The Cheapest Cars to Insure in 2024
As we usher in 2024, the search for cost-effective car insurance remains a pivotal aspect of vehicle ownership, especially in an era marked by rising automotive and insurance costs. Discerning drivers are not just hunting for deals on car prices but are equally focused on finding vehicles that won’t break the bank when it comes to insuring them. Our comprehensive guide to the cheapest cars to insure in 2024 is designed to simplify this search, offering insights into models that blend affordability with the assurance of coverage. Whether you’re eyeing a sleek sedan, a versatile SUV, or a durable truck, our curated list highlights vehicles that promise significant savings on insurance premiums without compromising on performance or safety. This selection underscores a blend of economic efficiency and practicality, catering to a wide range of preferences and needs for the cost-conscious driver.
Essential Insights
- Our analysis unveils crucial insights into the landscape of car insurance costs, pinpointing the Subaru Outback, Honda CR-V, and Honda Pilot as the most cost-effective vehicles to insure among those evaluated.
- The Subaru Outback leads the pack as the most economical choice, boasting an average annual premium of $1,671—substantially below the national average of $2,120.
- Conversely, the Tesla Model Y stands out as the priciest among the 27 vehicles assessed, with a full coverage premium averaging $3,611 annually.
The 10 Cheapest Cars to Insure
The top 10 cheapest cars to insure annually present a diverse selection known for reliability, safety features, and affordability in insurance premiums. Topping the list is the Subaru Outback, with an average annual full coverage premium of $1,671. The Honda CR-V and Honda Pilot follow closely, with average premiums of $1,664 and $1,726 respectively. Other vehicles in the top 10 include the Ford Escape, Honda Odyssey, Ford F-150, Jeep Wrangler, GMC Sierra 1500, Toyota RAV4, and Nissan Rogue. These cars offer competitive insurance rates due to their safety features and lower risk profiles, making them economical choices for consumers. For a detailed overview, a table of the top 10 cheapest cars to insure, considering variations in premiums across different model years and trim levels, is provided below.
| Rank | Vehicle | Average Annual Full Coverage Premium |
|---|---|---|
| 1 | Subaru Outback | $1,671 |
| 2 | Honda CR-V | $1,664 |
| 3 | Honda Pilot | $1,726 |
| 4 | Ford Escape | $1,748 |
| 5 | Honda Odyssey | $1,768 |
| 6 | Ford F-150 | $1,751 |
| 7 | Jeep Wrangler | $1,765 |
| 8 | GMC Sierra 1500 | $1,872 |
| 9 | Toyota RAV4 | $1,858 |
| 10 | Nissan Rogue | $1,890 |
Cheapest Cars to Insure by Vehicle Type
When considering the cheapest cars to insure by vehicle type, a wide array of options emerges across SUVs, trucks, minivans, and sedans. In the SUV category, the Subaru Outback, Honda CR-V, and Toyota RAV4 offer favorable insurance rates due to their safety, reliability, and practicality. These vehicles boast excellent safety ratings, influencing their insurance premiums positively. Similarly, the Ford F-150 leads the truck category in insurance affordability, showcasing larger vehicles’ potential for lower insurance costs. Minivans like the Honda Odyssey and sedans such as the Honda Civic and Toyota Camry also provide competitive insurance rates, blending cost-effectiveness with safety features and reliability. These findings underscore the diversity of options for consumers seeking vehicles with affordable insurance premiums, regardless of their vehicle preferences, ultimately contributing to cost savings in vehicle ownership.
