What Type of Car Brands are The Cheapest to Insure?
Of the 25 best-selling vehicles in 2022, we found that Mazdas and Hondas were the cheapest to insure. Here’s how these vehicles stack up against each other.
*Data was collected for an individual living in Arizona with a good driving record and solid credit score.
What Car Make is the Cheapest to Insure?
We also looked at the most popular car brands and their all-time best selling models, not just those in 2022. Based on this data, we found that Mazdas and Hondas were still the cheapest to insure.
*Data was collected for an individual living in Arizona with a good driving record and solid credit score.
Is It Cheaper to Insure an SUV or a Car?
Generally speaking, SUVs are more expensive to insure than sedans. However, premium prices will vary depending on the make and model. If you’re debating between an SUV and a sedan, it’s best to compare personalized auto insurance rates to determine which is cheaper.
What Makes a Car Cheap to Insure?
Insurance rates are determined by the level of risk an insurance company deems you to have. Your level of risk is determined by the following factors:
Location
Your location plays a major role in your insurance premium. For example, drivers in high-crime areas will receive higher premiums due to the increased risk of vehicle theft. Likewise, drivers in low-crime areas will see lower premiums.
Drivers in densely populated cities will see higher premiums because of the heightened accident risk. Drivers in rural communities with fewer drivers on the road will see lower premiums.
For example, Vermont tends to have low premiums because of how few drivers are on the road.
State Laws
All states, except New Hampshire, require drivers to hold a minimum level of auto insurance coverage. What that minimum amount is, though, varies by state. That means that in some states, you may be required to carry comprehensive coverage, which is more expensive than other types of insurance.
Age of the Driver
Young drivers are inexperienced, and therefore more likely to get into an accident. Likewise, seniors over age 65 are also seen as higher risks on the road. Because of that, their auto insurance rates tend to be higher.
If you’re between age 25 and 65, however, you’ll likely see lower insurance rates.
Driving Record
A driving record spotted with accidents suggests risky behavior on the road — which isn’t appealing to insurance companies. If you have a clean driving record, you’ll likely see lower car insurance rates.
Gender
Several studies in 2017 and 2018 found that women over 25, particularly those between 40 and 60, pay more for car insurance than their male counterparts. However, for those under age 25, it is more common for men to pay more than women. This is because car insurance companies believe men are riskier drivers than women.
Car Make and Model
Your car will be cheaper to insure if it:
- Has a high safety rating
- Is unlikely to be stolen
- Has low repair costs
- Is a smaller vehicle
- Is older
You car will be more expensive to insure if it:
- Has a low safety rating
- Is likely to be stolen
- Has high repair costs
- Is a larger vehicle
- Has more horsepower
- Is a newer vehicle
Credit History
Drivers with low credit scores cost 28 percent more to insure than drivers with high credit scores. This is because auto insurance companies have determined that people with low credit scores are more likely to slam on the breaks and accelerate quickly — two behaviors known to increase the likelihood of an accident.
Marital Status
Married drivers are viewed as more financially stable and safer on the road, making them cheaper to insure than unmarried drivers.
Level of Insurance
Auto insurance typically comes in three levels of coverage: liability, collision, and comprehensive. Comprehensive coverage is just as it sounds — the most comprehensive level of coverage you can get. The more coverage you select, the higher your insurance premium is likely to be.
How to Find the Cheapest Car Insurance
Car insurance prices can vary drastically, and insurance companies are constantly shifting how they evaluate driver risk. So, it’s best to compare personalized auto insurance rates, rather than basing your decision simply off averages.
To find the cheapest car insurance for you, compare rates with Luna. We’ll use your information to secure the best auto insurance quotes on the market, then help you compare the top three. That way, you’ll be sure you’re getting the best policy available for you.
