By Amanda Moss | Licensed Agent at Learnandserve.org | Powered by A Plus Insurance

You’ve done your research and decided which vehicle suits you best, but did you know that depending on which vehicle you get impacts your insurance cost? That shiny new toy could be costing you more than you realize! Before purchasing a vehicle, it’s always best to find out how much it cost to insure it.

Why Does Car Type Matter When Insuring A Vehicle?

What makes a vehicle cheaper to insure? What makes it more expensive? Really, It all boils down to the risk factor. There are a few reason’s why different vehicles have different insurance costs. A few key factors are:

Vehicle Value: The cost of the vehicle plays a role in the cost of an insurance premium. Why? A more expensive car most likely cost more to repair or replace compared to a cheaper vehicle.

Vehicle Type and Model: Different type of vehicles have different risk profiles. Sports cars and luxury cars, for example, tend to have a higher premium due to their higher performance level.

Vehicle Theft Rates: Some Make and Model Vehicle are more likely to get stolen then others based on current statistics. This would increase the risk, therefore increase the premium.

Size Matters: The bigger the vehicle, the more damage is likely to be done on the road.

Car Parts: Even a vehicle that seems like it would be cheaper to insure may have a higher premium due to the difficulty in repairing or replacing parts after an accident.

Low Safety Ratings: This might mean an accident is more likely to occur with a higher likelihood of injury.

5 Cheapest Cars To Insure

What constitutes as a “cheap car”? Hint: It’s not the price tag. The cheapest new vehicle to buy new out of 2023 is the new 2023 Nissan Versa, however, notice that is not the cheapest car to insure as shown listed in the box below.

5 Most Expensive Cars To Insure

Obviously these vehicles listed below are more likely to be owned by those who have a little extra cash in the wallet, not your common everyday folk. But this is still something to keep in mind if any one of these vehicles are your dream car you are set on buying one day in the future!

5 Everyday Vehicles To Insure

We’ve discussed the cheapest and the most expensive vehicles out there to insure, but what about the most popular that are on the road today?

Cheapest Cars To Insure: The Bottom Line

Before purchasing a vehicle, you should find out exactly how much it will be for you to insure it – that way there are no surprises and you can enjoy your brand new vehicle guilt-free!

Note: Other vehicles that didn’t make the list today include Tesla for a yearly average of $3,947, Dodge Charger with a yearly average of $2,824, and Dodge Challenger with a yearly average of $2,660. These cars have a higher premium rate compared to other makes and models.

Because of a recent tiktok challenge, Kia’s and Hyundai’s are now considered high risk for due to higher theft rates. To learn more about this, click here.

Last Updated on August 15, 2023 by Alexis Karapiperis