10 Cheapest Cars and SUVs to Insure
10 Cheapest Cars and SUVs to Insure
• Chevrolet Spark LS, $1,453
• Fiat 500L Pop, $1,462
• Honda CR-V LX, $1,333
• Jeep Wrangler Sport, $1,334
• Chevrolet Colorado, $1,439
• Ford F-150, $1,440 Source: Insure.com For this ranking of 2020 models, Insure.com says it “pulled insurance quotes from six major insurance companies and averaged the premiums, so you have an accurate estimate of what it costs to ” or at least the car of your budget. The calculation assumes a 40-year-old driver. The premiums “are going to be around the same if the driver profile was for someone 50 or 60,” says Penny Gusner, Insure.com's senior consumer analyst. “It likely would be a bit cheaper, as that age range is pretty mature in their driving behavior and abilities." The rates stay down until a driver is 65, then start edging up, according to the Foster City, California, company's affiliated site, CarInsurance.com. Some states — California, Massachusetts, Michigan, Montana, North Carolina and Pennsylvania, according to , an initiative of the Pew Charitable Trusts — also prohibit changes in rates because of gender. To keep a level playing field, the rates are calculated for a single 40-year-old male who each day, Gusner says. The policy covers $100,000 of injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident — that's called a 100/300/50 policy — and a $500 deductible on collision and comprehensive coverage. Comprehensive insurance covers everything besides hitting an object, such as fire, floods, hail, theft or vandalism. This hypothetical driver has a clean record and good credit. The rate also includes uninsured motorist coverage. But the vehicle isn't the only variable in your auto insurance bill. The place is also a significant factor. Michigan, with an average annual premium of $2,878, is the most expensive state in which to own a car. The least expensive state for auto insurance is Maine, at $912. The U.S. average is $1,517. Join today and save 25% off the standard annual rate. Get instant access to discounts, programs, services, and the information you need to benefit every area of your life. "Car insurance in Michigan costs three times more than it does in our cheapest state, Maine,” according to Insure.com. Michigan's premiums are so expensive because companies must guarantee unlimited, lifetime medical benefits to auto accident victims. Insurers see that as a dramatic increase in their financial risk. In turn, more drivers go without insurance, which also bumps up insurers’ risk, Insure.com says. But in July, changes in insurance requirements begin there that are expected to reduce customers’ bills. Using the Mazda CX-3, the least expensive vehicle premium on Insure.com's national average list at $1,324, here's what a 40-year-old single man would pay on average in these states: • Maine, $745
• New Hampshire, $848
• Ohio, $900
• Illinois, $1,255
• Texas, $1,554
• Florida, $2,035
• Michigan, $2,517 Note that cheapest to insure doesn't always mean best to own. You'll see from some lukewarm or even poor ratings in other areas that we've researched for you. of
• How long is left on your loan?
• Is your car worth less than what you owe? That's called being upside down or underwater. Compare and contrast all those with the much-advertised zero percent loans so you'll qualify. Don't dismiss the idea of getting a 2020 model until you look at your numbers. "Consumers who purchase a car right now could potentially save thousands of dollars over the life of their loan compared to those who did a year ago even if they are underwater on their car loan,” Edmunds says.
