Ranking The Most Affordable Cars To Insure In 2021

Category: Insurance

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9 min read

Small trucks and minivans likely aren’t the coolest or sexiest rides to be getting in 2021, but if you’re finance-conscious, these may be your best options. They don’t get as much publicity or hype as their expensive counterparts.

But many reasonably priced, neatly built cars won’t demand sky-high insurance premiums. The contenders we’ve compiled for you in this list don’t compromise on style while maintaining high functionality as one of the cheapest cars to insure.

Which Cars Are The Cheapest To Insure?

One of the most common misconceptions is that cheaper cars charge lower insurance premiums; however, that’s not the case.

Typically, people go to a car dealership with a specific car model or, at the least, the type of car they want. Based on the different vehicle types, here are some of the most affordable vehicles to insure:

Car typeCheapest modelAverage yearly rate
Small SUVHonda CR-V$2,346
MinivanChrysler Pacifica$2,416
Standard pickup truckFord F-150$2,471
Small pickup truckChevrolet Colorado$2,562
Subcompact carFord Fiesta$2,621
Station wagonHonda Fit$2,720
Compact carChevrolet Cruze$2,841
Standard SUVChevrolet Tahoe$2,888
Large sedanChevrolet Impala$3,001
Midsize sedanToyota Camry$3,036

Looking at the vehicles listed above, an apparent trend is that “family” cars seem to be leaders in this list. In the same way that a twenty-five-year-old man who is single will be charged more than a married twenty-five-year-old, a similar principle applies.

Married people are usually deemed not into the fast life of speeding cars and statistically are less likely to be involved in accidents. This means that the cars they typically drive (which are family cars) are also viewed as less risk and cost less to insure.

1. Subaru Outback

The Subaru Outback stands at the very top of our wagon rankings for the lowest insurance premiums. It guarantees a smooth ride, with off-road abilities and plenty of room and cargo space.

Its safety features make it a leader in this regard, like the standard all-wheel drive. While the base engine’s power output might seem subpar compared to others in the game, it keeps its low risk and costs less to insure.

Provided the driver’s deductibles and the amount of coverage they’re after, this is easily the best option. Take note that your gender, age, credit score, traffic record, and location will also influence the ultimate rate you’re charged.

2. Jeep Wrangler

You can enjoy your mid-luxury car and cruise on multiple adventures with no worry of getting charged hefty insurance premiums. With its turbocharged, four-cylinder design and electric motor, this beast of a car maintains impeccable off-road capability. This means you can enjoy a reliable ride while still getting a great insurance deal.

3. Honda CR-V

Our next pick is a compact crossover SUV that’s a mid-range utility vehicle and comes with flying colors for the crash test.

According to the safety features as measured via the crash test, rank it as a very safe vehicle. The rest includes an accident simulation, crashing the car from the front, side, and how likely it is to roll over.

4. Subaru Forester

Chase adventure with this compact SUV that proves that family cars can still be edgy. The forester does all you can think of on any terrain. You can cruise with peace of mind with the incredible safety features that come with this car, from anti-locking brakes, front, overhead, and side-impact airbags, as well as stability control.

The Forester is equipped with an impressive, complete suite of safety features, allowing you to enjoy driving your vehicle and not worry about expensive premiums.

5. Ford Escape

Safety meets style in our next pick, with its impressive collection of safety features. Drivers will get to enjoy the model’s pre-collision assist features with automated braking for emergencies. The adaptive cruise control and lane-keeping system make it a perfect pick. You won’t compromise on class and innovation but will still pay a reasonable price for your insurance.

6. Ford F-150

The technology introduced by Ford on this model makes the transition a spectacular experience, giving you a faster, safer driving experience. What makes it a crowd-favorite is its multiple driver-assist features with no fewer than six powertrains. This is also inclusive of a hybrid and three cab configurations and long and short bed lengths.

You simply can’t go wrong with this model and still have leftover change after insuring it.

7. Chevrolet Equinox

Few things are as important as drivers’ confidence and security when they’re out on the road. As such, the Chevrolet Equinox is designed, first and foremost, around a driver’s safety and well-being.

This model offers a vast range of safety features and technologies to detect danger and prevent any hazards around the driver while they’re on the road. Drivers are guaranteed peace of mind as they cruise on this beast while maintaining low insurance premiums, allowing you to live lavishly but within budget.

8. Jeep Cherokee

The ABS brakes on the Cherokee are automated to detect when a tire has stopped its rotation in extreme braking, and so modulate the braking pressure to enable the tire to rotate. This helps increase the car’s ability to turn and brake simultaneously.

On top of this, the vehicle’s stability control helps the driver in an emergency so they don’t lose control of the car. With airbags all over the car, you’re guaranteed a safe ride. And because your insurer knows this, you’ll also get some slack on your premiums.

