NEW YORK (MainStreet) Slashing your car insurance rates can be as simple as choosing a different vehicle when you are shopping for a new car.
A new car insurance rate comparison calculator released by insuranceQuotes.com enables consumers to compare the insurance costs of different cars by year, make and model. Click here.
The tool allows consumers to find out rates by various variables such as age, gender, marital status and zip code.
Rates for different makes and models vary widely. If you're thinking of an entry-level luxury sedan over a standard mid-size sedan or SUV, prepare to pay a lot more for car insurance. A 2014 Audi A8 3.0T Quattro costs 66% more to insure than a 2014 Toyota Corolla LE Premium, and a 2014 Mercedes C250 costs 23% more to insure than a 2014 Toyota Camry XLE. The sample insurance premiums are for a 40-year-old married woman living in Chicago (ZIP code 60640).
"One of the biggest mistakes consumers make when shopping for a new car is not considering the insurance costs," said Laura Adams, insuranceQuotes.com's senior analyst. "Nearly seven in ten Americans say it is important to know insurance costs before buying a car, yet only three in ten actually get an insurance quote before car shopping."
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Purchasing an environmentally-friendly vehicle such as a hybrid or electric car will increase your insurance rates. Trading in a 2010 Hyundai Sonata GLS for a 2014 Toyota Prius V Five would lead to 17% higher car insurance costs.
The rates are determined partly by how much it would be cost to replace or repair the part or vehicle and parts in hybrids are more expensive, she said.