Which Cars Are Cheapest to Insure in 2024?


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Updated: May 20, 2024

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The Subaru Forester tops the list as the cheapest car to insure at just $86 per month, closely followed by the Subaru Outback at $87 per month.

Several factors influence your insurance rates, primarily your vehicle’s make and model. The age of your vehicle, repair costs after an accident and the likelihood of theft also play significant roles in determining your insurance premiums, making vehicle choice important for cost savings.

Key Takeaways

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Electric car insurance costs are dropping, now rivaling the cost of insuring a sedan.

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Compact SUVs, minivans and sedans are the cheapest car types to insure.

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Older cars don't always mean cheap insurance. If your annual premium exceeds 10% of your car's value, you might be overpaying for insurance.

Why Trust MoneyGeek? MoneyGeek gathered auto insurance quotes from Quadrant Information Services to give you the best car insurance calculator for estimating costs. It allows you to make informed decisions regarding your car insurance by providing you with a real-time estimate of your potential premiums.

Overall Cheapest Cars to Insure

The cheapest cars to insure are:

Nationwide offers the cheapest Subaru Forester coverage — 28% below the compact SUV average — thanks to its excellent safety ratings, even earning a spot at the Insurance Institute for Highway Safety (IIHS) 2024 Top Safety Pick.

Coverage for the Subaru Outback is also significantly cheaper with Nationwide, saving you 35% compared with the national average rate.

Car insurance in 2024 isn't cheap, and experts say it's going to get worse. Rising car repair costs and extreme weather events are pushing insurers to charge higher rates. Fight back with savvy choices — opt for older models and skip the luxury options.

To avoid sticker shock, include your estimated annual premiums in your total car ownership budget.

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Coverage:
Coverage:Full Coverage
Subaru ForesterCategoryCompact SUVCompanyNationwideAnnual Premium$1,035
Subaru OutbackCategorySedanCompanyNationwideAnnual Premium$1,049
Mazda CX-5CategoryCompact SUVCompanyNationwideAnnual Premium$1,071
Honda CR-VCategoryCompact SUVCompanyNationwideAnnual Premium$1,099
Honda HR-VCategoryCompact SUVCompanyGEICOAnnual Premium$1,119
Kia SoulCategoryCompact SUVCompanyGEICOAnnual Premium$1,120
Nissan FrontierCategoryPickup TruckCompanyState FarmAnnual Premium$1,121
VW TiguanCategoryCompact SUVCompanyState FarmAnnual Premium$1,121
Toyota RAV4CategoryCompact SUVCompanyGEICOAnnual Premium$1,144
Toyota TacomaCategoryPickup TruckCompanyGEICOAnnual Premium$1,144
Compare Auto Insurance Rates

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LOOKING FOR A SPECIFIC TYPE OF CAR?

MoneyGeek analyzed rates for new and used cars for the following types:

Cheapest SUV to Insure

The cheapest SUVs to insure are:

  • Subaru Forester: Nationwide ($1,035 per year)
  • Mazda CX-5: Nationwide ($1,071 per year)

Compact SUVs are the most affordable SUV type to insure. Choose a compact model to save around $100 on annual premiums compared with a standard SUV and roughly $500 compared with a luxury SUV. Surprisingly, despite their larger size, SUVs often offer lower insurance rates overall.

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Coverage:
Coverage:Full Coverage
Subaru ForesterCategoryCompact SUVCompanyNationwideAnnual Premium$1,035
Mazda CX-5CategoryCompact SUVCompanyNationwideAnnual Premium$1,071
Honda CR-VCategoryCompact SUVCompanyNationwideAnnual Premium$1,099
Honda HR-VCategoryCompact SUVCompanyGEICOAnnual Premium$1,119
Kia SoulCategoryCompact SUVCompanyGEICOAnnual Premium$1,120
VW TiguanCategoryCompact SUVCompanyState FarmAnnual Premium$1,121
Toyota RAV4CategoryCompact SUVCompanyGEICOAnnual Premium$1,144
Hyundai KonaCategoryCompact SUVCompanyGEICOAnnual Premium$1,149
Honda PassportCategorySUVCompanyState FarmAnnual Premium$1,152
Acura MDXCategoryLuxury SUVCompanyTravelersAnnual Premium$1,152

