Cheapest Vehicles to Insure

Are you in the market for a new car? Narrowing your options down can be challenging, and making a list of important features is a great way to start.

Insurance cost is one of the factors you may consider when you shop around for a new car.

What should you look for in a car if you’re hoping for a low auto insurance rate? What are the cheapest vehicles to insure in 2023, and what else should you be aware of?

What Factors Make a Vehicle Cheaper to Insure?

Insurance companies look at numerous factors when they determine your insurance premium. Some of these factors are specific to you as the policyholder, while others relate to the vehicle you buy.

The insurance market relies on complex algorithms and statistical analysis to determine appropriate rates. While some are obvious (like the statistical likelihood that a particular model will be involved in an accident or get stolen), others will remain a mystery.

Nonetheless, it can help to keep the following factors in mind if you’re shopping around for a vehicle that’s affordable to insure:

  • Safety features. Vehicles equipped with up-to-date safety features, like anti-lock brakes, backup cameras, and airbags, are generally cheaper to insure than vehicles lacking these features.
  • Safety ratings. Vehicles with high safety ratings from the Insurance Institute for Highway Safety are less expensive to insure.
  • The vehicle’s age. New cars are generally more expensive to insure than older vehicles, as the cost of repairing any damage or replacing the car is higher. However, new vehicles are equipped with more advanced safety features than older vehicles. As a general rule, vehicles between five and 10 years old are cheaper to insure than newer or older ones.
  • The vehicle’s value. More expensive vehicles may cost more to repair and definitely cost more to replace. Moreover, luxury vehicles (and especially sports cars) have a higher risk of being involved in an accident.
  • Engine size and horsepower. Big, powerful vehicles cost more to insure than more modest vehicles. This is related to repair costs as well as the statistical likelihood of being involved in a collision.

Reliable crossover SUVs produced for the mass market are usually associated with affordable insurance rates for several reasons, including good safety profiles, lower repair costs, and their reputation as family cars.

The Cheapest Vehicles to Insure in 2023

Research conducted in 2023 shows that the following 10 vehicles have the lowest insurance rates when compared to the manufacturer’s suggested retail price:

  • Subaru Outback
  • Subaru Forester
  • Honda CR-V
  • Jeep Wrangler
  • Hyundai Tucson
  • Mazda CX-5
  • Ford Escape
  • Honda Pilot
  • Chevrolet Equinox
  • Ford F-150

What Other Factors Determine Your Car Insurance Premium?

Insurance companies don’t just look at a vehicle’s risk profile when determining insurance rates but also at risk factors related to the policyholder. The precise factors an insurer considers vary from state to state (depending on relevant regulations), as well as from one insurance company to the next.

In many cases, an insurance company considers the policyholder’s age, gender, driving record, marital status, claim history, and credit score — among other factors.

The vehicle you drive still plays an important role in your overall insurance rate, of course. You may pay more if you are a young male driver, but you’ll still pay less if you choose a reliable vehicle with a favorable risk profile.

Cheapest Vehicles to Insure: Some Final Tips

Looking at a list of the vehicles that are statistically most affordable to insure can help you focus your attention in the right places. These vehicles are also exceptionally reliable and are statically less likely to be stolen or involved in a collision than many others, which is a nice bonus.

However, your insurance rate will ultimately depend on more than the manufacturer and model. Your vehicle’s age, specific features, and even the trim can all impact your insurance rate. So can factors specific to you, such as your age and driving record.

Once you have made a shortlist of vehicles you’re interested in, you can always ask several insurance companies for quotes. That’s the most reliable way to determine how much you would pay if you were to buy a specific vehicle.