Cheapest cars to insure

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 2024 is the new 2024 Nissan Versa, however, notice that is not the cheapest car to insure as shown listed in the box below.

Make/Model	Average Annual Cost
Mazda CX-5	$1,386
Subaru Forester	$1,261
Honda HR-V	$1,354
Chevrolet Trailblazer	$1,633
Jeep Compass	$1,324

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!

Make/Model	Average Annual Cost
Maserati Quattroporte	$4,890
Audi R8	$3,112
BMW i8	$4,873
Mercedes-AMG GT	$3,394
Nissan GT-R	$3,404

Is it cheaper to insure an older car?

Is it cheaper to insure an older car?

When considering the cheapest cars to insure, many drivers wonder if older vehicles offer lower insurance premiums. In some cases, insuring an older car can indeed be more cost-effective. Older cars typically have lower market values, which means lower collision and comprehensive coverage costs. Additionally, older cars may not require certain types of coverage, such as gap insurance, which can further reduce premiums.

Factors to Consider:

• Depreciation: Older cars have lower market values, leading to lower insurance premiums.
• Repair Costs: Older cars may have cheaper repair costs, reducing the likelihood of filing expensive claims.
• Coverage Needs: Older cars may not require certain types of coverage, such as collision or comprehensive, depending on their value and condition.

Before deciding to insure an older car, it’s essential to consider factors such as the vehicle’s safety features, reliability, and your budget for potential repairs. While older cars may offer lower insurance premiums, it’s crucial to balance cost savings with adequate coverage to protect yourself on the road.

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?

Make/Model	Average Annual Cost
Honda Accord	$1,782
Ford F-Series Pickup	$1,753
Honda Civic	$1876
Toyota Camry	$1,678
Nissan Altima	$1,882

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.

Cheapest Cars to Insure for First Time Drivers

1. Compact Cars: Smaller, less powerful cars are generally cheaper to insure.
2. Safety Features: Cars with advanced safety features may qualify for discounts.
3. Used Cars: Older cars are often less expensive to insure than brand new ones.
4. Low Horsepower: Cars with lower horsepower are typically cheaper to insure.
5. Good Crash Test Ratings: Vehicles with high safety ratings may result in lower insurance premiums.

Popular models that have been known for affordability in insurance for first-time drivers include the Honda Fit, Ford Fiesta, and Toyota Prius. However, it’s crucial to check with insurance providers for the most accurate and up-to-date information based on your specific circumstances.

Cheapest Cars to Insure for a Teenager

Finding the cheapest cars to insure for a teenager involves considering factors like the car’s size, safety features, and overall cost. Insurance rates can vary based on location, driving record, and coverage options. Here are some general tips and examples of cars that are often considered more affordable for teenage drivers:

1. Compact Cars: Smaller cars generally have lower insurance premiums. Examples include Honda Fit, Ford Fiesta, and Chevrolet Sonic.
2. Sedans: Mid-sized sedans can be cost-effective to insure. Consider models like Toyota Corolla, Honda Civic, or Ford Focus.
3. Used Cars: Older cars are usually cheaper to insure than brand new ones. Look for reliable used cars with good safety ratings.
4. Safety Features: Cars equipped with advanced safety features may qualify for insurance discounts. Check for features like airbags, anti-lock brakes, and stability control.
5. Low Horsepower: Cars with lower horsepower tend to have lower insurance costs. Avoid high-performance or sports cars.
6. Good Crash Test Ratings: Vehicles with high safety ratings can contribute to lower insurance premiums. Check crash test results from organizations like IIHS and NHTSA.

Remember to obtain insurance quotes from multiple providers, as rates can vary. Additionally, consider factors like the teenager’s driving record, location, and the level of coverage needed. It’s essential to balance affordability with safety when choosing a car for a teenage driver.

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Last Updated on April 12, 2024 by Camron Moss