What Are the Cheapest Cars To Insure in 2023?

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Dan Smith MARCH 6, 2024

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A car is a necessity of daily life. They drive you to and from work, take you on trips, cart groceries, and keep your family safe while carpooling to school. It's not just about doing things. There are constantly changing gas prices, regular maintenance, and of course insurance. Read: 3 simple tips to turn credit problems into surprises With so many cars and insurance companies to choose from, it's important to find out what your annual premium will be when you're trying to balance your budget. Knowing which car is the cheapest to insure is even better.
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The 10 cheapest cars to insure

Your premium will depend on several factors, including your insurance company, the make and model of your car, and your driving history. The following cars were found to be some of the cheapest to insure in the US, based on national averages.
  1. Chevrolet Equinox
  2. ford escape
  3. Ford F-150
  4. Honda CR-V
  5. honda pilot
  6. Hyundai Tucson
  7. jeep wrangler
  8. Mazda CX-5
  9. subaru outback
  10. toyota tacoma

Auto insurance cost breakdown

Here, we take a closer look at the cars with the cheapest insurance premiums. All quotes were rounded to the nearest dollar.
car model monthly premium Annual premium
Chevrolet Equinox $1,370 $114
ford escape $1,170 $98
Ford F-150 $1,322 $110
Honda CR-V $1,140 $95
honda pilot $1,336 $111
Hyundai Tucson $1,294 $108
jeep patriot $1,258 $105
mazda 3 $1,370 $114
subaru outback $1,378 $115
toyota tacoma $1,338 $112

Vehicle type and insurance

As mentioned earlier, many factors determine whether the premium rate is high or low. One of the main factors that affect rates is the car make and model. For example, if the Road Safety Insurance Association selects the model of car you need to insure as one of their safer picks, the insurance you need to pay is lower than other models. Become. Below are details of vehicle features that may cause premium volatility.
  • Safety features: A high safety mark from the Insurance Institute for Highway Safety helps reduce insurance premiums. However, adding high-tech safety equipment to your car can lead to higher repair costs and higher insurance premiums.
  • Trim level: A car's trim level refers to the number of additional features and upgrades bundled by the car manufacturer. Upgrading from a basic package to a more advanced package can also increase your insurance premium.
  • Repair cost: The more expensive or advanced your vehicle's equipment is, it directly correlates to how expensive repairs, replacements, and insurance will be.
  • Crime rate: Unfortunately, if you have a popular car model that is statistically more likely to be stolen, your insurance rate may increase.
  • car style: Sports cars, luxury luxury cars, and electric cars all have high insurance premiums due to the high price of these cars, high repair costs and high number of accidents.

car age and insurance

The year the car was manufactured can also have a big impact on the premium. If your car is 10 years older than his, you may choose to purchase liability insurance instead of full coverage insurance. Full coverage means your vehicle comes with comprehensive collision and liability insurance, which is usually required by new car lenders. Considering how much the car has dropped in value once it hits his 10th year, it doesn't make much sense to pay for comprehensive or crash coverage. If you have compulsory automobile liability insurance, you will be required to pay for repairs or replacement of the vehicle in the unlikely event of an accident. However, if your car is low enough in value, liability insurance may be a cheaper option, balancing your out-of-pocket costs with the value of your coverage.

final take

Insuring your vehicle can be an expensive endeavor. If you're in the new or used car market, it's good to know which models can save you a dollar or two or more on coverage. The features you choose will determine whether your premium will be higher or lower. Not all vehicles are created equal and not all have the same insurance, so do your research.

FAQ

  • What is the cheapest car to insure in the US right now?
    • Your premium will depend on several factors, including your insurance company, the make and model of your car, and your driving history. The following cars were found to be some of the cheapest to insure based on national averages.
      • Chevrolet Equinox
      • ford escape
      • Ford F-150
      • Honda CR-V
      • honda pilot
      • Hyundai Tucson
      • jeep wrangler
      • Mazda CX-5
      • subaru outback
      • toyota tacoma
  • Is it cheaper to insure a new car or an old car?
    • If your car is more than 10 years old, you can choose to have liability insurance only instead of full coverage insurance. Used or older cars can get cheaper insurance premiums this way.
  • Are small cars cheaper to insure?
    • Statistically, there are more accidents involving small vehicles such as sports cars and similar modes of transport. As such, they typically have higher premium rates. Other styles of cars with more expensive insurance include high end luxury cars and electric cars, based on the original price of the car and subsequent repair costs.
Data as of December 29, 2022 and subject to change.

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