Key Points
- Subaru Outback and Subaru Crosstrek are the cheapest best-selling cars to insure.
- Tesla Model 3 and Tesla Model Y are the most expensive best-selling cars to insure.
- Car insurance rates vary by state, with Vermont drivers enjoying the lowest average rates for best-selling vehicles.
- Louisiana drivers have the highest average car insurance rates for best-selling vehicles.
Shopping for a new car in 2024? The price of your new ride isn’t the only thing to consider when it comes to your monthly budget. The vehicle you choose will affect how much you pay for car insurance, so it can be helpful to know the cheapest cars to insure.
We analyzed the rates of best-selling cars, trucks, and SUVs to find out which popular cars have the cheapest car insurance rates and which ones will leave a significant dent in your wallet to insure.
25 Best-Selling Cars, Trucks, and SUVs
According to Car and Driver, these are the best-selling vehicles of 2023:
- Ford F-Series
- Chevy Silverado
- Ram Pickup
- Toyota RAV4
- Tesla Model Y
- Honda CR-V
- Toyota Camry
- GMC Sierra
- Nissan Rogue
- Jeep Grand Cherokee
- Toyota Tacoma
- Tesla Model 3
- Toyota Corolla
- Chevy Equinox
- Hyundai Tucson
- Honda Accord
- Honda Civic
- Toyota Highlander
- Ford Explorer
- Jeep Wrangler
- Subaru Outback
- Mazda CX-5
- Subaru Crosstrek
- Chrysler Pacifica
- Chevy Malibu
Cheapest Cars to Insure in 2024
Some best sellers carry average car insurance rates that are budget-friendly, while other popular vehicles will be more expensive to insure.
To help you find the cheapest vehicle to insure, we took a look at insurance rates for the best-selling vehicles based on a full coverage car insurance policy, which includes liability insurance, collision and comprehensive coverage, uninsured motorist insurance, and any other state-mandated coverage. Here’s what we found:
- Cheapest best-seller to insure: Subaru Outback ($1,943 per year).
- Cheapest best-selling sedan to insure: Toyota Corolla ($2,123 per year).
- Cheapest best-selling truck to insure: Ford F-150 ($2,142 per year).
If you’re shopping the best sellers but want a wallet-friendly auto insurance rate, you may want to think twice about some of the vehicles on the list.
- Most expensive best-seller to insure: Tesla Model Y ($3,711 per year).
- Most expensive best-selling sedan to insure (non-electric): Chevy Malibu ($2,591).
- Most expensive best-selling truck to insure: RAM 1500 ($2,364).
Check out the table below to see how much you may pay for a best-selling vehicle in the new year.
States with the Cheapest Car Insurance
The car you drive isn’t the only thing that impacts your insurance rates. The state where you live also affects how much you pay for car insurance.
- The national average rate for car insurance for best-selling vehicles is $2,354 per year ($196 per month).
- Vermont drivers pay 52% less than the national average with a car insurance average annual rate of $1,339 per year for best-selling vehicles.
- Only five other states have average annual rates below $2,000: North Carolina, Idaho, Maine, Oregon, and Ohio.
- Louisiana drivers pay 70% more per year for coverage with the highest average annual rate for best-selling vehicles ($4,000) in the nation.
What Makes a Car More Expensive to Insure?
Several factors make a car more expensive to insure, including:
- Average cost of repair or replacement: Cars with rare or expensive replacement parts typically cost more to insure since your insurance company may need to pay out more for a claim.
- Low safety ratings: Insurers base rates on risk, and vehicles that are more likely to be damaged or be in accidents with occupant injuries may have higher rates.
- Likelihood of theft: Each year, the Highway Loss Data Institute releases a list of the vehicles most likely to be stolen. If your vehicle is on it, you’ll likely pay more for coverage as insurers adjust their rates to the associated risk.
- Type of vehicle: Vehicles considered high-performance or sporty also typically cost more to insure, as these cars are historically involved in more wrecks and stolen more frequently.
