It’s not surprise that customers want to get the best discounts when shopping for a big-ticket item like a new car. You definitely take the total cost into account when creating a budget for a car, especially if you intend to borrow money. Given the rising price of gasoline, you might also take the resale value and fuel economy into account. However, not everyone takes into account the insurance premium they will need to pay for the car. Certain cars are more expensive to insure than others, and over time, insurance costs can mount. The most affordable cars to insure were determined by comparing auto insurance prices for the most popular car models.
The top 10 vehicles for the lowest premiums
There are less expensive vehicles that are reasonably priced to insure, even if a cheaper car won’t always mean reduced insurance costs. Bankrate discovered the Subaru Outback to be the most affordable for minimal coverage at just $510 yearly and $1,475 annually for full coverage by analyzing the top-selling cars of 2020 and working with Quadrant Information Services. The Honda CR-V, which costs $527 for basic coverage and $1,366 for comprehensive coverage annually, is right behind it. Due to their ability to seat many people and their fuel efficiency, these sport utility vehicles have long been a customer favorite.
| Vehicle | Average annual minimum coverage premium | Average annual full coverage premium |
| Subaru Outback | $510 | $1,475 |
| Honda CR-V | $527 | $1,366 |
| Toyota RAV4 | $535 | $1,451 |
| Hyundai Tucson | $544 | $1,394 |
| Toyota Highlander | $547 | $1,585 |
| Ford F-150 | $556 | $1,432 |
| Ram Pickup | $558 | $1,555 |
| Jeep Wrangler | $567 | $1,462 |
| Nissan Rogue | $579 | $1,501 |
| Chevrolet Silverado | $582 | $1,517 |
Automobiles with higher auto insurance premiums
The price of the car is not the only element used to calculate insurance costs. The cheapest auto insurance premiums are typically associated with vehicles that have good safety ratings and low claim-filing rates. Due to the high ownership costs of expensive sports and luxury cars, insurance premiums are frequently higher since it may be more expensive for the insurance provider to replace or repair the car after an accident. Nevertheless, since insurance companies base their rates on a number of additional factors, obtaining multiple quotes is the most effective approach to learn how much it will cost to insure your car.
The following automobiles might incur increased insurance costs:
- High-end luxury vehicles are more expensive overall, and finding new components can be expensive and complicated, or you may need to go to a specialist mechanic.
- Expensive compact automobiles since it may be more expensive to replace a damaged car than a cheaper one.
- Specialty vehicles are expensive and difficult to repair or replace after an accident.
- Low-rated vehicles, as they may be more prone to be involved in collisions.
How the make and model of an automobile affects insurance costs
The cost of the car is just one of several variables that affect how much insurance will cost. The make and model of the car are important rating variables that are taken into account when determining the premium, in addition to your driving history, location, and claims history.
Based on variables including the frequency of claims, the cost of repairs, and the frequency of theft, insurers decide what premiums to charge for specific makes and models. Insurers typically charge a higher premium for a model if there have been numerous claims against it recently. A car that is older, less expensive, and devoid of contemporary safety features occasionally has significant repair expenses, which can result in expensive insurance premiums. On the other hand, some more expensive vehicles may not be as expensive to insure due to an excellent claim history, high safety ratings, driver assistance features, and low repair costs.
Other characteristics of a car that may influence the premium include:
- Age: Due to a lower actual cash worth, an older car may be less expensive to insure than a newer one.
- Size: Larger, heavier vehicles are more likely to cause road damage, which raises the cost of auto insurance.
- Trim level: Upgraded features of a car have an impact on both its price to buy and its insurance costs.
- Better safety measures put in a car reduce the chance of a collision and theft, and they are frequently linked to lower insurance prices.
A lot of people have questions
What is the typical price of auto insurance?
The average price of auto insurance in the United States in 2021 is $1,674, however individual drivers may pay more or less based on their region, driving history, and vehicle type, among other variables. Finding the best deal for your particular needs means comparing quotes from several insurers that offer the same coverage options.
How can I get my car insurance rates down?
There is no one particular strategy to reduce the cost of auto insurance because rates vary depending on a number of factors relating to the driver and the vehicle. One of the greatest ways to receive cheaper auto insurance premiums is to get a less expensive car with a high safety rating, monitor your credit score, and have a clean driving record. To find out what variables might be raising your insurance premiums, talk to your auto insurer or a qualified insurance consultant.
What are the top providers of automobile insurance?
There isn’t a single top auto insurance provider for anyone. Before buying a policy, it’s a good idea to go around, compare companies, and then consult with a competent insurance expert.
