Most and Least Expensive Cars to Insure in 2024

Auto insurance is vital when buying a new car, but some cars are more expensive to insure than others. So, what are the most and least expensive cars to insure?

Let’s find out. Moreover, there are some common myths that we will aim to answer. For example, you might have heard that the most expensive cars are more expensive to insure, but this isn’t necessarily true. 

This article will dive into this and other aspects of auto insurance, such as car insurance rates, exceptions and rules. After all, car insurance premiums can vary significantly based on multiple factors, making some vehicles more costly to insure than others. 

Understanding why your auto insurance rate is expensive is crucial for individuals looking to save on insurance costs. And who doesn’t love that?

Why is Car Insurance Expensive?

Insurance costs for cars depend on various factors such as the driver’s age, location, driving record, and the type of vehicle being insured. The cost to insure a car is influenced by the probability of claims and the potential financial risk to the insurer, which affects the overall premium amount.

Insurers consider the safety rating, repair costs, theft rates, and overall value of the vehicle when determining insurance premiums. Additionally, factors like the frequency of accidents involving a specific model can also impact insurance rates.

Factors Affecting Insurance Cost In The Most And Least Expensive Cars To Insure

Diverse elements contribute to the cost of auto insurance, including the age and model of the vehicle, the driver’s demographics, geographical location, and driving history. Insurance companies use these factors to assess the level of risk associated with insuring a particular car.

Furthermore, credit score, coverage limits, deductible amount, and the chosen insurance provider also play a role in determining insurance premiums. Understanding these factors can help individuals make informed decisions when selecting an insurance policy that fits their budget and needs.

The following table shows some of the factors that can affect insurance costs. You will notice that some factors have to do with the make and model, while others relate more to the driver. 

Driver Factors	Vehicle Factors	Other Factors
Age	Make and model	Location
Gender	Registration	Postal code
Marital status	Mileage	Deductible
Driving Experience	Year of production	Discount options
Insurance History	Car age
Claims Record
Driving Record

Note that these aren’t the only factors, but are the most common. If we dive deeper into the type of vehicle, there are factors also at play, specifically with which vehicle you drive. 

Don’t be afraid to ask insurance companies how these factors come into play in the most and least expensive cars to insure.

When you’re looking for the most and least expensive cars to insure, there are other factors at play. The vehicle type is crucial.

 Impact of Vehicle Type on Insurance Premium

The type of vehicle being insured has a substantial impact on insurance premiums. Insurance companies make “assumptions” (though it sounds harsh) depending on your vehicle. 

For example, a luxury vehicle will command higher insurance costs, because it’s theoretically more expensive to maintain. However, a sports car or high-performance vehicle will also be more expensive to insure, even if it’s reliable. 

This is because it’s more likely to be involved in an accident. So, a luxury sports car is extremely expensive to insure. So, don’t be shocked when you get an insurance quote for a Pagani. 

A vehicle’s rarity could also play a factor. If a brand isn’t common in the US, then finding spares, in case of an accident, could be time-consuming, therefore raising insurance premiums. 

However, that doesn’t mean that only expensive and rare sportscars are expensive. If a brand has a bad reputation for reliability, this will also increase the insurance.  As you’ll see later, these factors are vital in the list of most and least expensive cars to insure.

On the other hand, less expensive and safer cars are often cheaper to insure since they pose lower risks to insurance companies. When choosing a vehicle, individuals should not only consider the purchase price but also the long-term cost to insure the car.

What Makes a Car Least Expensive to Insure?

Comparing insurance rates for different vehicles allows consumers to identify which cars are least expensive to insure. Cars with lower repair costs, good safety ratings, and lower theft rates tend to have more affordable insurance premiums.

Theft rates are one of the most important aspects as of late. With a flurry of bad press, certain brands such as Kia and Hyundai saw a spike in insurance costs, as it was determined they were easy to steal. 

However, that doesn’t mean that these two brands are unreliable. According to reviews, many people love them for their reliability. Unfortunately, outside factors make them cost more to insure. 

That’s why researching insurance costs is always a must. At the same time, you can see that unpredictable factors can change the list of most and least expensive cars to insure.

To lower insurance costs, individuals can opt for vehicles with advanced safety features, maintain a clean driving record, bundle insurance policies, or increase deductibles. 

These strategies can help reduce insurance expenses without compromising coverage.

You Should Compare Insurance Rates for Different Vehicles

If you’re unsure of which car to buy, how much you will pay for insurance can play a major factor. When comparing insurance rates for different vehicles, it becomes evident that some cars require higher insurance premiums due to their associated risks. 

Understanding the correlation between vehicle type and insurance costs can guide consumers in making informed decisions when purchasing a car.

Moreover, seeking quotes from multiple insurance providers and considering discounts or loyalty programs can further help individuals secure competitively priced insurance coverage. Being proactive in researching insurance options can lead to substantial savings in the long run.

