The Nissan Altima is one of the most affordable cars, with a lot of people loving its spacious interiors and frugal—yet powerful—engine. However, do keep in mind that one needs to look beyond the price tag, especially if the price of the car was a factor in making the decision. Insurance plays a vital role in determining the total cost of ownership. One of the crucial calculations is the insurance average. While it is a factor to calculate insurance, here is why it can also be misleading. Have a look at the table below.
|State||Make||Model||Insurance Average ($)||Median Price ($)||Insurance %|
We have taken into consideration two of the smallest states, which also happen to be on the East Coast – Rhode Island and Connecticut. The average insurance percentage in Providence is about 15%. A short drive to Hartford will reduce that percentage by half to about 8%. So, it makes sense to purchase the Nissan Altima in the nutmeg state, right? Not really. If you look at the cost of owning the Nissan Altima in Hartford over 7 years, taking into account the purchase price and the cost of insurance, it comes up to $31,126.
|State||Make||Model||Insurance Average ($)||Median Price ($)||Insurance %||Cost of ownership for 7 years ($)|
However, if you were to buy the Nissan Altima in Providence, the cost would be just $21,594 for the same calculation. That is a difference is a whopping $9,532. So, the high insurance average really did not matter, as the median price is about $10,485 in Rhode Island while it is $19,100 in Connecticut. So, you not only save about $8,615 while purchasing the Nissan Altima in Rhode Island, but also end up paying less in the long run.