Cheapest Sedan to Insure

The cheapest sedans to insure are:

  • Subaru Outback: Nationwide ($1,049 per year)
  • Subaru Legacy: Nationwide ($1,157 per year)

Although car insurance rates depend on the specific model, SUVs often have lower premiums than sedans. This is because safer cars are generally cheaper to insure.

The Highway Loss Data Institute found that larger vehicles, like SUVs, had lower rates of bodily injury claims than smaller cars. If you want to save on insurance, size might matter.

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Coverage:
Coverage:Full Coverage
Subaru OutbackCategorySedanCompanyNationwideAnnual Premium$1,049
Subaru LegacyCategorySedanCompanyNationwideAnnual Premium$1,157
MINI ElectricCategoryCompactCompanyNationwideAnnual Premium$1,177
Subaru ImprezaCategorySedanCompanyState FarmAnnual Premium$1,193
MINI CooperCategoryCompactCompanyState FarmAnnual Premium$1,205
VW JettaCategoryCompactCompanyState FarmAnnual Premium$1,222
Toyota CorollaCategoryCompactCompanyGEICOAnnual Premium$1,222
Mazda3CategoryCompactCompanyState FarmAnnual Premium$1,229
Toyota PriusCategoryCompactCompanyGEICOAnnual Premium$1,232
Honda CivicCategoryCompactCompanyState FarmAnnual Premium$1,244
Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

Cheapest Pickup Truck to Insure

The cheapest pickup trucks to insure are:

Truck insurance cost depends on the model, not just size. For example, a Toyota Tacoma truck ($1,144 per year) is cheaper to insure than a Subaru Legacy sedan ($1,157 per year) — both of which are the top two cheapest cars to insure in their category.

If you're considering a Toyota, the Tacoma is generally cheaper to insure than any of their sedans. That said, pickups generally cost more to purchase, so consider the insurance costs alongside the total ownership cost before buying.

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Coverage:Full Coverage
Nissan FrontierCategoryPickup TruckCompanyState FarmAnnual Premium$1,121
Toyota TacomaCategoryPickup TruckCompanyGEICOAnnual Premium$1,144
Ford F-150CategoryPickup TruckCompanyState FarmAnnual Premium$1,167
Honda RidgelineCategoryPickup TruckCompanyNationwideAnnual Premium$1,185
Jeep GladiatorCategoryPickup TruckCompanyTravelersAnnual Premium$1,220
Chevy SilveradoCategoryPickup TruckCompanyGEICOAnnual Premium$1,231
Ram 2500CategoryPickup TruckCompanyTravelersAnnual Premium$1,243
Toyota TundraCategoryPickup TruckCompanyGEICOAnnual Premium$1,275
Ram RebelCategoryPickup TruckCompanyState FarmAnnual Premium$1,357

Cheapest Sports Car to Insure

The cheapest sports cars to insure are:

Sports cars are more expensive to insure than daily-use vehicles. They're designed for speed, which increases the likelihood of risky driving and accidents, leading to higher liability costs. Their expensive parts also drive up repair and replacement costs, resulting in pricier comprehensive and collision coverage.

To find the cheapest car insurance for sports cars, compare quotes from at least three insurers with similar coverage levels. Every insurer assesses drivers and car models differently, so the cheapest option for you may vary from another driver's.

