With car insurance rates continuing to rise in 2024, finding an affordable premium can be a challenge. But the vehicle you drive makes a big impact on what you’ll pay. We’ve researched the most inexpensive models using industry data on full coverage rates.
How Much Could You Save?
Insure a Subaru Outback, and you’ll pay a national average premium of just $1,603 per year for full coverage based on 2024 figures – 25% cheaper than the average $2,014. Even an SUV like the Honda CR-V rings up at only $1,635 annually. Compare that to the priciest vehicle we reviewed, the Dodge Charger at $2,824 per year. Picking the right wheels could mean over $1,200 in potential savings.
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The Top 10 Most Affordable Vehicles
Here are the 10 vehicles with the cheapest car insurance rates for 2024:
1. Subaru Outback: $1,603 per year ($26,795 starting MSRP)
2. Honda CR-V: $1,635 per year ($25,350 starting MSRP)
3. Honda Pilot: $1,726 per year ($32,550 starting MSRP)
4. Ford Escape: $1,734 per year ($25,555 starting MSRP)
5. Honda Odyssey: $1,735 per year ($31,790 starting MSRP)
6. Ford F-150: $1,753 per year ($29,290 starting MSRP)
7. Jeep Wrangler: $1,820 per year ($28,870 starting MSRP)
8. GMC Sierra 1500: $1,867 per year ($30,100 starting MSRP)
9. Toyota RAV4: $1,869 per year ($26,350 starting MSRP)
10. Nissan Rogue: $1,880 per year ($26,050 starting MSRP)
As you can see, even some trucks and SUVs like the Ford F-150 and Jeep Wrangler make the list along with typical economy cars.
Factors That Reduce Premiums
So why do these vehicles rank as the cheapest cars to insure? Insurers assess risk based on claims history, repair costs, safety ratings, and more. Key attributes bringing premiums down include:
- Low repair costs: Using common, inexpensive parts keeps claims payments manageable.
- Good safety features: Advanced systems like backup cameras and automatic emergency braking reduce accident risk.
- High resale value: Total losses result in lower payouts if the vehicle maintains desirable resale value.
- Low horsepower: Less powerful engines get into fewer high-severity accidents.
Finding More Discounts
While picking the right car is crucial, it’s not the only way to secure cheap car insurance. Here are some additional tactics:
Compare quotes: Rates can vary over $1,000 between major insurers. Shop policies from at least three companies.
Review coverage: Eliminating unneeded add-ons like rental reimbursement could pare back premiums.
Boost deductibles: Increasing deductibles by $250 or $500 could mean 10%+ in savings.
Check provider ratings: Insurers with strong financial ratings and customer satisfaction may offer preferred pricing.
Frequently Asked Questions
Still have questions about finding insurance savings? We’ve got answers to some common queries:
What are the overall cheapest vehicles for insurance?
For 2024, the Subaru Outback holds the top spot with the lowest average premium at just $1,603 per year for full coverage. The Honda CR-V, Honda Pilot, Ford Escape and Honda Odyssey round out the top five.
Do electric cars cost more to insure?
Typically, yes. The advanced technology and high repair costs lead to expensive premiums. But EVs could get cheaper as parts become more common. The Tesla Model 3 clocks in at $2,577 per year.
How much does insurance go up after an accident?
Expect an average hike of 30% after one at-fault accident. Rates should gradually decrease after three years if you maintain a clean driving record. Using your insurer’s accident forgiveness program helps minimize increases.
Can I insure a salvage title vehicle?
Yes, non-standard companies do offer insurance for rebuilt salvage cars. But expect very high premiums – often 2-3X standard rates. Liability only policies may provide the only affordable option.
Find Cheap Rates You Can Afford
While picking the most inexpensive cars to insure saves money, be sure to balance premiums with your budget. Cheap car insurance won’t help much after an accident if coverage limits fall short. Discuss needs with an agent or use an online calculator to find recommended coverage amounts.
Then compare quotes from multiple top-rated insurers to find the cheapest cars to insure that also provide adequate protection. A little shopping around goes a long way towards securing strong coverage at the best rate.
