Finance
These 10 cars are the cheapest to insure
Buy a car that’s cheaper to repair to save on insurance costs. (iStock)
Budget-conscious consumers can spend less on car insurance depending on the type of vehicle they own, a recent report said.
Insurance costs have skyrocketed in the last few years as inflation has driven up the costs of auto repairs and drivers submit more extensive claims. However, the car’s make and model can significantly affect the amount of money it costs to insure it, according to a Mercury Insurance report.
“One of the most important aspects when researching your ideal vehicle is to consider the total cost of ownership, in which insurance plays an important part,” Mercury Insurance Director of Product Management R&D Chong Gao said. “Plenty of vehicles are known to have lower repair costs, which means they could also cost less to insure. Mercury has put together this list to help savvy consumers know where the best savings can be found.”
These are the top 10 most affordable makes and models to insure:
- Chevrolet Spark
- VW Golf
- Hyundai Accent
- Toyota Prius Prime
- Mitsubishi Mirage
- Volvo S90
- Mazda 3
- Nissan Versa
- Hyundai Venue
- Kia K5
If you want to save on car costs, consider changing your auto insurance provider for a lower monthly rate. Visit Credible to shop around and find your personalized premium.
INFLATION IS WHY MANY AMERICANS PLAN TO DELAY RETIREMENT: SURVEY
Drivers in these states pay more for insurance
Where you live may also impact how much you pay for insurance, according to a recent report from the Zebra. For example, states more affected by climate-related disasters have seen a higher incidence of insurance providers pulling out or writing new policies, leaving buyers with fewer options for insurance shopping.
Florida and Louisiana top the list of states with the highest annual premiums. Drivers here pay an average premium of over $2,700 per year. That’s 47% more than the national average.
Drivers in Vermont and Idaho pay the least, with annual premiums registering 35% below the national average. Drivers in 19 states now spend an average of more than $2,000 a year on auto insurance premiums.
Are you shopping around for new auto insurance? The Credible marketplace can help you compare multiple providers and find your personalized rate in minutes without affecting your credit score.
83% OF AMERICANS CONSIDER HOMEOWNERSHIP AN ESSENTIAL LIFE MILESTONE: SURVEY
Gas prices are too high, still
Another significant expense that drivers continue to deal with is gas prices. Gas inflation has moderated some, but drivers said they spend roughly $1,712 annually to fuel their vehicles, about 37% more than they want to pay, according to a recent American Trucks study.
The national average price for fuel for most of this summer is forecasted to remain in the mid-$3 per gallon range, with potentially tens of thousands of stations falling below $3 per gallon throughout the next several months, according to a GasBuddy forecast. Notwithstanding the break they are getting at the pump, 23% of Americans still plan to hold back on summer travel and road trips due to gas prices, and millennials are the most likely to curtail their travel plans.
If you are struggling with the rising cost of car ownership and want to save money, you could consider finding a new auto insurance provider to lower your monthly premium. Visit Credible to compare multiple car insurance providers at once and choose the one with the best rate for you.
HOUSING AFFORDABILITY TOP CONCERN FOR YOUNGER VOTERS THIS PRESIDENTIAL ELECTION: SURVEY
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
In this photo illustration, the Robinhood Markets, Inc. logo is displayed on a smartphone screen.
Rafael Henrique | Sopa Images | Lightrocket | Getty Images
Retail brokerage firm Robinhood is launching a new tool for more sophisticated traders as it looks for additional avenues for growth.
On Wednesday, the firm introduced Robinhood Legend, a desktop-based platform for active traders. The offering includes advanced charting tools for users who want to do detailed analysis of stocks.
“In looking at the landscape of trading tools and by talking with active traders, we realized there is frustration with legacy offerings,” Steve Quirk, chief brokerage officer at Robinhood, said in a press release.
“Specifically, moving back and forth between apps or charting platforms can be cumbersome and time consuming. So we set out to reimagine what a modern, intuitively designed active trading platform should look like, and built Robinhood Legend from the ground up so traders can do what they need in one place,” Quirk said.
Beyond the launch of Legend, Robinhood also said it will soon add futures trading and index options to its mobile platform. Customers must be granted approval to trade futures contracts, according to the press release, and futures and index options will eventually be added to Legend as well.
The new additions for Robinhood are another example of the firm looking to expand beyond its roots as a convenient platform for small-dollar traders. The firm’s rise coincided with the “meme stock” phenomenon in early 2021 as retail trading boomed in the aftermath of the Covid-19 pandemic.
Robinhood shares, all-time
Since then, Robinhood has been steadily adding new offerings, including a credit card for Robinhood Gold subscribers and a digital wallet to hold cryptocurrencies.
Robinhood said that it had $139.7 billion in assets under custody at the end of the second quarter, along with 11.8 million monthly active users. For the comparable quarter in 2021, near the height of the GameStop mania, Robinhood reported $102 billion in assets but 21.3 million monthly active users. The firm’s next earnings report is scheduled for Oct. 30.
Shares of Robinhood are up more than 100% so far this year.
The announcements on Thursday were part of HOOD Summit, a conference for Robinhood’s customers.
Trump and Harris would add trillions to the national debt. Here’s why it could lead to higher costs for households.
Voters won’t thank Kamala Harris for the state of the economy
Acumatica launches version supporting professional services like engineers and consultants
Are American progressives making themselves sad?
U.S. Beneficial Ownership Information Registry Now Accepting Reports
CPA licensure program off to ‘promising’ start
-
Personal Finance6 days agoInvestors face delays moving certain assets from TreasuryDirect
-
Stock News7 days agoBeleaguered Stellantis ousts CFO, other top execs in bid to ‘redouble’ its focus
-
Economics1 week agoInflation rate at 2.4%, topping expectations
-
Economics7 days agoHurricane Milton inundates Florida
-
Economics6 days agoProducer price index September 2024:
-
Finance6 days agoWells Fargo WFC Q3 2024 earnings
-
Economics1 week agoThe Democrats will struggle to retain the Senate
-
Finance6 days agoSeniors to get moderate cost of living bump in Social Security payments next year