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Understanding Car Insurance Costs


Before buying a new car, you may want to consider all costs of owning a vehicle not just your monthly car payment. One of the biggest expenses associated with owning or leasing a car, besides the monthly car payment, is insurance. In some cases, insurance can cost as much or even more than your car payment.

Car purchases are one of the most expensive things that most Americans buy, besides their home.  Therefore, it’s important to insure these investments in case you are in an auto accident, the vehicle is vandalized or something else damages/destroys your car.

Some Factors That Impact The Cost Of Auto Insurance

  • Your age and gender
  • Your driving history
  • Your credit score
  • Where you live
  • Vehicle engine size
  • Vehicle age
  • Vehicle safety rating

What Vehicles Are The Cheapest To Insure?

You may think that the cars with the lowest price tag are the ones with the cheapest insurance. You would be wrong. In fact, SUVs are actually, for the most part, cheaper to insure as compared to compact cars and sedans.

Accordingly to NerdWallet.com, the vehicles with the cheapest insurance, based on the average annual premium:

  1. Subaru Outback – $1,566
  2. Ford Escape–$1,656
  3. Chevrolet Equinox –$1,710
  4. Toyota RAV4– $1,750
  5. Honda CR-V – $1,753
  6. Nissan Rogue – $1,762
  7. Jeep Wrangler – $1,764
  8. Toyota Tacoma –$1,769
  9. Jeep Cherokee – $1,775
  10. Toyota Highlander – $1,788

Smaller vehicles ranked further down on the list. The Chevrolet Cruze, ranked 13th, costs approximately $1843 to insure for a year. The Ford Fusion ranked  #14, with an annual insurance cost of $1,850.

Of the top 25 vehicles, the Hyundai Elantra was the least expensive to purchase. The same could not be said about its cost to insure, ranking #17 with an annual insurance premium of $1865.

What Vehicles Are The Most Expensive To Insure?

According to Forbes, the most expensive vehicles to insure (excluding sports cars) are the following:

  1. Nissan GT-R ($3,941)
  2. Mercedes Maybach S650 ($3,917)
  3. Porsche Panamera ($3,887)
  4. Mercedes AMG GT R ($3,751)
  5. BMW M760i xDrive ($3,705)
  6. BMW M6 Gran Coupe ($3,637)
  7. BMW i8 ($3,603)
  8. Mercedes S65 AMG ($3,585)
  9. Mercedes SL63 AMG ($3,549)
  10. Mercedes S560 4MATIC ($3,514)

But what if you decide to drop six or seven figures on a fancy sports car? What can you expect to pay in insurance costs?

The cost to insure a Ferrari 488 is around $13,500 per year, or $1,126 a month. A McLaren 650S costs $17,500 per year to insure, or around $1,456 per month. The average insurance cost for a Lamborghini Aventador is around $20,000 per year, or $1,675 per month.

But that’s nothing compared to the Bugatti Veyron, which has a price tag of $2.25 million for the 2011 model. To get insurance for this vehicle, expect to pay $50,000 a year – more than the salary of many Americans.

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