Cheapest SUVs to Insure
| Rank | SUV Model | Average Annual Full Coverage Premium |
|---|---|---|
| 1 | Subaru Outback | $1,671 |
| 2 | Honda CR-V | $1,664 |
| 3 | Honda Pilot | $1,726 |
| 4 | Ford Escape | $1,748 |
| 5 | Jeep Wrangler | $1,765 |
| 6 | Toyota RAV4 | $1,858 |
| 7 | Nissan Rogue | $1,890 |
| 8 | Mazda CX-5 | $1,893 |
| 9 | Subaru Crosstrek | $1,954 |
| 10 | Toyota Highlander | $2,007 |
Cheapest Trucks to Insure
| Rank | Truck Model | Average Annual Full Coverage Premium |
|---|---|---|
| 1 | Ford F-150 | $1,751 |
| 2 | GMC Sierra 1500 | $1,872 |
| 3 | Chevrolet Silverado 1500 | $2,057 |
| 4 | Toyota Tacoma | $1,984 |
| 5 | Toyota Tundra | $2,064 |
| 6 | Chevrolet Colorado | $2,162 |
| 7 | Ram 1500 | $2,255 |
| 8 | Nissan Titan | $2,285 |
Cheapest Cars to Insure
| Rank | Car Model | Average Annual Full Coverage Premium |
|---|---|---|
| 1 | Honda Accord | $1,944 |
| 2 | Honda Civic | $1,953 |
| 3 | Toyota Corolla | $1,958 |
| 4 | Toyota Camry | $1,986 |
| 5 | Chevrolet Malibu | $2,052 |
| 6 | Subaru Impreza | $2,119 |
| 7 | Nissan Altima | $2,189 |
| 8 | Ford Mustang | $2,450 |
| 9 | Dodge Challenger | $2,472 |
| 10 | Tesla Model 3 | $2,732 |
Why Does Vehicle Models Affect Car Insurance Rates
The cost of insuring a particular make and model of a car can vary significantly based on a variety of factors directly related to the vehicle itself, as well as external considerations tied to statistics and the insurance industry’s assessment of risk. Here are several key reasons why the make and model of a car can be so expensive to insure:
Repair Costs
High-end vehicles, luxury brands, or cars with unique or imported parts can be significantly more expensive to repair. Insurance companies factor in the average repair costs for each make and model when determining premiums. If a vehicle requires specialized labor or parts that are expensive or hard to find, this will increase insurance costs.
Vehicle Value
The more valuable a vehicle is, the more it will cost to replace if it’s totaled in an accident. High-value cars, therefore, typically have higher insurance premiums. This is especially true for luxury cars, sports cars, and certain SUVs.
Performance Characteristics
Cars with high performance capabilities, such as sports cars, tend to be driven at higher speeds, increasing the risk of accidents and high-severity claims. Insurers often charge higher premiums for these vehicles to offset the increased risk.
Safety Features and Ratings
Vehicles with poor safety ratings or lacking in advanced safety features may be more expensive to insure. Cars that perform well in safety tests and are equipped with features that reduce the likelihood of accidents or lessen the severity of an accident (such as automatic braking systems) can be cheaper to insure.
Theft Rates
Some makes and models are more attractive to thieves due to their value, performance, or the demand for their parts. Vehicles with high theft rates typically have higher insurance premiums. Insurers use historical theft data to assess the risk associated with insuring specific models.
Driver Demographics and Historical Data
Insurance companies also consider the typical demographics of drivers who choose certain makes and models, along with historical claims data for those vehicles. If a particular model is popular among younger drivers, who are statistically more likely to be involved in accidents, or if it has a history of frequent or costly claims, this can lead to higher premiums for that model.
Risk of Injury or Liability Costs
Some vehicles are more likely to cause damage in an accident due to their size or design. Larger vehicles, such as SUVs and trucks, can cause more significant damage to other vehicles and property, potentially leading to higher liability claims. Similarly, cars that are more prone to rollovers or have a higher risk of serious injuries to passengers can be more costly to insure.
Most Expensive Cars to Insure
The Tesla Model Y stands out as the most expensive vehicle to insure, with an average annual full coverage premium that peaks significantly higher than its counterparts. This elevated insurance cost can be attributed to factors such as the high repair and replacement costs associated with electric vehicles (EVs), the advanced technology embedded within, and the relatively higher purchase price compared to many conventional vehicles. Insurance premiums for EVs like the Tesla Model Y also reflect the cost of specialized labor required for repairs, the price of proprietary parts, and the vehicle’s performance characteristics, which can influence driving behavior and the risk profile assessed by insurers.
