Who has the least expensive cars to buy car insurance for?
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UPDATED: Oct 14, 2021
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There are several givens in the auto insurance industry. First, cars that are more expensive are generally more expensive to insure. Newer vehicles cost more to insure than older, used vehicles, and sports cars are often rated amongst the highest risks and will most often cost more to insure than boxy sedans or pickup trucks.
No matter what the make and model of your vehicle, you’ll find some good car insurance rates by placing your ZIP code in the FREE box on this page!
According to the most recent survey conducted by Forbes Magazine, the least expensive vehicles to insure in 2012 are minivans, pickup trucks, and moderate priced crossover SUVs. The most expensive vehicles to insure, according to Forbes, are luxury cars and high end sports coupes.
Other Factors Considered by Insurance Companies
For the most part, auto insurance rates are based primarily on personal factors including the insured’s gender, age, location, and driving record. For example, it will cost more to insure cars for young adults than middle-aged adults. Once these factors are taken into account, the particular vehicle the insured motorist plans to drive is considered.
Insurance companies review the past claims records of all brands and models of cars on the road. They are then able to determine which cars are more likely to be damaged in the event of a crash and to what extent they may cause damage to other vehicles and property.
Also measured is the likelihood and extent of injuries that may be suffered by people involved in accidents with any particular vehicles. Researchers are also able to determine which cars are more likely to be stolen or crashed and which have higher (or lower) injury claims.
All other factors being equal, the most expensive vehicle models will generally be the most expensive to insure; the only mitigating factor would be safety factors, as luxury vehicles most often come equipped with the latest passenger safety technology which will help reduce high-end insurance premiums.
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Specific Models and Related Insurance Costs
In 2012, the Toyota Sienna LE minivan topped the list of vehicles that are have the most affordable insurance rates with an average annual premium of $1,111, assuming the driver is a standard insurance risk. Owners of the Dodge Grand Caravan and Honda Odyssey minivans will also pay some of the lowest annual insurance premiums.
The Forbes’ least expensive to insure list for 2012 also includes the Jeep Patriot and Compass models. The ever-popular Ford Escape made the 2012 list of cheapest cars to insure, as did the Kia Sportage model.
Both of the Hyundai urban SUV models, the full size Santa Fe, and the scaled down Hyundai Tucson model are also inexpensive to insure in most areas of the country. For full size trucks, the list includes the Chevrolet Silverado, GMC Sierra and Canyon models and the Nissan Frontier. All of these pickups ride atop the list of most affordable vehicles to insure.
Forbes also mentions that each vehicle surveyed is assumed to be equipped with the trim package that is also the most affordable to insure.
Kiplinger also releases an annual list of the most economical cars to insure. Its most recent top ten list includes several of the same models as the Forbes list and once again, minivans and SUVs lead the way.
In the Kiplinger survey, the least expensive annual auto premium is reserved for owners of the Chrysler Town & Country LX model at an average insurance cost of just $1092 per year. Next is the Toyota Sienna four-cylinder model, rated at just $1,101 per year, followed by the Sienna LE model at just $7 per year more.
The Honda Odyssey LX model comes in at a cost of $1,115 per year, just ahead of the Nissan Murano SL at $1,128. The Jeep Wrangler Unlimited Sport will cost the average driver $1,131 annually, while the annual insurance premium for the Honda Odyssey EX model is $1,138.
Next on the list are the Toyota Sienna six-cylinder models that boast an average insurance cost of $1,143, followed by the Ford Escape at $1,150. The last of the ten least expensive vehicles to insure is the Toyota Highlander, which will cost an average of $1,154 each year for insurance.
Cars to Avoid
The most expensive vehicle to insure, according to the Forbes survey, is a 2012 Audi R8 Spyder Quattro, which would cost a whopping $3,834 to insure each year! Other luxury vehicles that will cost owners annual insurance premiums in the $2,500 to $3,000 range include the Jaguar XKR model and both the CL class and SL class of Mercedes Benz vehicles.
Sport coupes always top the list of most expensive to insure and the 2012 model year is no different. The Porsche 911 is the most expensive to insure in this group followed by the Nissan GTR sport coupe and the Audi A8.
Any model in the BMW 7 series or the Mercedes Benz S class series of luxury sedans is going to cost several thousand a year to insure along with the Porsche Panamera model.
Whatever make or model vehicle you own, find a ton of car insurance rates by putting your zip code in the FREE box on this page!