DETROIT (WWJ) - – The most recent survey commissioned by Automobile.com revealed Ford, Chevrolet and Chrysler drivers pay similar amounts for insurance each year.
While the “Big Three” automakers compete heavily for domestic sales dollars, the findings suggest they are very competitive overall when it comes to insurance premiums.
Survey respondents reported the average cost to insure a Chevrolet or Ford vehicle is $819.82 and $843.42, respectively. Chrysler vehicles are slightly higher at $860.44.
Vehicle age, often one of the significant indicators of policy cost, didn’t play a discernible role in the findings. The Chrysler vehicles included in the survey averaged 8.82 years of age while Ford and Chevrolet models were 8.75 and 8.38 years old, respectively.
The report included a model comparison between three directly competing full-size sedans from the abovementioned automakers.
The survey found that there were significant differences in the cost to insure the Chevrolet Impala, Chrysler 300 and Ford Taurus. The comparison included all vehicle year offerings produced after 2005, based on the production time span of the youngest model, Chrysler’s 300.
The survey found the Chevrolet Impala was considerably more expensive to insure that the other two models at $1240.61. The Chrysler 300 followed at $825.71 and the Ford Taurus was the least expensive at $779.95.
It isn’t abundantly clear which factors lead to the higher costs associated with insuring Chevrolet’s full size sedan, although when the three base models are lined up side by side, the Impala sports the most powerful engine.
“This latest cost to insure survey was certainly the most competitive among automakers thus far,” Automobile.com columnist Andrew Evans said in a release. “It wasn’t until we examined further that we found a significant cost differential between the Impala and the other two competing models.”
In the report, Automobile.com recommends comparing car insurance quotes regularly to ensure drivers are receiving the best rates available as they change frequently. Additionally, the company advises car buyers to spend more time researching specific models that offer policy savings.
“Our study suggests it might be more prudent to examine the cost to insure a specific domestic model such as the Impala, rather than assuming automaker X will automatically be cheaper to insure than automaker Y based on preconceived notions,” Evans said.
“Moving away from ambiguous brand perceptions and relying on targeted data within our exclusive studies could encourage a significant cost benefit when purchasing a new policy or vehicle,” he continued.