The cost of insurance premiums varies widely not only from individual to individual, but from region to region. The Chrysler 300 is a luxury car, which usually means steeper premiums due to expensive parts. However, the safety features on the 2011 and 2012 models help offset this cost to a certain degree.
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The average yearly insurance cost for a new Chrysler 300 ranges from $1300 to $1800 a year, depending on the individual and the area of the country in which you live. This is just part of the cost of ownership of the car that you need to consider.
What features of the Chrysler 300 affect insurance costs?
When Chrysler introduced the 300 in 2005, it did so with a bang. The large car was well received, winning awards like Motor Trends’ “Car of the Year.” It’s not hard to understand why when you look at the car itself.
The Chrysler 300 comes with a powerful V8 Hemi engine and a five-speed automatic transmission. While this is great for those who want a powerful vehicle, it means lower gas mileage and higher insurance premiums. The gas mileage for a 2011 300 is estimated at 18 mpg in the city and 27 mpg on the highway, comparable to an SUV or truck. This added power equals speed, and fast cars typically incur higher premiums.
The latest Chrysler 300 comes standard with front and side airbags. This caused the Insurance Institute for Highway Safety to give it a “Good” rating in both offset front testing and side impact tests.
This is an improvement over previous years and should help bring down insurance costs.
The Chrysler 300 car insurance cost can be lowered by several options. The anti-theft system, as well as the Safetytec package, will usually result in lower premiums.
What factors affect my insurance cost?
No matter what type of car you drive, there are many factors which affect your premiums. If you live in a high crime area or an area where natural disasters, like floods or hurricanes, are common, your premiums will be higher.
Individual factors that influence your premiums include:
- Age and gender
- Driving record
- Marital status
- Yearly mileage
- Location, whether you live in an urban or rural area
- Where the car will be stored, i.e. do you have a garage to park it in?
The policy itself affects your premium as well. A lower deductible will cost more in premiums, while a higher deductible will lower the premium. Ask your agent to go over available discounts to see if you qualify. Premium costs can also vary from company to company, so shop around and compare quotes.
You can also bundle together multiple policies to lower premiums for all of them. If you insure all of your vehicles, your home, any RVs or motorcycles, and your life with the same company, you usually save much more than if you had them all with different companies.
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Will I get lower insurance rates on my Chrysler 300 once my loan is paid off?
Just like any other vehicle, insurance for a Chrysler 300 will cost more if you have taken out a bank loan on the vehicle. That’s because lenders often insist that car owners carry comprehensive and collision coverage as long as the loan is outstanding. They need to protect their financial interests in case your car is totaled or stolen, and the only way they can do that is to require you to carry comprehensive and collision. Once your bank loan is paid off you’ll be free to drop that extra coverage if you so choose.
That said, under normal circumstances the Chrysler 300 will remain a valuable car well after your loan is satisfied. Dropping your collision and comprehensive might not necessarily be a wise idea if you’re not prepared to pay out-of-pocket to replace it.
Once you get beyond the eight or nine year mark, the value could depreciate far enough that it’s no longer worth carrying the extra coverage. But that’s a decision you’ll have to make based on your cash position and how much you value your vehicle.
If I park my Chrysler 300 in a garage will that affect my insurance rates?
There are a number of things car owners can do to help reduce their car insurance premiums. One of them is to park the vehicle in a garage overnight. Doing so is looked on favorably by insurance companies because it reduces the likelihood of theft, storm damage, and the potential for the vehicle to be struck by a passing car while it’s parked on the street.
Garaging your car at night also helps to slow down the natural effects of time, thus increasing the vehicle’s resale value.
In addition to parking your car in the garage, you can also help keep your car insurance rates as low as possible by making sure you always obey the law. Insurance companies don’t like speeding tickets and other violations, and will reward you with higher premiums should you have any.
On the other hand, if you keep your record spotlessly clean, you will enjoy some of the lowest prices in the industry. Always driving safely and legally is the best way to keep your car insurance as inexpensive as possible.
What else should I consider?
Insurance costs are not the only costs to consider when shopping for a new car. Besides the purchase price, also consider how much you’ll spend in gas on a monthly basis for the number of miles you normally drive. Find out how much the state taxes or registration fees would be as well.
Do some research to find out the typical maintenance and repair costs for that particular vehicle. All of these costs added together, plus the depreciation and the amount of interest you’re paying on the car loan, are called the cost of ownership. This does not include the purchase price of the vehicle; merely the amount you will pay every year to use and maintain it.
Kelley Blue Book computes the cost of ownership for a Chrysler 300 to be around $7,000 a year after the first year when the depreciation amount is higher.
According to their report they rank the Chrysler 300 a good value as it is cheaper per mile than other similarly sized vehicles.
The Chrysler 300 is a highly awarded, large, luxury car. Even though it has many safety features, the more expensive replacement costs and fast engine cancel out some of these features from an insurance standpoint. The insurance costs for the Chrysler 300 are considered average.