See the 10 Cheapest Cars to Insure in 2020
Insure com tallies the rates for coverage and ranks the vehicles accordingly
Subaru The difference in the cost of auto insurance is huge depending where you live, what you drive, where you park, whether you have traffic tickets on your record and, perhaps surprisingly, how good your credit rating is. You probably from Michigan — the state with the highest average price for auto insurance — to Maine, the lowest, to save a bundle on your auto policy. But you might change your mind about what car to buy next or watch your speed more carefully through that 25-mph residential neighborhood. Every year, the insurance-shopping site Insure.com calculates the average price for auto coverage and ranks vehicles accordingly.3 best rates in 3 categories
Here are the most economical vehicles to insure in popular types of vehicles. The U.S. average annual insurance bill is $1,517.Sedans
• Honda Fit LX, $1,379• Chevrolet Spark LS, $1,453
• Fiat 500L Pop, $1,462
SUVs
• Mazda CX-3 Sport, $1,324• Honda CR-V LX, $1,333
• Jeep Wrangler Sport, $1,334
Trucks
• GMC Canyon, $1,411• Chevrolet Colorado, $1,439
• Ford F-150, $1,440 Source: Insure.com For this ranking of 2020 models, Insure.com says it “pulled insurance quotes from six major insurance companies and averaged the premiums, so you have an accurate estimate of what it costs to ” or at least the car of your budget. The calculation assumes a 40-year-old driver. The premiums “are going to be around the same if the driver profile was for someone 50 or 60,” says Penny Gusner, Insure.com's senior consumer analyst. “It likely would be a bit cheaper, as that age range is pretty mature in their driving behavior and abilities." The rates stay down until a driver is 65, then start edging up, according to the Foster City, California, company's affiliated site, CarInsurance.com. Some states — California, Massachusetts, Michigan, Montana, North Carolina and Pennsylvania, according to , an initiative of the Pew Charitable Trusts — also prohibit changes in rates because of gender. To keep a level playing field, the rates are calculated for a single 40-year-old male who each day, Gusner says. The policy covers $100,000 of injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident — that's called a 100/300/50 policy — and a $500 deductible on collision and comprehensive coverage. Comprehensive insurance covers everything besides hitting an object, such as fire, floods, hail, theft or vandalism. This hypothetical driver has a clean record and good credit. The rate also includes uninsured motorist coverage. But the vehicle isn't the only variable in your auto insurance bill. The place is also a significant factor. Michigan, with an average annual premium of $2,878, is the most expensive state in which to own a car. The least expensive state for auto insurance is Maine, at $912. The U.S. average is $1,517. Join today and save 25% off the standard annual rate. Get instant access to discounts, programs, services, and the information you need to benefit every area of your life. "Car insurance in Michigan costs three times more than it does in our cheapest state, Maine,” according to Insure.com. Michigan's premiums are so expensive because companies must guarantee unlimited, lifetime medical benefits to auto accident victims. Insurers see that as a dramatic increase in their financial risk. In turn, more drivers go without insurance, which also bumps up insurers’ risk, Insure.com says. But in July, changes in insurance requirements begin there that are expected to reduce customers’ bills. Using the Mazda CX-3, the least expensive vehicle premium on Insure.com's national average list at $1,324, here's what a 40-year-old single man would pay on average in these states: • Maine, $745
• New Hampshire, $848
• Ohio, $900
• Illinois, $1,255
• Texas, $1,554
• Florida, $2,035
• Michigan, $2,517 Note that cheapest to insure doesn't always mean best to own. You'll see from some lukewarm or even poor ratings in other areas that we've researched for you. of
1 Mazda CX-3 Sport
Average yearly insurance premium: $1,324 Crash rating, overall, from National Highway Traffic Safety Administration (NHTSA): 5 stars, the top rating, though the agency notes a safety concern in the side impact test. The Insurance Institute for Highway Safety (IIHS) rates it a top safety pick plus, its highest rating. Miles per gallon (MPG), combined city/highway, from Environmental Protection Agency (EPA) testing: 29 to 31, depending on all- or front-wheel drive. Overall rating: Consumer Reports gives it a 73 out of 100, predicting that owner satisfaction is forecast to be near the bottom of the scale, a 1 out of 5, but does have it on its recommended list. J.D. Power and Associates’ consumer satisfaction score is 76 out of 100. Yearly fuel cost, from EPA at $1.85 per gallon: $900 to $950 Price: Sport model with front-wheel drive starts at $21,740. of2 Honda CR-V LX
Average premium: $1,333 Crash rating: 5 stars, the top rating; also IIHS top safety pick, the second highest rating MPG: 29 to 30, depending on all- or front-wheel drive Overall rating: Consumer Reports gives it 77 out of 100 and puts it on its recommended list. J.D. Power has not yet rated it. Yearly fuel cost: $900 to $950 Price: LX model with front-wheel drive starts at $26,170. of3 Jeep Wrangler Sport S
