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Survey: Buying A New Car

June 12, 2009

Is the fear of higher insurance rates influencing your decision on buying a new car?  

Out of 5,096 people, 3,838 people said “yes” the fear of higher insurance rates was influencing their decision to buy a new car.

From that 1,258 people said “no” the fear of higher insurance rates was NOT influencing their decision to buy a new car.

Selection – Based on 5,096 replies:
Yes – 3,838 (75%)  
No – 1,258 (25%)

Therefore, 75% are fearful of what their insurance would be if they were to buy a new car.

Answer:

The reality is that the difference in the insurance rates between a new and older vehicle is within a couple of hundred dollars, as long as you do a rate search through InsuranceHotline.com to find which insurance company has the best rate for that new vehicle.

This chart compares the insurance rates between a new and older vehicle for the 30 top insurance companies in Canada. The lowest and highest rate calculated are displayed.

Difference between a 2005 and 1998 Pontiac is only $215 per year

Year Vehicle Low High
2005 Pontiac Grand Am SE 4DR $1,528 $4,924
1998 Pontiac Grand Am SE 4DR $1,313 $4,698

Difference between a 2005 and 1998 Chevrolet Blazer is only $310 per year

Year Vehicle Low High
2005 Chevrolet Blazer S Series 2DR 4WD $1,898 $6,207
1998 Chevrolet Blazer S Series 2DR 4WD $1,588 $5,509