Here are 10 of the Cheapest SUVs to Insure

If you’re planning to purchase a new SUV, finding the right one for you and your family is only one part of the process. In order to even purchase the vehicle, you’ll need to ensure that you are able to insure it. However, insurance can cost a lot for many new trucks and SUVs, so here are 10 of the cheapest SUVs to insure.

The cheapest SUV to insure might not surprise you

When it comes to insuring an SUV, the size of the SUV can have an effect. This is evident in the following list of the cheapest SUVs to insure, which was consolidated by Value Penguin.

A list of the 10 cheapest SUVs to insure from Value Penguin
A list of the 10 cheapest SUVs to insure | Value Penguin

RELATED: Does Car Insurance Cover Water Damage?

Taking a look at this list, what might not surprise you is that the Honda CR-V sits on top as it only costs $2,346 annually to insure. That means that it’s about 21% cheaper to insure than the average SUV insurance cost of $2,975 per year. Following behind the Honda CR-V by a narrow margin is its main rival, the Toyota RAV4, which is then followed by the Chevy Equinox.

Making your way down the list, you might notice that the larger SUVs cost more to insure than the smaller ones. According to Value Penguin’s study, the insurance costs for smaller SUVs were 17% less than the larger ones. The study shows that it costs $2,700 per year on average for small SUVs and $3,250 for large SUVs.

However, if you need a larger SUV with three rows, but don’t want to pay a hefty premium for insuring it, then the Chevrolet Tahoe could be your best bet, followed by the Jeep Grand Cherokee and Toyota Highlander.

The price of the SUV also has an effect on insurance

A red 2021 Honda CR-V Hybrid driving
2021 Honda CR-V Hybrid | Honda

Another point that the Value Penguin study showed was that the lower the price of the SUV, the cheaper it is to insure it. As such, the five cheapest cars on the list were the Ford Escape, Honda CR-V, Toyota RAV4, Chevrolet Equinox, and the Jeep Grand Cherokee, all of which cost 16% less to insure, on average, than the five most expensive cars.

The five most expensive cars include the Chevrolet Traverse, the Ford Explorer, Toyota Highlander, Toyota 4Runner, and Chevy Tahoe. While none of these entrants are considered luxury SUVs, it’s important to note that the elevated insurance rates could be due to the increase in value of these SUVs as compared to their smaller, cheaper counterparts.

Your insurance quotes may vary

A red Toyota Motor Corp. RAV4 sports utility vehicle (SUV) at the company's dealership in Yokohama, Japan
The Toyota RAV4 | Toru Hanai/Bloomberg via Getty Images

While we can all take this information as a general rule of thumb when it comes to insuring an SUV, keep in mind that your personal insurance quote can vary. When providing you with a quote, insurance companies factor in information like your driving record, your age, location, and overall risk that the vehicle has. Ultimately, insurance rates can vary widely based on these factors.

However, Value Penguin conducted the aforementioned study using a 30-year-old male with a clean driving record and living in the four major metropolitan areas around the U.S., including LA, New York, Chicago, and Dallas. Also, the sample insurance premium included full coverage insurance, which goes above the state minimum requirements.

RELATED: Is it Cheaper to Insure an SUV or a Sedan?