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Coverage:Full Coverage
Chevrolet CorvetteCategorySports CarCompanyNationwideAnnual Premium$1,221
Ford Mustang Mach ECategorySports CarCompanyGEICOAnnual Premium$1,251
Ford Mustang EcoboostCategorySports CarCompanyState FarmAnnual Premium$1,304
Porsche TaycanCategoryLuxury Sports CarCompanyGEICOAnnual Premium$1,330
Dodge ChargerCategorySports CarCompanyGEICOAnnual Premium$1,335
Subaru BRZCategorySports CarCompanyGEICOAnnual Premium$1,355
Subaru WRXCategorySports CarCompanyState FarmAnnual Premium$1,396
Chevrolet CamaroCategorySports CarCompanyGEICOAnnual Premium$1,456
Chevrolet Camaro SSCategorySports CarCompanyNationwideAnnual Premium$1,517
Dodge Challenger R/TCategorySports CarCompanyTravelersAnnual Premium$1,531
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COMPARE THE COSTS OF SPORTS CAR INSURANCE

MoneyGeek analyzed insurance rates for the following sports cars:

Cheapest Electric Car to Insure

The cheapest electric vehicles (EVs) to insure are:

The insurance gap between electric and gas-powered vehicles has narrowed significantly, with average annual premiums for both vehicle types hovering around $1,600.

Although insuring an EV may still be slightly more expensive than a sedan, potential savings on fuel, maintenance and government incentives can offset the EV insurance costs.

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Coverage:
Coverage:Full Coverage
Chevy BoltCategoryElectricCompanyState FarmAnnual Premium$1,237
Nissan LEAFCategoryElectricCompanyTravelersAnnual Premium$1,247
Tesla Model YCategoryLuxury ElectricCompanyGEICOAnnual Premium$1,276
Tesla Model XCategoryLuxury ElectricCompanyState FarmAnnual Premium$1,753
Tesla Model SCategoryLuxury ElectricCompanyNationwideAnnual Premium$2,063
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COMPARE THE COSTS OF ELECTRIC CAR INSURANCE

MoneyGeek analyzed insurance rates for the following EVs:

Cheapest Used Cars to Insure

The cheapest used cars to insure are:

Used car insurance can save you hundreds of dollars annually compared with insuring a newer model. On average, insuring a used car like a Ford F-150 is roughly 16% cheaper than a brand-new model.

In addition to lower premiums, you likely don't need the same level of coverage for a 10-year-old car. If your annual premiums exceed 10% of the car's value, consider reducing coverage and dropping unnecessary add-ons to avoid overpaying.

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Used Car Year Model:
Used Car Year Model:10-Year-Old Car
Coverage:
Coverage:Full Coverage
MINI CooperCategoryCompactCompanyState FarmPremium$888
Hyundai ElantraCategoryCompactCompanyState FarmPremium$891
Honda FitCategoryCompactCompanyState FarmPremium$898
Subaru OutbackCategorySedanCompanyState FarmPremium$901
Honda CR-VCategoryCompact SUVCompanyState FarmPremium$920
Kia SoulCategoryCompact SUVCompanyState FarmPremium$929
Jeep WranglerCategorySUVCompanyState FarmPremium$931
Toyota HighlanderCategorySUVCompanyState FarmPremium$936
Toyota TacomaCategoryPickup TruckCompanyState FarmPremium$944
Subaru ForesterCategoryCompact SUVCompanyState FarmPremium$948
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AM I PAYING TOO MUCH FOR CAR INSURANCE?

The 10% rule suggests you might be overpaying for car insurance if premiums exceed 10% of your car's actual cash value.

If your car is older and generally less expensive to fix out-of-pocket, consider switching to liability-only coverage. You can always increase your limits for additional protection.

Car Insurance Rates by Car Type

Compact SUVs and minivans tend to be the most affordable, with average annual premiums around $1,400 to $1,600. Sedans and standard SUVs fall in the middle range.

If you're seeking luxury, expect significantly higher costs — premiums for luxury vehicles can exceed $3,000 annually. Sports cars and luxury electric vehicles typically have the most expensive insurance, but we are seeing a drop in rates in electric car insurance.

