the insurance premiums for new vehicles.

Here's what their report shows:

  • Insurance premiums for cars in the same price range can differ by as much as 39 percent, and the variation actually increases for more expensive vehicles.
  • Only about 22 percent of the variation in insurance premiums can be attributed to differences in car price. The remainder of the variation is attributed to the body type, age and make of your car.
  • New sedans are almost $150 cheaper to insure than 3-year-old sedans, on average.
  • Sports cars are 24 percent more expensive to insure than Crossovers/SUVs.

WalletHub says the best way to avoid sticker shock when you buy insurance for your new wheels, is to do your research beforehand.

Click here
to read the full report from WalletHub.

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