What Are The Cheapest And Most Expensive Cars To Insure?

May 10, 2019 08:41 PM EDT | Staff Reporter

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Insurance coverage for vehicles can run the gamut from just over a thousand bucks to several thousand with deductibles and other added costs. The Balance mentions that car insurance takes into account the make and model of a vehicle as one of the critical factors in determining the value of the premium. Saving for a car means more than just being able to afford the car, but also being able to provide insurance over the length of your ownership. Generally speaking, the more affordable the vehicle is initially, the more affordable the coverage for it will be. Better safety ratings for a car in terms of how much damage it deals to other models and how much it can sustain itself before being 'totaled' also cause the cost of the premium to fluctuate.

The Cheapest Cars to Insure in 2019

Based on Insure.com's rating, the Honda Odyssey is the cheapest vehicle to insure in 2019. Taking the second spot was the Jeep Wrangler Sport and bringing up third was the Subaru Outback 2.5i. The list of vehicles was mostly dominated by a massive number of SUVs and crossover vehicles, showing that cost is a factor in most people's purchase of a new car or truck. Families notably use most of the vehicles on the least expensive list, and because of that, they are less likely to issue claims for minor problems. The amount that insurance has to spend on these vehicles for minor damage makes them a good bet, and because of that, the premiums associated with them are very affordable.

The Most Expensive Vehicles to Insure in 2019

The Nissan GT-R takes this spot, weighing in at an average premium of $3,941 per year. Jalopnik notes that GT-R's are some of the most expensive cars around, and finding a cheap used one is next to impossible, so the cost of insuring this car is to be expected. The price tag on a brand new GT-R is around $100,000 which is a fair country mile away from the humble Odyssey mentioned above. Boasting a twin-turbocharged V6 that offers a massive 565 HP, it's likely that the person who owns such a beast will look forward to unleashing it on the open road. And insurers are well aware of this, factoring it into their calculations for premiums. Coming in second in this line-up for the most expensive auto insurance to maintain is the Mercedes Maybach S650, followed closely in third by the Porsche Panamera. Looking at the vehicles that make up the top of this list, it's likely that the people who can afford these cars can more than pay the premium to have them on the roads.

Not Set in Stone

While these are the average prices, we should note that insurance rates are never a hard-and-fast rule. These are average prices based on a particular driver of a certain age with a squeaky clean driving past. In the case of Insure's list, it factors for a 40-year old male driver who has never been in an accident (there are still people out there like this, so it's not entirely unheard of). The best way to figure out if you're getting the best premium for your demographic is shopping around. You should never accept the first quote given by an insurance agent. Keeping your options open means that you can save a lot in insuring your car. Sometimes, having the right insurance for the job takes some time and effort to sort through all the bad deals on the table.

Choose Insurance that Suits Your Car

The Wall Street Journal mentions that there are multiple types of insurance, from comprehensive to just liability coverage, each one strictly defined as to what it covers. For a brand new car, it's always best to have comprehensive coverage. If you're still paying off the car, then the financial institution usually requires the vehicle to be covered thoroughly to protect their investment in case something happens. While not every state requires car insurance, it's a factor that needs to be considered when driving. As more people use the car, the rates go up with it. Choosing coverage that suits your vehicle is of the utmost importance, and factoring in that cost at the time of purchase can save a lot of pain in your pocket later down. Be aware of what you need, shop around, and if you're buying a new car, remember that you also need to budget for insurance costs as an additional fee. 

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