When it comes to car insurance, finding the most affordable rates is a top priority for many drivers. In the world of auto insurance, some cars are cheaper to insure than others. In this article, we will delve into the key takeaways regarding the cheapest cars to insure in 2024, as well as the factors that affect insurance rates and how to find discounts to reduce costs.
Key Takeaways:
Subaru is the cheapest brand to insure at $2,224 per year or $185 monthly, followed closely by Ford, Honda, and Toyota with average full-coverage rates below $2,500 per year.
SUVs are the most affordable type of car to insure based on rate data, with hybrids also offering competitive rates.
The average cost of car insurance for full coverage depends on the vehicle, policy details, and driver profile.
In order to help you find the most affordable rates for auto coverage, our team at MarketWatch Guides has researched the country’s most popular vehicles to provide insights on how to find cheap car insurance regardless of the make and model you choose.
Our research is based on data from Quadrant Information Services, where we analyzed hundreds of rate estimates from various providers to determine the cheapest cars to insure in 2024. We considered factors such as vehicle make, model, and driver profile to provide accurate and up-to-date information.
Cheapest Cars To Insure in 2024:
According to our research, Subaru vehicles are typically the least expensive to insure, with Ford, Honda, and Toyota also offering affordable insurance rates. The table below shows the average rates for 2021 through 2024 models from popular automakers, based on a 35-year-old driver with a clean record and good credit.
Cheapest Cars To Insure by Make:
Subaru: $2,224 annually, $185 monthly
Ford: $2,299 annually, $192 monthly
Honda: $2,395 annually, $200 monthly
Toyota: $2,456 annually, $205 monthly
Chevrolet: $2,513 annually, $209 monthly
Nissan: $2,603 annually, $217 monthly
Hyundai: $2,625 annually, $219 monthly
Kia: $2,721 annually, $227 monthly
GMC: $3,062 annually, $255 monthly
Tesla: $4,098 annually, $342 monthly
Cheapest Cars To Insure by Model:
The list below ranks 32 models from cheapest to most expensive to insure in 2024, based on our research:
2021 Ford Bronco: $2,192 annually, $183 monthly
2021 Subaru Crosstrek: $2,214 annually, $185 monthly
2021 Honda CRV Hybrid: $2,223 annually, $185 monthly
2021 Subaru Impreza: $2,233 annually, $186 monthly
2021 Chevy Equinox: $2,253 annually, $188 monthly
2021 Ford Escape Hybrid: $2,266 annually, $189 monthly
2021 Kia Sportage: $2,298 annually, $192 monthly
2021 Toyota Rav4: $2,325 annually, $194 monthly
2021 Nissan Frontier: $2,396 annually, $200 monthly
2021 GMC Sierra: $2,418 annually, $202 monthly
2021 Ford F150: $2,438 annually, $203 monthly
2021 Honda Ridgeline: $2,455 annually, $205 monthly
2021 Chevy Silverado: $2,458 annually, $205 monthly
2021 Toyota Tacoma: $2,460 annually, $205 monthly
2021 Hyundai Santa Fe: $2,486 annually, $207 monthly
2021 Honda Civic: $2,507 annually, $209 monthly
2021 Nissan Rogue: $2,517 annually, $210 monthly
2021 Nissan Leaf: $2,519 annually, $210 monthly
2021 GMC Acadia: $2,546 annually, $212 monthly
2021 Toyota Prius: $2,582 annually, $215 monthly
2021 Chevy Malibu: $2,602 annually, $217 monthly
2021 Hyundai Elantra: $2,681 annually, $223 monthly
2021 Hyundai Ioniq: $2,709 annually, $226 monthly
2024 Chevy Silverado EV: $2,740 annually, $228 monthly
2021 Kia Forte: $2,799 annually, $233 monthly
2021 Nissan Altima: $2,981 annually, $248 monthly
2022 Kia EV6: $3,067 annually, $256 monthly
2021 Tesla Model Y: $3,426 annually, $286 monthly
2021 Tesla Model 3: $3,664 annually, $305 monthly
2022 GMC Hummer EV: $4,221 annually, $352 monthly
2021 Tesla Model X: $4,516 annually, $376 monthly
2021 Tesla Model S: $4,786 annually, $399 monthly
Cheapest Vehicle Types To Insure:
Based on our data, SUVs and hybrids are the most affordable types of vehicles to insure in 2024. The average annual full-coverage costs for different vehicle types are as follows:
SUV: $2,339 annually, $195 monthly
Hybrid: $2,357 annually, $196 monthly
Truck: $2,439 annually, $203 monthly
Sedan: $2,635 annually, $220 monthly
EV: $3,520 annually, $293 monthly
Factors That Affect the Cheapest Cars To Insure:
There are several factors that influence which cars are the cheapest to insure. These include vehicle model details, coverage choices, and personal driving profile. Here are some key factors that impact car insurance rates:
Vehicle Factors: Car insurance companies consider the age, type, trim level, safety features, and theft rates of a vehicle when determining premiums. Factors such as safety ratings, car theft rates, and repair costs can affect insurance rates.
Coverage Choices: The level of coverage, deductible amount, bundled policies, and annual mileage can all impact car insurance rates. Choosing higher coverage limits, lower deductibles, and bundling policies can lead to lower premiums.
Personal Factors: Personal characteristics such as driving record, age, gender, marital status, credit score, and location can also affect car insurance rates. Drivers with clean records, good credit, and low mileage typically receive lower rates.
Car Insurance Discounts To Help Reduce Rates:
Many car insurance providers offer discounts that can help reduce premiums. Some common discounts include safe driver, good student, multi-vehicle, multi-policy, military, vehicle safety features, senior, and usage-based insurance discounts. By taking advantage of these discounts, drivers can save money on their car insurance premiums.
Should I Pick the Cars That Are Cheapest To Insure?
While cost is an important factor when choosing a car and insurance policy, it is not the only consideration. The cheapest cars to insure may not always be the best fit for every driver. It is essential to consider factors such as safety, coverage options, and overall value when selecting a vehicle and insurance policy. While opting for minimum coverage may save money in the short term, it may not provide adequate protection in the event of an accident.
Cheapest Cars To Insure: The Bottom Line:
In conclusion, finding the cheapest cars to insure involves considering various factors such as vehicle make, model, coverage choices, and personal profile. By comparing quotes from multiple insurance providers and exploring available discounts, drivers can find affordable coverage that meets their needs. Our top picks for affordable car insurance providers include Geico and Progressive, based on our research and analysis.
In the world of car insurance, the key is to find a balance between cost and coverage to ensure you are adequately protected on the road. By understanding the factors that affect insurance rates and taking advantage of available discounts, drivers can secure affordable coverage for their vehicles. Remember to compare quotes, review policy details, and choose a reputable insurance provider to get the best deal on car insurance.