Cost to Insure Different Vehicles

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The very first thing you should do after buying or leasing a vehicle is to get it insured. This is required by law.  Car insurance helps cover the vehicle owner financially in case of an accident, both for damage to the vehicle and medical needs of any individuals involved. Have you ever considered the cost to insure different vehicles? This can vary greatly depending on a lot of different factors.

Your driving history and experience are considered, as is your age and sometimes factors like education are even considered for certain discounts and lower rates. New vehicles generally cost more to insure than older vehicles. Insurance rates can also depend on the type of the vehicle, model, the model year, how much the vehicle costs, size, power and speed of the vehicle.

Here’s a Look at the Cost to Insure Different Vehicles

Sedans and Compact Cars
Sedans and compact cars are the cheapest vehicles to insure. The compact size of cars such as Suzuki Forenza, Chevy Impala and Honda Accord makes them easy to maneuver, offer excellent safety and very good fuel economy.

That’s why sedans and compact cars are popular with insurers. On average, it costs $1,358 annually or $113.25 monthly to insure compact cars, $1,386 annually or $115.53 monthly to insure full-size sedans and $1,429 annually or $119.09 monthly to insure mid-size sedans.*

Sport Utility Vehicles (SUVs)
Sport Utility Vehicles or SUVs are considered to be the safest of all vehicles. The SUVs of today are much different from those of the 1990s and early 2000s, which were accident prone. However, SUVs are also expensive and are more likely to be targeted by car thieves. For this reason, it costs more to insure an SUV compared to any other vehicle.

On average, it costs $1,191 annually or $99.29 monthly to insure a mini SUV, $1,658 annually or $138.21 monthly to insure a full-sized SUV, $1,325 annually or $110.48 monthly to insure a mid-sized SUV and $1,245 annually or $103.81 monthly to insure a compact SUV.*

Trucks
Trucks are similar to SUVs in many respects. They are safe but vulnerable to theft. That’s why trucks have high insurance costs, up to 10% higher than compact cars and sedans.

On average, it costs $1,439 annually or $119.98 monthly to insure a Compact Pickup Truck, $1,445 annually or $120.48 monthly to insure a Mid-Size Pickup Truck, $1,509 annually or $125.75 monthly
to insure a Full-Size Pickup Truck and $1,600 annually or $133.40 monthly to insure a Full-Size Heavy Duty Pickup Truck.*

Sports Cars
Sports cars carry the most expensive insurance premiums for obvious reasons. They are very expensive and are prime targets for car thieves. Also, the owners of these high-performance vehicles have a reputation for liking to drive fast, which can make them more at risk for serious accidents.

It’s no surprise that insurance premiums for sports cars such as Porsche 911 cost $1,667 annually and $138.97 monthly.*

Vans and Minivans
Vans and minivans are large vehicles, but are considered safe. Since they are generally less expensive than their SUV counterparts, they are more rarely targeted by car thieves. So they have the lowest car insurance costs.

It costs $1,171 annually or $97.66 monthly to insure a minivan such as the Ford Galaxy.*

Hybrids
While hybrids like the Toyota Prius are more expensive than a standard sedan, they save you a lot of money on fuel. Many insurance companies offer a discount on hybrid cars to encourage people to make the switch to more energy efficient vehicles.

Contact your nearest insurance provider for the details on hybrids and the other vehicle types discussed here.

*Source for rate averages

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