Which Cars Are the Cheapest to Insure?
Insurance premiums can differ considerably from one car to the next. When shopping for a new car, you should factor in the costs of insurance. To do this, it’s useful to understand how insurers determine calculate premiums. In addition, knowing which car models are cheaper to insure can make it easier to narrow down your options. Here’s what you need to know.
What factors make a car cheaper or more expensive to insure?
Every insurer has its own formula for determining insurance premiums. However, the calculation is always based on a standard set of factors:
• Repair costs. The more it costs to repair a car after an accident, the higher the insurance costs. This is one of the main reasons why pricier cars cost more to insure.
• Safety features. A car with good safety features reduces the risk of injury to the people inside and therefore has low insurance rates.
• Potential to cause damage. Insurers also have to consider potential repair costs to other cars on the road and injury to other drivers. The more damage the vehicle can be expected to inflict in the event of an accident, the more it costs to insure.
• Type of car. Most insurers believe that the type of car you drive says a lot about you. Vehicles that are popular with families, such as minivans and SUVs, tend to be cheaper to insure. Sports cars are more difficult to handle, and pickup trucks are often used for industrial applications, making them more likely to be damaged. This is why these tend to be more expensive to insure.
• Theft rates. Some cars are easier to strip or steal and are more often targeted by thieves. This risk is passed on to insurers, so it hikes up the insurance price. If you live in an area where car theft is common, you may also have to pay higher premiums.
What are the top 10 cheapest cars to insure among 2019 models?
Since insurance premiums differ between insurers, there’s no definitive list of which cars are cheapest to insure. However, here are the most frequent list-toppers for 2019 models:
• Toyota Prius C Hybrid
• Chevrolet Cruze LS or Hatchback
• Kia Sedona
• Nissan Versa Note S CVT
• Hyundai Elantra LE
• Toyota Tundra Reg Cab
• Nissan Micro
• KIA Rio
• Volkswagen Polo
• Ford Fiesta