The Cheapest Cars to Insure in 2024 | Bankrate (2024)

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Updated May 14, 2024

Key takeaways

• The Subaru Outback, Honda CR-V and Honda Pilot are some of the cheapest cars to insure, based on the vehicles we reviewed.
• SUVs and trucks are cheaper to insure, on average, compared to sedans.
• Of the cars we reviewed, the Subaru Outback is the cheapest vehicle to insure, with an average annual premium of $1,603 per year, 25 percent lower than the national average of $2,014 per year.
• The Dodge Charger is the most expensive vehicle to insure out of the 27 vehicles assessed, with an average premium of $2,824 per year for full coverage.

If you were hoping for car insurance costs to dip in 2024, you may be out of luck. Bankrate's analysis predicts that the cost of auto insurance in 2024 will continue to increase. While that may be disheartening to hear, that may not be the case for all vehicles. Car insurance costs vary based on the make and model of the vehicle you drive, and some models are significantly cheaper to insure than others. While buying a different vehicle to get cheaper car insurance may seem like a drastic step, it could be a practical one, especially if you’re already in the market for a new or new-to-you ride.

Below, we showcase the 10 cheapest cars to insure based on our assessment of average rates for 27 vehicle makes and models. For comparison, the national average cost of car insurance is $2,014 per year for full coverage. We’ve included the average full coverage premium, as well as the starting manufacturer suggested retail price (MSRP), for each vehicle (remember that the MSRP will vary based on the trim package and optional features). We also highlight the percentage of the MSRP spent on car insurance, so you can decide if the average premium makes sense for the cost of the car, especially when compared to your financial situation.

Learn more: Car Insurance Rates by Make and Model

Cheapest cars to insure by vehicle type

Finding the cheapest cars for insurance is one thing, but it doesn’t take into account your specific needs. Maybe you have your heart set on a fuel-efficient car to reduce your carbon footprint, an SUV with room for mountain bikes and camping gear, or a truck to haul lumber for yard and home projects. Rest assured, while it may take a bit more research, you can find cheap car insurance no matter what type of vehicle you’re looking for. Below, you’ll find the cheapest vehicles to insure categorized by cars, SUVs and trucks.

Keep in mind, though, that “cheap” is a relative term. In addition to personal factors that may influence insurance costs, such as age, gender, location, credit score and driving record, each vehicle presents unique rating factors that can also affect insurance premiums, like the price of repairs and accident risk.

Cheapest cars to insure

What makes a vehicle expensive to insure?

It’s probably clear by now that the cost to insure different vehicles can vary greatly, but you may be wondering why. Why are some of the makes and models above higher than the national average, and some are below? What makes a vehicle cheaper or more expensive, on average, to insure?

It all boils down to risk. Car insurance companies calculate premiums based on the risk of claims being filed and the potential severity of those claims. Several factors go into this assessment. For example, a vehicle that costs more to repair or replace will likely have a higher premium, since those features make a claim more expensive. A vehicle with a higher likelihood of accidents, like a sports car, would also likely have a higher premium.

Sometimes, an older, cheaper vehicle without modern safety features can also have high repair costs, which can lead to heftier car insurance rates. On the flip side, some higher-priced cars might have features like automatic braking, which can help avoid or lessen the severity of crashes. Features like those might lower your premium.

Some attributes of a vehicle that can affect the premium are:

• Age: The older the car, the cheaper it might be to insure compared to newer models due to a lower repair or replacement cost. However, older cars also tend to lack updated safety features, which can lower premiums on the cars that have them.
• Size: Bigger, heavier vehicles may be more capable of causing more damage on the road, leading to a higher auto insurance premium.
• Trim level: Upgraded features in a vehicle affect the purchase price and the cost of insurance.
• Safety features: Vehicles with safety features that reduce the risk of an accident, like blind-spot monitors, are often associated with cheaper insurance premiums.
• Security features: Anti-theft systems and other security features can decrease the odds that a vehicle is stolen, which inherently may lower insurance premiums.
• High-end or luxury cars: The overall cost of these vehicles is higher than standard vehicles, so the expensive repair or replacement costs tend to drive up insurance rates.
• Cars with specialty parts: It can be hard to obtain specialty parts to repair an imported or customized car after an accident, so they can be more expensive to insure.
• Vehicles with low safety ratings: These vehicles may be more likely to be involved in accidents, and those accidents may be more severe, leading to a higher claim payout. The higher risk leads to a higher rate.

Car insurance rates are complex, as each company values the above attributes differently. The only way to know how much you’ll pay for a given car is to request and compare quotes from a few companies before purchasing an insurance policy.

Vehicles with more expensive car insurance

If you’re in the market for a new or used vehicle and are specifically looking for something with cheap car insurance rates, there are certain makes and models you may want to avoid. We’ve listed out the five most expensive vehicles to insure, based on our research, below.

However, keep in mind that while a vehicle’s make and model does affect rates, insurance companies use several other factors when determining premiums. The best way to know how much your vehicle will cost to insure is to get multiple quotes.

Tips to get a lower car insurance rate

If you are specifically looking for cheap car insurance, know there are plenty of ways to lower your rate. Some steps you may want to consider taking:

• Think about your vehicle choice: As you’ve seen, insurance costs vary widely depending on the vehicle you buy. A Subaru Outback costs 43 percent less to insure than a Dodge Charger, for example. If you’re looking for a different vehicle, you may want to shop with an eye toward insurance costs.
• Get multiple quotes: Car insurance companies rate risk differently, meaning that the cost of car insurance varies between insurers, even for the same coverage and vehicle. Shopping around helps you compare rates and find the most competitive price.
• Utilize discounts: Car insurance discounts can be an effective way to lower your rate, and most major insurers offer at least a few. Some discounts can be earned with simple policy adjustments, like signing up for paperless billing or paying your premium in full. Other discounts, including good student and safe driving, can take a little more time and effort to qualify for.
• Keep a clean driving record: Moving violations, at-fault accidents and major violations like DUI convictions all significantly impact your premium. If you can avoid these incidents, you’ll likely be able to keep your rate lower than those with marks on their driving records. However, in the chance you do have a blemish on your driving record, you may want to consider registering for a telematics program through your provider. By tracking your driving habits, you can prove to them that you are a safe and responsible driver who deserves a lower rate.
• Raise your insurance deductible: Your car insurance deductible is the amount you are financially responsible for paying when you file a claim with your provider. A higher deductible means a lower premium, but you'll have to pay more out of pocket if you file an approved claim. Although you'll want to keep your premium low enough that you can comfortably pay it with little notice, raising your deductible could be an affordable solution to get a lower premium without sacrificing coverage.

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Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

• $100,000 bodily injury liability per person
• $300,000 bodily injury liability per accident
• $50,000 property damage liability per accident
• $100,000 uninsured motorist bodily injury per person
• $300,000 uninsured motorist bodily injury per accident
• $500 collision deductible
• $500 comprehensive deductible

Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Vehicle Types: To determine cost by vehicle type, we evaluated our base profile with the following vehicles applied: Cadillac Escalade, Chevrolet Silverado 1500, Dodge Challenger, Dodge Charger, Ford Escape, Ford F-150, GMC Sierra, Honda Civic, Honda CR-V, Honda Odyssey, Honda Pilot, Jeep Wrangler, Mercedes C300, Nissan Altima, Nissan Rogue, Nissan Titan, Subaru Outback, Tesla Model 3, Tesla Model Y, Toyota Prius, Toyota RAV4 and Toyota Tundra

MSRP: MSRP data is for base models and is sourced from Kelley Blue Book. The MSPRs are accurate as of February 2023.