Are you in the market for a new SUV and looking to save on insurance costs? We’ve got you covered! In this article, we’ll reveal the top 10 cheapest SUVs to insure in 2024. Whether you’re a seasoned SUV owner or a first-time buyer, this list will help you make an informed decision. So, without further ado, let’s dive in!
The Cheapest SUVs to Insure
According to our analysis of nearly 180 SUV insurance rates, the Subaru Outback takes the crown as the cheapest SUV to insure. It comes as no surprise, considering Subaru’s excellent reputation for safety and reliability. On average, it costs $1,851 per year to insure the Outback, which is 25% cheaper than the overall average SUV insurance cost of $2,478 per year.
Here are the top 10 cheapest SUVs to insure in 2024, based on our analysis:
- Subaru Outback ($1,851 per year)
- Subaru Forester ($1,887 per year)
- Mazda CX-5 ($1,895 per year)
- Mazda CX-30 ($1,904 per year)
- Honda CR-V ($1,908 per year)
- Chevrolet TrailBlazer ($1,914 per year)
- Honda HR-V ($1,928 per year)
- Kia Seltos ($1,933 per year)
- Hyundai Kona ($1,943 per year)
- Volvo XC40 ($1,944 per year)
If you’re looking for affordability without compromising on quality, these SUVs are worth considering.
Top 5 Cheapest SUVs to Insure by Make and Model
Let’s take a closer look at the top 5 cheapest SUVs to insure, based on their make and model:
1. Subaru Outback
The Subaru Outback, a midsize SUV, takes the top spot as the cheapest SUV to insure, costing only $1,851 per year. With an MSRP of $28,895, the Outback offers exceptional value for money.
2. Subaru Forester
Subaru secures the second spot with the Forester, a compact crossover SUV. It has an average insurance cost of $1,887 per year and an MSRP of $27,095.
3. Mazda CX-5
The Mazda CX-5, a compact SUV, comes in third place, with an average insurance cost of $1,895 per year. With its MSRP of $29,300, the CX-5 offers an affordable and stylish option.
4. Mazda CX-30
The Mazda CX-30, a subcompact SUV, grabs the fourth spot as the fourth cheapest SUV to insure, costing $1,904 per year. With its MSRP of $24,995, the CX-30 provides excellent value for money.
5. Honda CR-V
Rounding out the top 5 is the Honda CR-V, a compact SUV with an average insurance cost of $1,908 per year. With its MSRP of $29,500, the CR-V remains a popular choice among SUV enthusiasts.
Most Expensive SUVs to Insure
While it’s essential to know the cheapest SUVs to insure, it’s also worth noting the most expensive ones. The BMW Alpina XB7, a full-size luxury SUV, takes the crown as the priciest SUV to insure, with an average rate of $4,900 per year. It costs a staggering 165% more to insure the Alpina XB7 compared to the Subaru Outback.
Generally, larger and more expensive SUVs tend to have higher insurance costs due to their higher value and intricate features. However, half of the top 10 most expensive SUVs to insure cost over $100,000.
Factors that Affect the Cost of SUV Insurance
Several factors influence the cost of SUV insurance. Let’s take a closer look at some of these factors:
Size of the SUV
The size of an SUV plays a significant role in determining insurance costs. Larger SUVs can cause more damage to other vehicles or pedestrians, leading to higher liability insurance costs. On the other hand, larger SUVs often offer better protection for occupants, potentially lowering medical coverage costs.
Value of the SUV
The price tag of an SUV affects insurance costs, especially for collision and comprehensive coverage. Luxury SUVs with higher repair costs and specialized parts tend to have more expensive insurance.
Cost of Repairs
Repair costs play a crucial role in insurance rates. SUVs with expensive or specialized components can lead to higher repair costs, contributing to higher insurance premiums.
Claims History of the SUV Model
SUV models that are more susceptible to theft or have a history of frequent claims will generally have higher insurance costs. Insurance companies consider the claims history when setting rates for specific SUV models.
Cheapest Insurance Companies for SUV Drivers
Now that you know which SUVs are the cheapest to insure, let’s discuss the insurance companies that offer the best rates. According to our analysis, Travelers ranks as the cheapest overall national cost for SUV insurance, followed by Nationwide and USAA. On average, SUV insurance costs $2,478 among the companies we analyzed.
It’s important to note that insurance companies calculate rates differently, so it’s wise to compare quotes and find the one that best suits your needs and budget.
How To Get the Cheapest Insurance for an SUV
If you’re looking for affordable SUV insurance, here are some tips to consider:
- Check for discounts: Bundle your SUV insurance with home or renters insurance to enjoy reduced rates. Don’t forget to ask your agent about other available discounts.
- Choose the right coverage: Opt for coverage types that you need and skip those that you don’t. Assess your situation and make informed decisions regarding coverage options.
- Shop around: Insurance rates vary significantly among companies, so comparing costs is crucial. Obtain multiple quotes to find the company that offers the best rates for your specific SUV.
Conclusion
Purchasing a new SUV is an exciting endeavor, and considering insurance costs is equally important. By choosing one of the top 10 cheapest SUVs to insure, you can save substantially on insurance premiums without compromising on quality and performance. Remember to consider the size, value, repair costs, and claims history of the SUV model you’re interested in to estimate your insurance costs accurately. Happy SUV shopping!
FAQs
- Which SUV is the cheapest to insure in 2024?
- What factors affect the cost of SUV insurance?
- Which insurance companies offer the cheapest rates for SUV drivers?
- How can I get the cheapest insurance for my SUV?
