According to a recent study conducted by Forbes, there is a conducive list of the top ten least expensive cars to insure. This list is based on their analysis of over fifty of the top-selling vehicles.
Based on their research, Forbes found the least expensive car to insure is the Honda CR-V, costing an average annual premium of $1,574. The rest of the list includes:
- Honda CR-V LX
- Jeep Wrangler JL Sport
- Subaru Crosstrek
- Subaru Forester 2.5I
- Hyundai Tucson SE
- Jeep Compass Latitude
- Chevrolet Equinox L
- Ford Escape S
- Volkswagen Tiguan SE
- Ford F-150 XL
You may find yourself wondering, what exactly makes a car expensive or inexpensive to insure? Well, the answer is based on a variety of factors. One way insurance cost is calculated is based on how many claims have been paid to cover similar models. This means if the insurance company you file with has had to cover a lot of claims for the specific model or a similar model to the car you have for injuries to others, then your insurance price is going to increase.
Another factor is the cost of repair.
Cars that have high tech equipment with higher cost cause the insurance rate to increase. For example, the Tesla Model S Performance has a large amount of advanced, high-tech technology and safety equipment, therefore it is one of the highest priced cars to insure.
A third key factor that affects your cost is purchasing collision and comprehensive insurance. This means that when something happens to your car, for example it gets totaled in an accident, your insurance will cover the value of your automotive at the time of the accident, just minus any deductible you may have. If your car has a higher value and therefore your insurance may be subject to a higher payout in the case of an incident, then your insurance will be higher.
Insurance rates are also calculated based on personal factors like driving history, location, mileage, credit score, etc., however the top ten list was calculated on the average, across the board factors.
Oftentimes when people weigh the pros and cons of what car to purchase, they do not necessarily consider the cost of the insurance they will have to pay. With studies like the one conducted by Forbes; those on the hunt for a new car may reconsider what car they end up buying, because they may question whether their want is worth the cost.