| Rank | Vehicle Model | Average Annual Full Coverage Premium |
|---|---|---|
| 1 | Tesla Model Y | $3,611 |
| 2 | Tesla Model 3 | $3,194 |
| 3 | Dodge Charger | $2,824 |
| 4 | Dodge Challenger | $2,472 |
| 5 | Ford Mustang | $2,450 |
| 6 | Ram 1500 | $2,364 |
| 7 | Honda Civic | $2,359 |
| 8 | Chevrolet Silverado | $2,356 |
| 9 | GMC Sierra 1500 | $2,268 |
| 10 | Nissan Titan | $2,285 |
Cheapest Cars to Insure by Make
When examining the average annual full coverage premiums by make, it’s evident that certain manufacturers stand out for their affordability in terms of insurance costs. Subaru emerges as the most cost-effective option, with an average premium of approximately $2,026, closely followed by Mazda at an average of $2,030.33. Honda, known for its reliable and safe vehicle lineup, also offers competitive insurance rates, with an average premium of $2,110.75. These makes are particularly appealing for their blend of safety, reliability, and overall cost of ownership, including insurance. Jeep and Volkswagen round out the top five cheapest makes to insure, underscoring the diverse range of vehicle types—from rugged off-road SUVs to efficient and practical sedans and hatchbacks—that can be insured at lower costs. Below is a detailed table showing the makes from cheapest to most expensive based on their average annual full coverage premium:
| Rank | Make | Average Annual Full Coverage Premium (USD) |
|---|---|---|
| 1 | Subaru | $2,026 |
| 2 | Mazda | $2,030 |
| 3 | Honda | $2,110 |
| 4 | Jeep | $2,112 |
| 5 | Volkswagen | $2,204 |
| 6 | Mini | $2,209 |
| 7 | Toyota | $2,226 |
| 8 | Nissan | $2,230 |
| 9 | Acura | $2,268 |
| 10 | Kia | $2,301 |
| 11 | Buick | $2,310 |
| 12 | Chrysler | $2,333 |
| 13 | Hyundai | $2,343 |
| 14 | Ford | $2,347 |
| 15 | GMC | $2,380 |
| 16 | BMW | $2,436 |
| 17 | Chevrolet | $2,449 |
| 18 | Cadillac | $2,822 |
| 19 | Lincoln | $2,828 |
| 20 | Dodge | $2,836 |
| 21 | Volvo | $2,845 |
| 22 | Infiniti | $2,958 |
| 23 | Lexus | $3,113 |
| 24 | Mercedes | $3,480 |
| 25 | Jaguar | $3,550 |
| 26 | Alfa-Romeo | $3,641 |
6 Strategies for Selecting the Most Insurance-Friendly Car
1. Opt for More Affordable Vehicles Over Ultra-Luxury Brands
Vehicles at the pinnacle of luxury, regardless of their size, rank as some of the priciest options for insurance coverage due to their high market values. The Insurance Institute for Highway Safety (IIHS) highlights that luxury cars, including prestigious brands like Bentley, Mercedes-Benz, and BMW, incur some of the highest comprehensive insurance losses.Compare Insurance Quotes’s research further illustrates this point, showing that owners of a Lexus could face up to $1,000 more in annual insurance costs compared to Nissan owners.
2. Consider Older Vehicle Models to Save on Insurance
Insurance premiums tend to escalate with the model year, as newer vehicles, carrying higher values, demand higher coverage costs. Compare Insurance Quotes’s studies suggest that insuring a vehicle valued at $36,000 could lead to $1,000 more in yearly insurance expenses than covering a vehicle worth $9,000, emphasizing the cost-effectiveness of choosing older models.
3. Avoid High-Performance Sports Cars
The allure of sports cars comes with increased insurance rates, attributed to their powerful engines and speed-enhancing features that raise the accident risk. The IIHS database reveals that sports vehicles, such as the Lamborghini Huracan and Maserati Granturismo, report some of the most significant collision losses.
4. Reconsider Vehicles Powered by Alternative Energy
Despite the appeal of alternative energy vehicles amidst rising fuel prices, they often command higher insurance premiums. Vehicles like all-electrics, hybrids, and others in this category not only have a steeper initial price but also incur higher costs for repairs and replacements due to their specialized components and intricate systems. For instance, replacing a Toyota Prius‘s hybrid battery could cost between $1,023 and $1,235.
5. Be Cautious with Vehicles That Thieves Favor
Vehicles that are highly targeted by thieves are subject to increased insurance premiums. High theft rates are noted for models such as Chevrolet and Ford pickups, Honda Civics, Honda Accords, and Toyota Camrys, as reported by the National Insurance Crime Bureau.
6. Select Your Vehicle’s Trim Level Thoughtfully
A vehicle’s trim level indicates the number of additional features it offers over the base model, with higher trims incorporating more enhancements. For example, the Subaru WRX STI, being a higher trim, includes more features and a stronger engine than the base model Subaru WRX. As vehicles with elevated trim levels present more complex features and valuable components, they’re pricier to insure. This is due to increased repair or replacement costs and the heightened accident risk associated with more powerful engines, leading insurers to charge higher premiums for these models.
Methodology
Compare Insurance Quotes collected quotes for 25 of the most popular vehicles on the road in the U.S. from 7 major auto insurance companies: State Farm, GEICO, Progressive, Allstate, Liberty Mutual, Farmers, and Nationwide. Age: 32Gender: MaleMarital Status: SingleAccidents: 0Tickets: 0State: ColoradoCar Model Year: 2023Bodily Injury Liability Limit: $50,000 per person / $100,000 per accidentProperty Damage Liability Limit: $50,000Comprehensive Coverage: $500 deductibleCollision Coverage: $500 deductibleUninsured/Underinsured Motorist Coverage (bodily injury): $30,000 per person / $60,000 per accident
