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Comparing costs of car insurance and fuel

While many drivers are understandably (and rightfully) concerned about the costs of fuel, those costs are largely out of their control.

But not all costs associated with a vehicle are beyond driver control. Most notably, drivers can control their insurance costs not only by being a safe driver but by choosing the right vehicle as well.

While conventional wisdom has suggested that smaller cars help avoid accidents, data notes that’s really not the case. Small cars get into more accidents than their larger counterparts, according to the Insurance Institute for Highway Safety (IIHS).

In fact, when studying 2004-06 models, the IIHS found that of the top 10 most expensive cars to insure, only one was an SUV, the Cadillac Escalade. The Escalade is a high-end SUV with a large price tag, which no doubt inflates its insurance costs.

Other vehicles among the top 10 included the Hyundai Tiburon, Scion tC and Chevrolet Cobalt, each of which is a compact car.

On the opposite end of the spectrum, seven of the 10 vehicles on the least-expensive to insure list were four-wheel drive vehicles, which are typically larger automobiles.

So while gas prices might be quite expensive for larger vehicles, the amount their owners spend on extra gas they could be saving on insurance.

 

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