Shopping for a new or used car? Aside from the sticker price, the savvy car shopper should also consider how much it costs to insure the vehicle.
A recent report from personal finance site ValuePenguin ranks the cars that are the least expensive to insure.
The report’s data was pulled from insurance quotes gathered from the four largest insurers: Allstate, GEICO, Progressive and State Farm. The quotes are for a 30-year old male with a clean driving record and reflect prices in the four largest metropolitan areas in the United States: Chicago, Dallas, Los Angeles and New York.
Here are some key findings from the report:
- Three vehicles — the Honda CR-V, Chrysler Pacifica and Honda Odyssey — are the cheapest cars to insure, all less than $2,500 for a one-year policy.
- Vehicles with values between $25,000 and $30,000 had the lowest auto insurance rates, 6% cheaper on average than the rates for cars valued at $10,000-$15,000.
- Honda is the brand that will get you the lowest insurance rates overall, followed by GMC, Chrysler, Chevrolet and Kia.
Let’s take a look at the cheapest cars to insure along with their prices.
Here Are the 10 Cheapest Cars To Insure
|Car||Vehicle price||Annual auto insurance rate|
Because car insurance rates vary so much depending on where you live and what type of coverage you need, it’s easy to overpay.
That’s why money expert Clark Howard advocates that you always do your research when it’s time to shop for car insurance. Here are some ways to save money:
3 Ways To Get Cheaper Car Insurance
Look for discounts: Many insurance companies have partnerships and deals with organizations and groups you may belong to.
Ask your employer, civic organizations and other groups that you’re a member of to see which insurers they may be affiliated with.
Call the insurance companies: It may take some time, but a major way to save is to call individual insurance companies to get quotes.
Many insurance agents will also be able to tell you about discounts that you may qualify for.
Know your options: Depending on the age of your vehicle, you may not need full coverage (no matter what the insurance agent tries to sell you).
It’s in your best interests to familiarize yourself with the different types of coverage available based on the vehicle you have or the one you want to buy. That’s the only way to know how much car insurance you need.
Interested in more savings tips? Here’s how to shop for auto insurance.