It would be great if the sticker price were the only consideration when making a decision to buy that new car you’ve been eyeballing.

But with the economy still barely sputtering along and unemployment holding steady, or increasing, depending on who you talk to, most of us need to consider the overall cost of car ownership when deciding which ride to take home with us.

One of the main drawbacks to car ownership is the cost to insure our vehicles.

While the liability portion of auto insurance is determined mostly by our choice of limits, age, sex, and driving record, the physical damage portion of the policy is mostly determined by the expected cost to repair damage to the vehicle.

Simply put, the more your car is worth, the more expensive it is to fix if damaged and the more expensive it is to insure. Period.

Remember, if you lease or have a loan on a vehicle, your lender, or loss payee, will require you to have full coverage (liability and physical damage) in order to protect their financial interest.

Tip: You may want to consider purchasing gap coverage on a newer vehicle if you owe more than the car is currently worth.

So let’s take a look at the top 10 cars cheapest cars to own (with car insurance included), based on a recent survey from Car and Driver:

10. Hyundai Elantra
Insurance: $3,527
Total ownership: $21,586

9. Kia Forte Sedan
Insurance: $3835
Total ownership: $21,533

8. Suzuki SX4 Sedan
Insurance: $3,563
Total ownership: $21,487

7. Kia Soul
Insurance: $3,760
Total Ownership: $21,063

6. Toyota Yaris Three-Door Hatchback
Insurance: $3,597
Total ownership: $19,847

5. Kia Rio Sedan
Insurance: $4,000
Total ownership: $19,378

4. Chevy Aveo Sedan
Insurance: $3,536
Total ownership: $19,309

3. Smart Fortwo Coupe
Insurance: $3,279
Total ownership: $18,487

2. Hyundai Accent three-Door Hatchback
Insurance: $4,351
Total ownership: $18,029

1. Nissan Versa 1.6 Base
Insurance: $3602
Total ownership: $17,506

Car and Driver rolled in the cost of car insurance over three years assuming the driver was a 28-year-old single male with no tickets, living in the same area as its Ann Arbor offices.

You may notice the insurance costs do not necessarily correlate directly with the cost of the vehicle or the total ownership cost. Some vehicles may be more expensive to repair or may be inherently more dangerous to drive.

Get insurance quotes online or contact your local independent insurance agent to ensure you get the coverage you need at lowest possible premium.

Read more: How can I lower my car insurance rate?

(photo: paulhoule)

A widely publicized 2007 car accident involving Hulk Hogan’s son, Nick Hogan, left his passenger in a coma.

As a result, “The Hulkster,” whose real name is Terry Bollea, had to pay out an undisclosed amount of money in damages to the family of the injured passenger.

You may recall that Nick was not yet an adult, which made elder Hogan technically responsible for his son’s actions.

In the event of an at-fault accident, bodily injury caused to another individual is covered under your limits of liability.

Liability limits can be expressed as split limits or as a combined single limit. The limits dictate the maximum amount of money your insurance company will pay for damages awarded in any one covered accident.

The at-fault individual (or the parent or legal guardian in the case of a minor) is responsible for paying any awarded damages above the policy limits.

As it turns out, similar to his son’s apparent lack of taking responsibility for the accident, Hogan is looking to point the finger in another direction to recoup the money he was ordered to pay to the family of the injured passenger.

Why is Hogan Suing His Insurance Agent?

Insurance agents must carry errors and omissions insurance, a type of professional liability insurance similar to malpractice insurance for doctors.

An insurance agent technically has a duty to evaluate all potential insurance needs for their clients and make recommendations for coverage.

And often times, an insured must accept or reject coverage as part of their application.

This is a major reason why agents should make it a habit to keep written records of their client’s refusal to purchase the “recommended coverage. “

According to the Independent Insurance Agents of Texas’ Personal Lines Report, Hogan sued his insurance agent for failure to offer an umbrella insurance policy.

An umbrella policy has extremely high liability limits ($1,000,000 and up) and protects an insured from liability judgments in excess of underlying liability insurance policies, in this case his auto liability policy.

It is not necessary for every individual to have an umbrella policy, though high net-worth individuals should almost always have one in place (how much car insurance do I need).

The same report said Hogan sued his attorney for “failing to sufficiently protect his personal interests,” but that case was dismissed.

So it looks like this is a last ditch effort by Hogan to push responsibility onto someone else and protect his remaining assets.

The lesson here is that insurance agents and their insured need to take as much time as necessary to share information and assess all potential exposure to risk.

Many insurance agents are dissatisfied with their insured’s lack of concern or effort when it comes to discussing their wants, needs and exposures…that is, until a claim is started.

So take the time to fully understand all of your insurance needs prior to signing on the dotted line.

It is recommended that you obtain insurance quotes online or speak to a local independent agent to get the proper insurance coverage you need at the right price.

The popular Apple iPhone comes with one year of hardware repair coverage via its limited warranty, but what happens if the device is damaged as the result of an accident, or worse yet, stolen?

Unfortunately, Apple and sole wireless carrier AT&T don’t offer any form of “iPhone insurance,” despite the device going for a pretty penny.

However, there are other options if you want iPhone insurance coverage, though they may not make much sense for you.

1. If you have a homeowner’s insurance or renter’s insurance policy, your phone is already covered as “personal property,” under the policy provisions. For the record, so is everything else you own and may carry with you.

Here’s the catch: You likely have a deductible on your policy, and the odds are the deductible is at least $500. So, while you are “covered,” you will have to file a claim and pay $500 to get your $500 phone replaced. Oh yeah, and your policy premium may go up as a result of filing the claim. Your C.L.U.E. report would show the claim for between 3 and 5 years.

