As cars have become more complex, car insurance rates have risen. In fact, rates have increased by 28% over the past decade. The only drop in premiums came during the coronavirus pandemic when fewer drivers were on the road. You may be driving the wrong vehicle to match your car insurance needs.
The type of vehicle you drive directly impacts your car insurance premium
Before we get into the lists of specific models, we start with the type of vehicle you drive. According to Insurance Business Magazine, the type of vehicle is one of the biggest factors in your car insurance rate. The average premiums found in a Zebra analysis study are:
- Vans – $1,655 per year
- Trucks – $1,735 per year
- SUVs – $1,952 per year
- Cars – $2,454 per year
Does this mean you should ditch your sports car for a minivan? Only if you’re starting a family. Cars remain the most costly category to insure, but you could find a happy medium in an SUV or small truck.
How old is your vehicle?
Another important factor to consider is the age of your vehicle. If you head to the dealership to buy a brand-new ride, you’ll pay a lot more for insurance than one that’s 5-years-old. The same study found that once a vehicle reaches the five-year mark, it is about 27% more affordable to insure. Newer models have advanced safety systems and are more costly to repair, which causes car insurance rates to increase.
Don’t advanced safety features improve car insurance premiums?
The latest safety systems and anti-theft devices don’t offer a significant discount on your insurance rate. Zebra found that an anti-theft device might save a driver 1%, while safety devices as a package might add up to another 1% in savings. These features help you drive better and avoid accidents, which allows you to avoid increased rates after an accident, but they don’t offer significant savings in your premium.
What are the most expensive cars to insure in America?
Finally, we get to the information we want to learn. Which models does Insurance Business Magazine tell us are the most expensive to insure? Here are the top 10:
- Maserati Quattroporte – $5,420
- Nissan GT-R Nismo – $4,864
- Audi R8 5.2L V10 Quattro – $4,591
- Maserati Ghibli – $4,341
- Acura NSX – $4,137
- Mercedes-Benz S560 – $4,059
- Tesla Model S Long Range – $3,908
- Alfa Romeo Giulia Quadrifoglio – $3,847
- Porsche 911 Carrera – $3,730
- Mercedes-Benz G550 4Matic – $3,673
While you might look at this list and think of it as an obvious top 10, it doesn’t help you know which vehicles are the most affordable to insure. Thankfully, we have that for you as well.
What are the most affordable cars to insure in America?
- Mazda CX-3 Sport – $1,440
- Toyota CHR LE – $1,473
- Ford Transit Connect XL – $1,491
- Fiat 500X Pop – $1,499
- Honda CR-V EX – $1,500
- Subaru Crosstrek – $1,502
- Dodge Ram Promaster City – $1,507
- Jeep Compass Altitude – $1,510
- Ford F-150 XL – $,1525
- GMC Savana G2500 – $1,527
What does this tell you about your car insurance rate?
If you drive one of the most expensive cars to insure, you’re spending a lot of money before you ever hit the road. Is that worth it to you? If it is, enjoy the ride. On the other side of the coin, you see two of the most popular models in the market. The Honda CR-V and Ford F-150 are both among the most affordable in their car insurance rates.
Next, check out ten SUVs you should avoid, or learn more about the cheapest car insurance you can find in the video below:
This article was updated on 10/2/2022.