You’re probably familiar with the urban legend that auto insurance companies charge higher rates for red cars. In fact, your insurance company probably doesn’t even know what color your car is. But it is true that some cars are cheaper to insure than others. Why is that?
In this guide, we’ll walk you through the cheapest cars to insure in 2019, according to insure.com, so you can make a more informed decision while car shopping.
The Five Cheapest Cars to Insure
|Honda Odyssey LX||$1,298|
|Jeep Wrangler Sport||$1,304|
|Subaru Outback 2.5i||$1,306|
|Mazda CX-3 Sport||$1,307|
|Honda HR-V LX||$1,325|
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Honda Odyssey LX
The Honda Odyssey has been known as a cheap car to insure for years. This minivan is often purchased by families, who tend to drive safer and are less risky to insure.
Jeep Renegade Sport
Jeeps are inexpensive to insure overall, with many models making it on the list of cheapest cars to insure. The Wrangler Sport is built for off-road use, but most people only use it on the roads, which means it can stand up to more damage than the average vehicle.
Subaru Outback 2.5i
The Subaru Outback is an extremely safe car, with all-wheel drive and easy handling. The company is also known for built-in accident prevention technologies in its cars’ computer systems.
Honda CR-V LX
The second Honda vehicle on the list of the top five, the CR-V LX is a low-priced vehicle with a high number of safety features. It’s simply built and less expensive to repair.
Another Jeep rounds out the list of the top five. Once again, this vehicle will sustain less damage in an accident, and its simple frame is easy to repair with parts that are readily available.
Factors of Car Models that Affect Insurance Rates
Remember what we said about red cars? That particular piece of urban lore isn’t accurate — but there is a kernel of truth behind it. Sports cars cost more to insure simply because insurance companies have found that people who drive them tend to be riskier-than-average drivers. To a data-driven insurance company, the mere fact that you own a sports car is evidence enough that you’re probably not as careful on the road as you ought to be.
Luxury cars also come standard with high insurance rates, for two reasons: First, if you get into an accident, replacement parts tend to be pricey. The second reason is that if the accident is really bad and the car needs to be totaled out, there’s no way to do that on the cheap.
In fact, among the top 10 most expensive cars to insure in 2019, according to Insure.com, every one of them was either a luxury car, sports car, or both. Seven models of Mercedes made the top 10. The most expensive car to insure — the Nissan GTR — costs $3,941 a year in premiums, more than three times as much as the cheapest models.
But don’t think that just because you bought an inexpensive car that’s necessarily going to save you on insurance. All told, one-third of insurance payouts go toward theft, and the most stolen cars in America are Honda Accords and Civics. Others in the top 10 include Toyota Corollas and Nissan Altimas — not exactly luxury cars. And while Chevy Impalas, Ford F-150s, Dodge Ram pickups, and Jeep Grand Cherokees aren’t what you’d call discount cars, they, too are among the most stolen vehicles. If you’ve got one of these popular targets for car thieves, you can expect to pay a bit more for car insurance.
Finally, when it comes to auto insurance, bigger isn’t always better. Despite the feeling of safety you might get from driving a giant SUV, your insurance company may consider a bigger car to be costlier than a smaller one. That’s because while a huge vehicle might actually make you safer, it’s less safe for anything else you might crash into. Remember that your insurance isn’t just covering you — it’s covering you and the damage that you do to others. So when you drive a vehicle that’s likely to cause more damage, that can cost more every month to insure.
How to Find the Cheapest Insurance for Your Car
Each car insurer determines the risk it believes is associated with each car make and model. This means that no two insurers will set the same rate for the same car. To get the cheapest insurance for your car, shop around with different providers and compare rates. Make sure to give each provider the same information and ask for the same level of coverage to make comparison easier.