Most and least expensive car brands to insure

With all this explained, let’s dive into some of the most and least expensive cars to insure, and why. This isn’t an exhaustive list, but one that can help you find the best insurance for you. 

10 most expensive brands to insure

Dodge

Reason: Dodge’s migration to powerful and fast cars has caused an increase in insurance costs. It’s usually 141% more expensive to insure a Dodge than the national average. 

Tesla

Reason: Though it’s the most popular EV brand, Tesla is expensive to repair after collisions. It’s 74% more expensive to insure a Tesla than the national average

BMW

Reason: it’s a combination of being a luxury brand and being somewhat unreliable. It’s 35% more expensive to insure a BMW than the national average. 

Lexus

Reason: Lexus is a reliable brand, but it’s still a luxury car brand. Therefore, insurance rates aren’t cheap and Lexus is 31% more expensive to insure than the national average. 

GMC

Reason: though they’re extremely popular, GMC trucks and SUVs have increased considerably in price, leading to higher premiums. GMC is 27% more expensive to insure than the national average. 

RAM

Reason: In 2023, research has found that RAM trucks are more likely to be involved in single-car accidents and rollovers, leading to higher premiums. RAM is 21% more expensive to insure than the national average. 

Nissan

Reason: Nissan has earned a reputation for unreliability and expensive spares, leading to a higher insurance cost which is 15% higher thatn the national average. 

Hyundai

Reason: Though reliable, Hyundai saw an increase in theft, leading to higher insurance premiums. On average, it’s 12.2% more expensive than the national average. 

KIA

Reason: Like Hyundai, Kia also fell victim to increasing car theft, leading to higher premiums. Kia is 12.2% more expensive to insure than the  national average. 

Toyota

Reason: Toyota is known for reliability, but the company has seen a cost increase, and some models aren’t as reliable. Toyota is 11% more expensive to insure than the national average. 

Some standalone examples of expensive vehicles to insure: 

• Maserati Quattroporte
  
• Audi R8
  
• BMW i8
  
• Nissan GT-R
  
• RAM 5500
  

Five least expensive car brands to insure

Some of the brands in the previous list might have surprised you, but the market has changed over the years. Let’s see if the cheapest brands to insure also shock you. 

Mazda

Reason: Mazda vehicles are usually smaller, more reliable SUVs and sedans, making it an easy brand to insure. Mazda is 4% cheaper to insure than the national average. 

Volkswagen

Reason: Volkswagen builds fuel-efficient vehicles that are smaller than its competitors. Also, spares are plenty. VW is 1% cheaper to insure than the national average. 

Subaru

Reason: Usually regarded as reliable, Subaru builds mostly SUVs that tend to a specific audience, leading to lower insurance costs. Insurance cost for Subaru vehicles is around the national average. 

Jeep

Reason: This is due to the smaller, practical SUVs. You will find a more expensive insurance fee for specialized models such as the Wrangler Rubicon. 

Honda

Reason: This is a “cheat” of sorts. On average, Honda can be more expensive to insure, but some car insurance companies will take cheaper insurance due to reliability and driver history. 

These are the cheapest brands, but what about the cheapest cars to insure? Here are five standouts:

• Subaru Outback
• Honda CR-V
• Honda Pilot
• Ford Escape
• Ford F-150

Are new cars more expensive to insure?

In general, new cars will be more expensive to insure. There are many ways of calculating this, and we’re showing you the possible scenarios:

• Is a new car more expensive to insure than an identical older car? Yes, a new car will be more expensive to insure than its older counterpart because the older car has already depreciated, thus reducing its value. Its annual insurance drops considerably within just one year of being purchased. 
  
• Is a new car more expensive to insure than a typical used car? Yes. Factoring in the car’s price, technology, and possible repair costs, a new car will be more expensive than any older car.
  
• Is a new basic car more expensive to insure than a more luxurious one? No. If you’re buying a 2024 car, an economical model will be cheaper to insure than an expensive one, even if they are in the same category.
  

Closing thoughts on the most and least expensive cars to insure

Understanding the dynamics of car insurance costs is pivotal when choosing a vehicle, as the make and model significantly impact the premiums. The list of most and least expensive cars to insure changes over time, but some brands remain on top.

Expensive cars like Dodge, Tesla, and BMW typically carry higher insurance costs due to higher repair expenses, luxury status, and performance capabilities. The type of car you drive will determine the insurance cost. 

Conversely, brands like Mazda and Volkswagen are among the least expensive to insure, thanks to their reliability and lower repair costs. Additionally, newer vehicles generally command higher insurance rates due to their value and repair costs, contrasting with older or more economical models that are cheaper to insure.

 This information emphasizes the importance of considering insurance costs in car-buying to ensure you select a vehicle that aligns with your budget and insurance affordability.