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Coverage:
Coverage:Full Coverage
CompactAverage Annual Premium$1,590Monthly Premium$133
Compact SUVAverage Annual Premium$1,429Monthly Premium$119
ElectricAverage Annual Premium$1,589Monthly Premium$132
Luxury CompactAverage Annual Premium$1,914Monthly Premium$159
Luxury Compact SUVAverage Annual Premium$1,674Monthly Premium$140
Luxury ElectricAverage Annual Premium$2,829Monthly Premium$236
Luxury SedanAverage Annual Premium$2,138Monthly Premium$178
Luxury Sports CarAverage Annual Premium$3,197Monthly Premium$266
Luxury SUVAverage Annual Premium$1,955Monthly Premium$163
MinivanAverage Annual Premium$1,419Monthly Premium$118
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How Car Choice Affects Premiums

Insurers carefully consider a variety of factors related to your specific vehicle. Understanding these factors can help you make informed choices when buying a car and potentially save money on insurance. The car-related aspects that affect your rates are:

1
Make and model

Certain brands and models have reputations for safety, repair costs, likelihood of theft and overall risk — all of which directly impact premiums.

2
Year model and condition

Older cars with higher mileage generally have lower insurance costs due to decreased value. Well-maintained vehicles may also qualify for discounts.

3
Safety features

Advanced systems like automatic emergency braking, lane departure warning and blind-spot monitoring can lead to insurance savings.

4
Repair costs

Vehicles with expensive or hard-to-find parts cost more to insure because insurers expect higher payouts for potential repairs.

5
Theft rate

Cars frequently targeted by thieves will have higher premiums due to the increased likelihood of a claim. The most stolen vehicles of 2019 include the Honda Civic, Honda Accord, and Toyota Camry, which means those cars may have higher insurance rates to compensate for the increased possibility of theft.

6
Performance capabilities

Sports cars and other high-performance vehicles are typically more expensive to insure due to their increased speed potential and accident risk.

7
Size and type

While not always the case, smaller cars like sedans often have more affordable insurance than larger vehicles like SUVs or trucks.

8
Trim level

Higher trim levels with luxury features and add-ons increase a car's value, leading to higher insurance costs.

9
Engine size

Cars with larger, more powerful engines are often more expensive to insure due to their higher performance capabilities.

10
Vehicle history

A car with a history of accidents or major repairs may have higher insurance rates, reflecting an increased risk profile.

Although your personal factors will influence insurance rates, some things are beyond your control. That's why maximizing the factors you can control — like the car you drive — is so important to finding the cheapest car insurance. Choosing a car with a good safety record, modest performance and affordable repairs can significantly impact your premiums over time.

What Factors Impact Cost Other Than Car Model

Your car isn't the only factor influencing insurance rates. Location, gender, credit history and other elements all play a role. While you can't control them all, you can work to improve some over time, potentially reducing your insurance costs.

Below are more factors — beyond what car you drive — that influence your car insurance rates.

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    Age

    Car insurance rates are most expensive for young drivers below 25. Their inexperience and higher tendency for risky behavior make insurance companies more likely to pay out claims. After turning 25, rates should steadily decline but may increase again around age 65.

    The cheapest car insurance for teens is one where they’re added to an existing policy, paying only half as much as they would on their own.

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    Gender (for drivers below 25)

    Some states let insurance companies charge different prices based on your gender. This is especially true for younger drivers. However, states like California, Hawaii, Massachusetts, Michigan, North Carolina and Pennsylvania have banned this practice.

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    Driving record

    Your driving record is the main factor affecting your insurance rates. Brand-new drivers, who lack a record, usually face the highest rates. Those with multiple at-fault accidents, tickets, DUIs or other violations also tend to see high rates. Keeping a clean driving record can significantly lower your insurance costs.

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    Location

    Insurance prices vary depending on your location, even within your state. This is due to differences in accidents, thefts and insurance claims. States with higher minimum coverage requirements may have higher premiums. However, California, Hawaii, Massachusetts and Michigan prevent insurance companies from using your ZIP code to set rates, promoting fairer pricing.

