Insurance premiums vary by company. If you want to get the best rate on insurance for a Chevy Malibu, you should obtain quotes from several companies, as their rates vary.
Since 1974, Chevrolet has marketed the Chevy Malibu as a mid-sized automobile. Due to its high value and horsepower, insurance is not prohibitively expensive. A vehicle with low horsepower and value is less costly to repair and is less likely to be involved in accidents.
However, insurance companies consider certain factors when insuring Chevy Malibu automobiles. Several of the components are listed below.
The Year of Manufacture
The year your Chevy Malibu was manufactured is critical when determining the cost of your insurance. Cars are known to depreciate and lose approximately 60% of their original value within the first five years. Thus, the older the Chevrolet Malibu model, the lower the insurance premiums are likely to be.
The age of the driver of a Chevy Malibu is another factor insurance companies consider when determining the cost. Older drivers pay less due to their years of driving experience. The more experience a driver has, the less likely he will be involved in an accident. Teenagers and young people pay a higher premium to cover Malibu’s insurance costs due to their inexperience and increased risk of causing accidents.
Trim Levels and Materials
The Chevy Malibu is available in a variety of different materials and trim levels. The more you opt for a higher level of insurance, the more likely you will have to pay for the coverage. Some upgraded features, such as a sound system, will require additional insurance, which is equally expensive. If you’re on a budget and want to save money on Chevy Malibu insurance, it’s best to stick with the base trim levels.
Insurance companies also consider your carrier when determining the cost of a Chevy Malibu. Each insurance company estimates expenses using the same elements but arrives at different figures. Therefore, before settling on a company, it is prudent to exhaust all possible options. It will result in a lower rate for insuring your Chevy Malibu.
How Much Does it Cost to Insure a Chevy Malibu?
The cost of insuring a Chevy Malibu is determined by the model and year of production. Insurance premiums for newer vehicles are higher, but rates decrease as the vehicle’s value depreciates. Insuring a 2005 Chevy Malibu costs $885, while 2011 Malibu owners pay an average of $1147, a whopping difference of $422. As mentioned previously, rates vary by company, but USAA is the most affordable option for insuring a Chevy Malibu 2020 model.
All insurance companies use nearly identical criteria to determine the cost of insurance for a Chevy Malibu; the only difference is the rate charged. It is prudent to investigate all available options before settling on a particular company. Ensure to find and purchase insurance from a company that provides you with the best value for your money while also being efficient in its service delivery.