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Would you rather drive a car that costs about $1,100 per year to insure, or one that costs more than $3,000 a year?
That might seem like a no-brainer, but it’s also a question car shoppers can forget to consider before buying. And over the lifetime of your vehicle, that oversight can end up costing you more than the vehicle itself.
Insure.com’s latest annual vehicle rankings based on insurance costs found that auto insurance premiums can vary widely from one model to another.
For example, the insurance data website found that the cheapest vehicle to insure — for the second year in a row — is the Honda Odyssey LX. On average, annual premiums for this minivan amount to $1,112.
Now, compare that with luxury cars, for example. Even the luxury car that is cheapest to insure this year, the BMW Alpina B6 XDrive Grand CP, comes with an average annual premium of $3,030.
The merits of minivans
The Odyssey’s ranking is not surprising to us. We’ve seen it earn various accolades in recent years.
We also cited the Odyssey in “The 10 Best Cars for a Long-Term Relationship.” Its highlights include a built-in vacuum in the cargo area.
Insure.com also notes that minivans in general tend to fare well in the website’s annual vehicle rankings based on premiums:
“Minivans are loaded with safety features and garner high safety ratings … and are primarily driven by a parent hauling children around. All of these factors are music to an insurance company’s ears: Safety features, great safety rating and extra-cautious drivers lead to fewer accidents, fewer claims and lower rates.”
The cheapest cars to insure
For its latest rankings, Insure.com compared insurance rates for more than 2,800 models across every state. The rates are based on quotes from six insurance companies.
The 10 vehicles that are the cheapest to insure this year — including one tie– are:
- Honda Odyssey LX — $1,112 average annual premium
- Jeep Renegade Sport — $1,138
- Jeep Wrangler Black Bear — $1,148
- Honda CR-V LX — $1,170
- Jeep Compass — $1,183
- Subaru Outback 2.5-liter — $1,187
- Jeep Cherokee Sport — $1,188
- Buick Encore and Jeep Patriot Sport (tie) — $1,190
- Subaru Forester 2.5-liter — $1,196
If these premiums lead you to suspect you’re paying a lot for your own auto insurance policy, it might be time to shop around.
Comparison shopping is tip No. 1 in “9 Ways to Drive Down Your Auto Insurance Rates.” As the article explains:
“[M]any people don’t understand that policies differ among companies based on subjective criteria. Some companies specialize in insuring young drivers. Others are best suited for those with less-than-stellar driving records.”
How do you feel about your auto insurance premiums after seeing this list? Sound off below or on our Facebook page.