Let the buyer beware… or least be careful is the warning insurance buyers should heed based on a new study of car insurance rates by Wallet Hub.com.
“It is wrong to assume a perfect correlation between the price of a car and the insurance cost. Insurance premiums for cars in the same price range can differ by as much as 26%,” according to the study.
The variation in insurance premiums actually increases on more expensive vehicles. Wallet Hub analysts estimated that based on its analysis, only about 25% of the variation in insurance premiums across car types can be attributed to differences in car price. (more…)