9. Toyota Tacoma

Toyota strives to design cars that match up to customer interests and continually come up with crowd-favorite models, and this Tacoma is no different. If you’re searching for a fresh-looking truck that also offers you a sporty design and feels while cruising on the road, this is for you.

Well-known for its consistent delivery of powerful performances while both on and off the road. This model comes with a range of capabilities and incredible safety features. All this makes it a great catch, as well as the low premium rates you’ll be charged.

10. Toyota RAV4

As one of Toyota’s flagship cars, the RAV4 is a great contender, frequently popular among younger drivers, as well as a family car. Its safety rating is one of the best, and rightfully so. Its specs make it an impressive ride while also guaranteeing lower insurance premiums.

How Does The Model Affect The Insurance Rate

Insurers frequently charge overall premiums based on how “high risk” a customer is. A car’s “risk” is traced back to any existing claims histories, reported accidents, probability of getting stolen, and repair costs.

Even if your driving report is impeccable, if you drive a specific type of car branded as high-risk by insurers, your premiums will be high. As an insurance company is taking you on as a client, they have to plan and anticipate how much they’d lose if a client got into an accident.

High-end vehicles also pose a risk of getting high-jacked, and so they add to the premiums their owner is required to pay. Compared to ordinary, less flashy cars, sports cars, and luxury vehicles are statistically more likely to get stolen.

  • Model-Type Based

The top two picks are, unsurprisingly, the safest models of all. Insurers often have several vehicles of the same model, and after closely following any noticeable trends in how these perform, set a generalized rate for that model. If they notice a spike in theft or accidents or any signs of the model being a liability, the premiums go up.

Based on the model, insurers also have to factor in any known mechanical or running issues associated with the brand. If the repair cost is expensive and the car is known to need regular maintenance, you may be expected to pay more.

  • Trim Level-Based

Pimping your car with all sorts of trimmings, from bumpers to vinyl roof covers, significantly changes the overall premium you’ll be charged. Tech accessories spike up the cost of repairs and so increase the premiums. If, for example, you have a bigger engine, the assumption is that you’ll be speeding, so you’re charged more.

Often, insurance providers will package a bunch of upgrades into specific trim levels, e.g., LE, SE, XLE, and XSE. Based on what grade your car is given, your overall premium will be affected. Check out Forbes to learn how expensive car parts affect your overall premiums.

Cars to Avoid for Cheaper Insurance

While we all dream of having a fast sports car to flex with, there are certain vehicles you’re to avoid if you’re looking for cheaper premiums ultimately.

    1. Sports cars, for example, are some of the most expensive to insure. This is because, on top of the fact that they’re built for incredible amounts of speed, they’re also new models and so more likely to get badly damaged in accidents. All that screams “high-risk” to insurers, and so you’ll be slapped with a hefty premium to pay.
    2. Luxury (high-end) vehicles are generally costly since any repairs that would need to happen would be very pricey. Business insider talks at length about how luxury cars could be burning a pocket into motorists when it comes to insurance
  1. Electric cars have an expensive price tag in the first place, and if you were involved in an accident or the vehicle was totaled, it would cost a fortune to have it repaired or replaced. A simple battery repair would leave a significant dent in your wallet.
  2. Car-jackers frequently target specific, expensive car models, and if yours falls within this hit list, best be sure, your insurer will view you as high risk. And that ultimately means you’ll be paying the big bucks for your insurance premiums.

Other Factors Affecting Your Overall Insurance Rates

As insurance companies assess each of their clients, they have various factors they look at. Your insurance rate’s final value is a combination of these factors, meaning that you may be charged slightly different rates even if you have the same car with someone.

  • Driver Profile

Your reputation as a driver could either work for you or against you. If you have a script-long record of misdemeanors and traffic violations, they see a liability when an insurer sees you. To ensure that they don’t run a loss on your determined “recklessness,” they’ll charge irresponsible drivers more than the average motorist.

To Wrap Up!

Getting a reasonably priced car that is also the cheapest car to insure doesn’t mean that you have low standards. Our picks generally attract insurance premiums rated at the lower end of the scale, so they don’t make their owners bankrupt. The great news is that while these vehicles listed certainly afford you a bit more change in your wallet, they don’t skimp on functionality and won’t make you feel short-changed in how they are to live with.

Liked this article? Here are more auto articles we’ve shared in the past:

  1. Top 10 Questions to Ask When Buying A Used Car
  2. Comparing Auto Insurance Giants: GEICO Vs. Allstate Vs. State Farm Vs. Progressive
  3. 5 Steps to Get Your Auto Insured

Comment below your thoughts and what else you’d like to see in our posts.

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