10 Cheapest Cars to Insure
When shopping for a new car, it’s not just the sticker price that matters; ongoing expenses like insurance premiums can significantly impact your budget. Whether you’re a budget-conscious driver or simply looking to save on insurance costs, choosing a car with lower insurance rates can make a substantial difference. To help you make an informed decision, we’ve compiled a list of the cheapest cars to insure in 2024 based on data from Bankrate.
Of course, insurance costs will vary depending on the make and model, as well as your driving record. When taking a look at the most popular vehicles on the market, we found that trucks and SUVs offer the best insurance rates, mainly due to the fact that these have fewer bodily injury claims.
While purchasing a car is a significant investment, it’s essential to consider the total cost of ownership, including insurance premiums. By opting for one of the cheapest cars to insure in 2024, you can enjoy peace of mind on the road without breaking the bank. Whether you prefer a compact SUV, a rugged off-roader, or a versatile crossover, there’s a budget-friendly option available to suit your needs. With that said, let’s take a look at the top 10!
6. Ford F-150
Average annual insurance premium: $1,753
Easily the cheapest truck to insure, the Ford F-150 premiums are about 5.98% of the sticker price, making it comparable to the Subaru Outback. Drivers love its performance, reliability and safety features. It’s also worth noting that it’s the best-selling vehicle on the market today.
7. Jeep Wrangler
Average annual insurance premium: $1,820
The Jeep Wrangler offers rugged off-road capabilities and sturdy construction that make it one of the safest cars you can drive. However, due to the fact that many people use these vehicles for everyday driving, people are able to keep these things in prime condition. It’s cheap insurance premiums make it a great choice for young drivers.
8. GMC Sierra 1500
Average annual insurance premium: $1,867
The GMC Sierra 1500 is the only other truck on our list, and its insurance premiums reflect 6.20% of the vehicle’s starting price. While not as low as the Ford F-150, it’s still an excellent rate. The sturdy nature of this truck and incredible safety features help keep the insurance rates at bay.
5. Honda Odyssey
Average annual insurance premium: $1,735
The Honda Odyssey is the only minivan on our list. It offers spacious seating, family-friendly features, and a reputation for reliability. While insurance rates can vary based on a variety of factors, the Honda Odyssey generally has reasonable insurance premiums compared to other vehicles in its class. On average, premiums are about 5.46% of the vehicle cost.
4. Ford Escape
Average annual insurance premium: $1,734
The Ford Escape offers versatility, fuel efficiency, and a wide range of available of safety features. In part due to its low starting cost at around $25K, premiums are low even with a slightly higher 6.79% of the MSRP. It’s one of the cheapest cars for young drivers to insure.
3. Honda Pilot
Average annual insurance premium: $1,726
The Honda Pilot wasn’t always the cheapest car to insure but it is now. With a high reliability score, stellar safety ratings and safety features, the Honda Pilot delivers on all fronts as terrific mid-size SUV for families. Its insurance cost also happens to be the lowest by percentage, with premiums being just 5.30% of its $32K MSRP.
2. Honda CR-V
Average annual insurance premium: $1,635
The Honda CR-V proves a practical option for families in need of fuel efficiency, safety and reliable performance. As an added benefit, it’s also worth noting that it has a strong resale value. The cost of insurance for the CR-V is just 6.45% of its $25K sticker price.
9. Toyota RAV4
Average annual insurance premium: $1,869
Toyota possesses the best reputation when it comes to reliability, and the RAV4 is one of their most reliable SUVs. That factor, combined with its fuel efficiency and abundance of safety features, make it an appealing option for many drivers.
10. Nissan Rogue
Average annual insurance premium: $1,880
Another one of the cheapest cars to insure for young drivers, the Nissan Rogue offers a smooth ride, a spacious cabin, and a comprehensive suite of driver-assistance features that make driving this vehicle a breeze – undoubtedly helping to minimize driver accidents.
1. Subaru Outback
Average annual insurance premium: $1,603
The Subaru Outback is a crossover with excellent safety ratings, standard all-wheel drive, and lower repair costs compared to other vehicles on the market, which is why it’s one of the cheapest vehicles to insure. When looking at the $26,795 MSRP, drivers are paying around 5.98% of that in insurance premiums.