I recommend: If you lose or damage the phone, don’t file a claim, just pay for it out of your pocket. If you don’t have that type of money, consider buying a cheaper phone.

2. Your iPhone may be covered as “data processing equipment,” similar to a computer, depending on the language of your homeowner’s policy. This might mean it is subject to a different, or even no deductible, if it is lost or damaged.

Here’s the catch: While this may seem like a win for you, you will likely have to argue with your insurance company, and the “loss” may still show up on your C.L.U.E. report, which may raise your insurance rate for a few years.

I recommend: The same as above. If you can’t afford the potential cost of replacement or repair of the device, you may want to consider a less costly purchase next time.

3. You may be able to purchase a personal articles floater. This is a type of marine (goods in transit) coverage that is specially designed for high cost items that do not stay in a fixed location, usually reserved for jewelry.

Good News: There is typically no deductible on this coverage type, and it is usually an “open perils” policy, which means your insurer will pay for any cause of loss unless it is specifically excluded in the policy language.

4. Your iPhone will NEVER be covered by your car insurance policy. If you leave the phone in the car and it’s stolen, you’re out of luck.

Good News: The phone would still be covered by a homeowner’s or renter’s policy if you have one.

Bad News: The loss would still be subject to a deductible, which may meet or exceed the cost of the phone.

5. Finally, there are companies out there that offer iPhone insurance for accidents and failures, but they charge quite a bit and may also be subject to a deductible.

I have heard of some companies, such as State Farm, offering coverage specifically for iPhones, for roughly $40 per year. Some policies don’t even carry a deductible.

Being an insurance professional, I am not sure how long that will last, as it leaves them susceptible to paying a lot of claims for damaged phones. It may simply be a way to get a potential insured in the door as a means to sell other, more profitable lines of insurance.

So at the end of the day, the best advice is to treat your iPhone like the tiny handheld computer it is and take very good care of it.

Insurance Q&A: “Is insurance higher on red cars?”

I think we’ve all heard this question at some point in our lives. And you’ve probably been told that red cars are more expensive to insure.

I guess the thinking is that all the fast or “cool” cars are red. The Ferrari poster I had on my wall when I was a kid seemed to back up the statement.

But is it actually true? Do insurance companies charge a higher insurance premium for red cars?

The answer is NO. Insurance companies do not use vehicle color as a rating factor (how are car insurance rates determined).

But there are definitely aspects of the vehicle taken into consideration.

Namely the make, model and year the vehicle was manufactured. These three unique identifiers make up what is referred to as a vehicle’s “symbol.”

Each insurer designates a different symbol to each vehicle in their rating structure. Let’s explore why these factors are considered.

Make and model are considered to determine the cost to repair the vehicle in the event of a physical damage claim, or worse, if the car is totaled.

For example, it is quite a bit more expensive to repair a Lexus than a Honda (parts, etc.). Therefore, you can expect to pay more to insure the Lexus. It’s simple math to the insurance company.

The year your vehicle was manufactured also comes into play when determining your rate. The older a vehicle is, the less it is worth and the less you can expect to pay to insure it for physical damage coverage.

In fact, there is a point where, if you can afford to purchase a new vehicle in the event yours is damaged in an accident, you may want to remove the physical damage coverage (which includes collision and comprehensive coverage) from your policy.

For example, if your car is only worth $1,500, you may not want to cover it for physical damage, as the cost to insure it may be more than the cost to replace it.

How does this relate to liability insurance?

Well, color still has nothing to do with your final insurance premium, but the symbol, or make, model and year, are a factor here as well.

Unlike the physical damage coverage, which is based mostly on the car itself, liability insurance rating focuses on the driver of the vehicle.

The same car, a Mustang for example, driven by a 16 year old would cost substantially more to insure for liability than if driven by a 55 year old. Much more so if we’re talking about a male teenager.

All that said, some argue that most sports cars are red, and because sports cars are the most expensive cars to insure, insurance rates on red cars (mainly sports cars) are higher.

Oh and red sports cars are often driven by “aggressive drivers,” so that makes them all the more expensive to insure, on average.

If you drive a red car and need car insurance, don’t fret.

Each state has a Department of Insurance that verifies all insurance companies are charging a reasonable amount, so you can be sure you’re not paying an inflated or discriminatory price.

It is recommend that you compare quotes online or speak to a local independent agent to ensure you’re getting the best insurance coverage at the lowest available rate.

Aah…the “Geico Money Commercial Song.”  We’ve all heard it, and we all (blush) like it.  If you’re looking for the latest hit song from all those Geico insurance commercials, look no further.

The song, which goes hand-in-hand with the famed “Geico money stack,” is a remix of Rockwell’s “Somebody’s Watching Me” by music producers Mysto & Pizzi.

The duo hail from Queens, New York, and are aged just 21 and 22, respectively.  They’ve also worked with a number of other high profile artists, including Justin Timberlake, R. Kelly, Ciarra, and Kelly Rowland.

Pretty impressive resume considering how young the pair is, especially with the initial success of the commercials associated with the song.

You can download the tune for free here, in full length, high quality format.  Enjoy.

I’ve got to hand it to Geico, they’ve really done well with their marketing campaigns, including catchy songs like this one in nearly all their commercials these days.

It’s definitely the road less traveled in the notoriously boring insurance industry, and a move that has worked wonders for them.

They’ve also seen great success with their Caveman concept, which resulted in a now defunct television series, and the now infamous British gecko.