Despite rising auto prices and the hassle that often comes with buying a new vehicle, many of us love to go car shopping. In 2021, Kelley Blue Book estimated that a record number of Americans bought 40.9 million used cars in 2021 – a 28% increase over the previous year.
If you’re in the market for a car, make sure to consider the impact a vehicle’s make and model will have on how much you pay for car insurance. Typically, more expensive cars cost more to insure while cheaper, smaller cars cost less to insure.
Keep reading to find out why – and use the below tool to see and estimate insurance rates for various car makes and models.
Insurance Rates by Car Models
- Maserati Quattroporte is the most expensive car to insure at an average annual premium of $5,176, based on CarInsurance.com’s study.
- Subaru Forester Wilderness is the cheapest car to insure at about $1,353 per year, according to a rate analysis by CarInsurance.com.
- Vehicle models such as Chevy, Dodge, Mazda and Mitsubishi cost less to insure on average.
- Foreign vehicles like BMWs, Toyotas and Mercedes usually cost more to insure. This is because they often need special parts to replace and mechanics that specialize in foreign vehicles.
Why do insurance rates vary by car?
The type of car you drive is one of the key factors in how much you’ll pay for auto insurance. Why? Because luxury or more expensive vehicles often cost more to repair, which means insurers will charge you more to insure them.
Additionally, if your car is one of the most popular models for car thieves, such as the Honda Civic or Honda Accord, your rates will be higher as well.
Why do insurance rates vary by car make and model?
The biggest factors insurance companies look at when setting rates are the vehicle and how much it will cost to repair or replace and the driver risk.
So, when it comes to your vehicle, there are a few factors that affect how much you pay for insurance:
- Vehicle age: Newer vehicles cost more to insure because they’re worth more.
- Safety ratings: Safer cars get into fewer accidents.
- Sticker price: The higher the price of the car, the more you’ll pay for insurance.
- Repair costs: If your vehicle has a lot of after-market parts, it will be harder to procure the parts — and they’ll be more expensive.
- Theft rate: Vehicles that are stolen more often cost more to insure.
“Insurance prices vary by year/make/model because each vehicle has a different value, which would be factored into the cost to repair/replace the vehicle,” McKenzie says.
Example“If a vehicle is worth $10,000, it would cost a lot less to insure than a vehicle worth $60,000 because the cost of parts will be more expensive on a higher-value vehicle in comparison to a lower-valued vehicle. If a vehicle is totaled out, the cost to replace a vehicle at $10,000 vs. $60,000 is a significant difference in price, making insurance prices more expensive for newer, expensive vehicles.”
What is a car’s make and model?
Think of a car make and model like your last and first names. The “make” is the last name, or brand name – Dodge, Lexus, BMW, Tesla, etc. The “model” would be your first name – the individual model of the vehicle, so this would be Camry (Toyota), Ram (Dodge) or Fusion (Ford).
To get accurate insurance quotes, you need to know the make and model of your vehicle, as well as the model year and other details: ZIP code and the ages of the drivers that will be listed on the policy, current insurance status, vehicle ownership status and whether you rent or own your home.
Check out our detailed guide on car make and model: What they mean and why they matter?
Can a car’s trim and body style affect insurance rates?
In addition to year, make and model, your vehicle’s trim and body styles can affect your car insurance rates. Trim styles that offer greater horsepower and luxury details can add to the vehicle’s MSRP, which could mean higher rates.
“The trim level of a vehicle may impact insurance prices a little, but not much,” McKenzie says. “The different packages and safety features a vehicle has could make an impact of $5-$10 each month on insurance, depending upon the vehicle.”
Here’s a breakdown of various trim types and body styles:
- Trim types: Standard, sport, luxury
- Body style: Coupe, sedan, hatchback
“Generally, smaller vehicles are cheaper to insure because they are cheaper to replace. Body style is factored into the rate because it does also play a part with having to do with safety features,” McKenzie says.
“An SUV or truck may be cheaper to insure than a sports car, not only because of the difference in the value of the vehicles, but SUVs and trucks are generally safer than a small car, and may not take that much damage in the event of an accident.”
What are the most affordable cars to insure in 2022?
The cheapest cars to insure are ones whose parts are readily available. See the table below for the cheapest cars to insure in 2022.
| Rank | Make | Model | National Average Rate |
|---|---|---|---|
| 1 | Subaru | Forester Wilderness | $1,353 |
| 2 | Hyundai | Venue SE | $1,360 |
| 3 | Honda | CR-V LX | $1,366 |
| 4 | Mazda | CX-30 S | $1,379 |
| 5 | Toyota | C-HR XLE | $1,384 |
What are the priciest cars to insure in 2022?
See the table below for the most expensive vehicles to insure in 2022.
| Rank | Make | Model | National Average Rate |
|---|---|---|---|
| 1 | Maserati | Quattroporte | $5,176 |
| 2 | Maserati | Quattroporte Modena Q4 | $5,118 |
| 3 | BMW | M8 Competition Gran coupe | $4,231 |
| 4 | Porsche | Panamera Turbo S E-Hybrid Executive | $4,221 |
| 5 | Audi | RS e-Tron GT | $4,150 |
Final thoughts: Insurance rates by car
The more expensive your car is, the more you’ll pay for car insurance. If cost is your main concern when shopping for a vehicle, make sure you buy a car that’s highly rated for safety, is not frequently stolen and is one of the cheapest cars to insure.
“Most sports cars are expensive to insure,” McKenzie says. “The newer the vehicle, the greater the cost for insurance – especially for younger drivers.”
Resources & Methodology
Source
Kelley Blue Book. “Despite Soaring Prices, Americans Bought Record Number of Used Cars in 2021.” Accessed July 2022.
Methodology
CarInsurance.com commissioned Quadrant Information Services in 2022 for full-coverage insurance rates for more than 2,500 car models from Allstate, AmTrust, Farmers, Geico, Nationwide, Progressive and State Farm for a 40-year-old male driver with a 12-mile commute and 10 ZIP codes per state.
“Models such as Chevy, Dodge, Mazda and Mitsubishi are all less expensive to insure, on average,” says Lauren McKenzie.
“Typically, foreign vehicles – such as a BMW, Toyota or Mercedes – will all cost more to insure because most of these vehicles require special parts to replace and special mechanics that specialize in foreign vehicles. Sports cars will also be more expensive to insure because their cost for parts is generally much more expensive than a Dodge or Chevy.”