Car insurance rate calculator helps consumers compare costs

(May 22, 2014) SAN FRANCISCO — insuranceQuotes.com has released a new car insurance rate comparison calculator that enables consumers to compare the insurance costs of different cars by year, make and model. The tool ("Car vs. Car: Insurance Comparison Shopping Tool," in the right sidebar) is fully customizable by age, gender, marital status and zip code.

For example:

   •  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.

    • Good news for growing families: it costs 7% less to insure a 2013 Honda Odyssey EX (a minivan) than a 2013 Nissan Altima 2.5 (a mid-size sedan).

    • Are you considering an environmentally-friendly vehicle? Trading in a 2010 Hyundai Sonata GLS for a 2014 Toyota Prius V Five would lead to 17% higher car insurance costs.

    • Upgrading to a vehicle with a more powerful engine can also lead to higher car insurance costs. For example, a 2014 Subaru Outback with a six-cylinder engine costs 14% more to insure than a 2014 Subaru Outback with a four-cylinder engine.

    • Insurance rates even differ among entry-level luxury cars. A 2013 Mercedes C250 costs 7% more to insure than a 2013 BMW 328i.

"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 10 Americans say it is important to know insurance costs before buying a car, yet only three in 10 actually get an insurance quote before car shopping."

Sample insurance premiums are for a 40-year-old married woman living in Chicago (ZIP code 60640).

The consumer shopping habits statistics came from a survey conducted by Princeton Survey Research Associates International. PSRAI obtained telephone interviews with a nationally representative sample of 1,010 adults living in the continental United States. Interviews were conducted by landline (510) and cell phone (500, including 280 without a landline phone) in English and Spanish by Princeton Data Source from April 3-6, 2014. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.5 percentage points.