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    Coverage level

    More coverage usually means higher costs. When you get full coverage (including liability, comprehensive and collision), insurance companies consider your age, driving record and location to set your price. This differs from liability-only coverage, which mainly depends on your chosen coverage limits. But if you have a car loan or lease, you'll likely need full coverage as required by the lender.

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    Deductible

    With full coverage, you'll have deductibles for both collision and comprehensive insurance. You can set these deductibles at the same amount or choose different ones (for example, $500 for collision and $250 for comprehensive).

    A car insurance deductible is what you pay out of pocket when you file a claim for car damage. Choosing higher deductibles can lower your insurance premiums since the company expects to pay less. Liability coverage doesn't have a deductible.

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    Credit score

    Your credit score can directly impact your insurance premium in many states. The perception is that people with lower credit scores are more likely to file a claim, while people with higher credit scores are less likely to need to do so and more likely to pay the costs out of pocket to avoid an increase in their premiums when they do have an accident.

    You can get affordable coverage, even with bad credit, but it is important to get multiple quotes.

Every car insurance company has a unique way of calculating rates. This means you'll get different quotes for the same coverage, even with the same car and driving history. Always compare rates from multiple companies to find the best deal for you.

Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

Ways to Save on Car Insurance

Finding the cheapest car insurance isn't just about the car you drive. Learn how to optimize your coverage, leverage discounts and reduce car insurance costs.

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    Shop around

    The key to finding the best deal is to compare quotes from multiple insurance companies because rates can vary significantly.

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    Consider usage-based insurance

    If you're a low-mileage driver, telematics insurance or usage-based programs that track your driving habits can potentially offer significant savings.

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    Ask about discounts

    Insurers offer a wide range of car insurance discounts for various reasons. Inquire about potential savings related to your driving habits, car features, affiliations and even your payment methods.

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    Raise your deductible

    Opting for a higher deductible on comprehensive and collision coverage can lower your premiums, but make sure you can afford it in the event of an accident.

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    Review coverage annually

    Your needs change over time. Reassessing your coverage each year can prevent you from overpaying for unnecessary protection. If you have an older car with low value, consider dropping collision or comprehensive coverage to save on costs.

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    Maintain good credit

    In most states, your credit score impacts your insurance rates. Improving your credit can lead to lower premiums.

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    Take a defensive driving course

    Completing an approved defensive driving course can demonstrate responsible driving habits and potentially qualify you for discounts.

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    Garage your car

    If possible, storing your car in a garage can reduce the risk of theft and damage, potentially lowering your premium.

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    Drive less

    Carpooling, utilizing public transportation or simply planning trips more efficiently can reduce your mileage and potentially lower your rates.

Beyond savings, the best car insurance company offers you the best deal, reliable service and unique coverages. Travelers, the cheapest insurance provider for the Jeep Gladiator and Nissan LEAF, offers new car replacement coverage. And insurers like Allstate, GEICO and State Farm offer new vehicle discounts.

Common Car Insurance Discounts

FAQ: Cheapest Cars to Insure

Choosing the right car can significantly impact your car insurance costs. MoneyGeek answered common questions about finding the cheapest car to insure:

What car brand has the cheapest insurance?
What type of car insurance coverage is the cheapest?
What car type is the cheapest to insure?
What SUV is the cheapest to insure?
Are older cars cheaper to insure?

About Rachael Brennan


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Rachael Brennan is a licensed insurance agent with over a decade of experience in the industry. She holds a property and casualty (P&C) license across all 50 states and a life, health, and accidental death and dismemberment (AD&D) license in New York and surrounding states. She writes personal finance and insurance content for MoneyGeek, specializing in property, casualty, health, life, and accidental death and disability insurance.

Brennan earned her Bachelor of Science in Communications from Texas A&M University-Commerce. As a writer, she uses her insurance and personal finance experience to share practical knowledge and help people make informed financial decisions.


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