The Chevrolet Aveo is one of the cheapest cars available in the market; this makes it very affordable, hence easy to own. Its running costs also do not put a dent in one’s wallet due to the good fuel economy with EPA testing of the basic model showing 27mpg in city driving and 35mpg while driving on a highway. Anytime a new car is taken on the road, the user wants to make sure that they are fully protected in case of an accident, and the Chevrolet Aveo is no exception. The Aveo is one of Chevy’s entry-level cars, implying that it is constructed with the least expensive materials, is equipped with only the bare essentials in terms of safety features and is a subcompact car, which means that good quality insurance will cost more than that of an average car.
The cost of insuring the smaller sized Chevy Aveo is more due to a number of facts. The bumpers of the Aveo do not line up with those of the bigger cars and in the event of an accident, there is usually more damage. The Insurance Institute for Highway Safety has found that smaller cars tend to incur about 35% more damage because their bumpers slide under the larger SUVs. More damage translates to more expensive repairs that an insurance company will have to bear, so they just pass these on to the customer. Additionally, the Chevy Aveo has one of the highest theft rates - a fact the insurance companies are well aware of and these costs, too, are transferred to the customer. The insurance companies protect themselves fully and this translates to higher premiums for the insurer.
Safety ratings play an important role when it comes to the cost of insurance premiums of the Chevy Aveo. The federal government's Crash Test Ratings gives the 2010 model five stars for the Frontal Driving Rating; this is almost identical to the 2011 model. It also gave it five stars for Rollover 2 Wheel Drive Rating. Ratings for other categories are not that impressive; it gets 4 stars for Frontal Passenger Rating, 4 stars for Side Driver Rating and 3 stars for Side Rear Passenger Rating. Additionally, the safety equipment is not up to the mark. There are no head restraints for the rear seats, and there is no protection for the torso, pelvis or knees with the existing airbags.
The National Highway Traffic Safety Administration has established a more rigorous five-star safety rating system for the new 2011 models and so the above shown ratings may give the drivers a false sense of safekeeping.
It is possible to save money when it comes to insuring the Aveo. Qualifying for the different discounts available and adding security gadgets makes it possible to cut the insurance cost of Chevy Aveo below that of some of the more costly cars.
Safe drivers are more cost effective for everyone; they can earn a savings of as much as 45% when they insure their Chevy. Single drivers under the age of 25 can save up to 20% simply by being good students and earning high grades. Factory fitted motorized seatbelts and airbags can put an extra 30% in one’s pocket. Safety gadgets like car alarms, GPS system, steering wheel locks and anti-lock brakes are devices that are appreciated by the insurance company and can further reduce the cost of an insurance premium.
The Chevrolet Aveo leads in the sub-compact economy class of cars that are currently available. It has many factors in its favor, like cheap price, high fuel economy and respectable handling. The only factor going against it is the high cost of insurance premiums. Even those can be kept in check if the mentioned steps are taken leading to insurance premiums for the Aveo being less than the more expensive mid-sized cars or SUVs.
The expected cost of insurance premiums that one can end up paying for the Chevrolet Aveo LS for one year is in the range of $800 - $825, while the premiums for the Chevy Aveo 4 door can be in the neighborhood of $1420-$1450. Obviously, these are based on national averages and the individual premiums will vary according to driving record, age, and various other factors.