Personal Factors That Affect Your Car Insurance Costs
Insurers consider many factors when writing a quote for auto insurance, including:
- Your driving record: Insurers rely on risk evaluations to determine rates, and your driving record is a good indicator of how safe (or risky) your habits are behind the wheel. Drivers with clean records typically pay less than those with moving violations or accidents on their record. Drivers with little or no driving history also often pay more, as that can indicate a lack of experience.
- Your age: Drivers over the age of 25 usually pay less than younger drivers since they’re considered less of a risk. Younger drivers and senior drivers statistically have more wrecks than drivers aged 25 to 65, which leads to higher car insurance premiums.
- How frequently you drive: The more time you spend on the road, the higher your chances of being in an accident. Drivers with higher mileage averages will pay a higher premium than those on the road less frequently.
- Your gender: Insurers often take your gender into consideration, as male drivers are statistically more likely to engage in risky behaviors behind the wheel, including speeding, driving while impaired, and not wearing a seatbelt. However, factoring gender into car insurance rates is banned in several states, including California, Hawaii, Massachusetts, Michigan, North Carolina, and Pennsylvania.
- Where you live: Location influences insurance costs, especially for drivers in places with higher levels of vandalism or theft or where the cost of repairs may be more expensive. Drivers in metropolitan areas usually pay more than those in rural locations.
- Your credit score: In some cases, insurers take into account your credit-based insurance score. A poor credit score can lead to higher rates, though insurers in California, Hawaii, Massachusetts, and Michigan are prohibited from using credit scores when determining rates.
- Your policy selections: Policies with higher limits or optional coverages, such as collision and comprehensive car insurance or gap insurance, will be higher than a policy with the bare minimum required in your state.
The deductible you choose, or the amount of money your insurer will deduct from a claims check after certain types of claims, will also affect your rate. Higher deductibles, such as $1,500 or $2,000, will yield lower rates, and vice versa.
How to Find Cheap Car Insurance
Finding cheap car insurance takes research and patience, but it can be worth the effort. Follow these tips to get the best car insurance for your needs, at the lowest rate.
- Never settle for the first car insurance quote: The Insurance Information Institute encourages drivers to get at least three car insurance quotes before making a decision, as rates can vary significantly.
- Compare costs for different vehicle makes and models: Before you purchase your next vehicle, compare car insurance rates for vehicles. For instance, if you have a new teen driver in the house, comparing car insurance rates can help you find the cheapest car to insure for young drivers.
- Leverage safety feature discounts and savings: Vehicles with anti-theft devices, enhanced driver security features, and other services that keep drivers and vehicles safe all factor into lower premiums.
- Drop unnecessary coverages: Recently paid off your vehicle? You can drop gap insurance. If you drive an older car that’s paid off, consider dropping your collision and comprehensive coverage.
- Bundle your car insurance with other types of coverage: Most insurers offer multi-policy or bundling discounts, such as a home and auto insurance bundle.
- Pay attention to your odometer: If you don’t drive as often, you may be able to qualify for a low mileage discount. Some drivers may even consider a pay-per-mile option such as the SmartMiles program offered by Nationwide.
FAQs
Q: What are the most expensive cars to insure in 2024?
A: The most expensive cars to insure in 2024 are Tesla Model 3 and Tesla Model Y.
Q: Which state has the cheapest car insurance rates?
A: Vermont has the cheapest car insurance rates for best-selling vehicles.
Q: What factors affect car insurance costs?
A: Several factors affect car insurance costs, including the average cost of repair or replacement, low safety ratings, likelihood of theft, and the type of vehicle.
Q: How can I find cheap car insurance?
A: To find cheap car insurance, compare quotes from multiple providers, consider the safety features of the vehicle, drop unnecessary coverages, bundle your policies, and pay attention to your odometer.
Conclusion
When purchasing a new car, it’s important to consider the cost of car insurance. By choosing a vehicle with lower insurance rates, you can save money in the long run. Factors such as vehicle type, safety ratings, and personal factors influence insurance costs. By understanding these factors and comparing quotes from different insurers, you can find the cheapest car insurance that meets your needs and budget. Remember to research and consider your options before making a decision.