Average premium: $1,334 Crash rating: No rating from NHTSA. IIHS rates it as marginal because the four-door tipped onto its side during both front crash tests. MPG: 19 to 21, depending on trim level Overall rating: Consumer Reports scored Wranglers as a whole at 26 out of 100 while acknowledging that predicted owner satisfaction is 4 out of 5; J.D. Power rates it 74 out of 100. Yearly fuel cost: $1,300 to $1,450 Price: $31,285, two door; $33,290, four door of4 Subaru Outback 2 5
Average premium: $1,335 Crash rating: 5 stars, the top rating; also 2020 IIHS top safety pick plus, the highest rating MPG: 29 Overall: Consumer Reports puts it on its recommended list with a laudable 87 out of 100. J.D. Power has not yet rated it. Yearly fuel cost: $950 Price: Base model starts at $27,655. All Subarus have all-wheel drive standard, except the rear-wheel-drive BRZ sports car. of5 Fiat 500X Pop
Average premium: $1,336 Crash rating: No rating from NHTSA; no overall rating from IIHS MPG: 26 Overall: Consumer Reports gives the small SUV a lamentable 35 out of 100, partly because of very low predicted reliability and owner satisfaction scores. J.D. Power has not yet rated it. Yearly fuel cost: $1,050 Price: Pop, the lowest-priced version of this small SUV, starts at $25,085. of6 Honda Odyssey LX
Average premium: $1,353 Crash rating: 5 stars, the top rating; also 2020 IIHS top safety pick MPG: 22 Overall: Consumer Reports gives this minivan, the only of its kind on the inexpensive-to-insure list, just 61 out of 100, dragged down partly because of a poor predicted reliability score, 2 out of 5. J.D. Power rates it 78 out of 100. Yearly fuel cost: $1,250 Price: LX starts at $31,910. of7 Subaru Forester 2 5
Average premium: $1,373 Crash rating: 5 stars, the top rating; also 2020 IIHS top safety pick plus, the highest rating MPG: 29 Overall: Consumer Reports gives it a good 84 and puts it on its recommended list, buoyed by high on-the-road score and maximum predicted owner satisfaction. J.D. Power rates it 81 out of 100. Yearly fuel cost: $950 Price: Starts at $25,050. of8 tie Mazda CX-5
Average premium: $1,374 Crash rating: 5 stars, the top rating; also 2020 IIHS top safety pick plus, the highest rating MPG: 26 to 28, depending on all- or front-wheel drive Overall: Consumer Reports gives it a strong 84 out of 100 and puts it on its recommended list. J.D. Power rates it 80 out of 100. Yearly fuel cost: $1,000 to $1,050 Price: Base Sport model starts at $26,290. of8 tie Jeep Renegade Sport
Average premium: $1,374 Crash rating: 4 of 5 stars. IIHS gave the 2019 top safety pick recognition but notes for 2020 that the rating applies only to vehicles with optional front crash protection and certain headlights. MPG: 24 to 25, depending on all- or front-wheel drive Overall: Consumer Reports gives it just 48 out of 100, about what you would expect because most scores in individual categories are likewise mediocre. J.D. Power has not yet rated it. Yearly fuel cost: $1,050 to $1,150 Price: Sport model starts at $23,870. of10 Honda HR-V LX
Average premium: $1,377 Crash rating: 5 stars, the top rating; also 2019 IIHS top safety pick but notes for 2020 notation that you must have optional front-crash protection and certain headlights to qualify, which you won't get standard on the basic LX that is the cheap-to-insure car. MPG: 28 to 30, depending on all- or front-wheel drive Overall: Consumer Reports gives it a mediocre 66 out of 100, weighed down a bit by a low predicted owner satisfaction index of 2 out of 5. J.D. Power rates it 76 out of 100. Yearly fuel cost: $900 to $1,000 Price: Base LX model starts at $21,940.As the economy awakens wheel deals abound
All the cars, minivans and SUVs on this year's lists are 2020 models. You're thinking: “That's crazy. The way this pandemic has , savings and investments, I can't afford to go out and buy a new car right now.” Now actually could be a good time to buy. Sales of new vehicles in the first four months of 2020 were down 21.7 percent, according to sales tracker Motor Intelligence. Looking just at April, as the threat of the highly contagious coronavirus was in full bloom, shoppers abandoned showrooms and sales were off a breathtaking 47 percent. Use the to purchase your next car from home "It's a buyer's market,” says Jessica Caldwell, car shopping and research site Edmunds.com's executive director of insights. “And while there aren't a lot of buyers right now, those in a position to purchase a new vehicle are taking advantage of the most generous financing programs we've seen this century.” Edmunds’ data show that zero percent finance deals accounted for more than a quarter of financed purchases in April, compared to 4.7 percent in March and 3.6 percent in February. You'll have to do the math to see if you should be a shopper: • What's your interest rate and payment now?• How long is left on your loan?
• Is your car worth less than what you owe? That's called being upside down or underwater. Compare and contrast all those with the much-advertised zero percent loans so you'll qualify. Don't dismiss the idea of getting a 2020 model until you look at your numbers. "Consumers who purchase a car right now could potentially save thousands of dollars over the life of their loan compared to those who did a year ago even if they are underwater on their car loan,” Edmunds says.