What Are the Cheapest Cars to Insure in 2024

Car insurance is a significant ongoing expense, especially if you are a statistically risky novice or young driver. Therefore, it's wise to factor it into your car-buying decision. Before you settle on the vehicle you want, determine how much you will pay for your auto insurance.

The type of car you buy is the most significant determinant of how much insurance premium you'll pay. However, the insurer will also take into account your car's safety features, engine size, manufacturer-suggested retail price (MSRP), and repair cost to determine your auto insurance premiums. For instance, electric vehicles cost more to insure than gas-powered models due to their high price.

In addition to the make and model of your car, the insurer will also consider your age, driving history, and location. However, it’s best to compare quotes from multiple insurance companies to find the best deal. Most insurers offer discounts for being a safe driver, insuring multiple vehicles, or completing defensive driving courses. With that said, here are the cheapest cars to insure in 2024.

Cheapest SUVs to insure in 2024

Contrary to what most people expect, not all SUVs are subject to high insurance rates. Some SUVs cost no more to insure than a low-class hatchback. Here are a few of the cheapest SUVs to insure.

Subaru Outback

The Subaru Outback is renowned for its safety features and all-wheel drive capability. It is a versatile choice for families with an adventurous streak. A Subaru Outback delivers an SUV-like style, a car-like ride, and plenty of cargo space. All Outbacks have all-wheel drive and a four-cylinder engine, which is standard, but you can get extra power with the turbocharged four with 260 horsepower. Lower repair costs and reliability of the Subaru Outback contribute to lower insurance rates. The Outback with the lowest insurance rate is base and premium.

Honda CR-V

Honda CR-V offers a comfortable ride, excellent fuel economy, and a spacious interior. It has front- or all-wheel drive, friendly driving dynamics, a 190-hp turbocharged engine, and an optional 204-hp hybrid version. Safety features, low horsepower, Honda's reputation, and reliability make it attractive to insurers, resulting in affordable insurance rates.

Ford Escape

This compact SUV strikes a good balance between affordability and features. It is handsomely styled, and the driver assistant features (Co-Pilot 360) are standard in all models. Ford Escape boasts good fuel efficiency and a wide range of powertrains. The Escape's lower price tag and widespread availability translate to potentially cheaper insurance.

Toyota RAV4

RAV4 has continually ranked among the top-selling vehicles in the U.S. It's known for its reliability and strong resale value. RAV4 is fuel-efficient, practical, has a friendly interior, and is rugged-looking. It boasts plenty of driver assistance features, a long track record of safety, and front-wheel drive, which is standard in all trims. Toyota RAV4 costs around $1,334 per year to insure, which is cheaper than most models.

Mazda CX-5

The 2024 CX-5 received an overall safety rating of five out of five stars from the National Highway Traffic Safety Administration—five stars in the frontal and side crash tests and four stars in the rollover test. Mazda CX-5 is one of the best family SUVs in 2024.

It's reasonably priced, offers a fun driving experience, and upscale interior. The excellent safety ratings, plus it doesn't use turbochargers to boost the performance of its petrol engine, could contribute to it being among the cheapest cars to insure in 2024.

Cheapest sedans to insure in 2024

Sedans are simple and efficient 'A to B' cars, which is exactly what you need. They are also among the least expensive cars to insure, with cheaper insurance premiums than most luxury vehicles. Here are some of the most affordable sedans to insure.

Honda Civic

The Honda Civic is an ideal candidate for buyers looking for frugal, practical daily transport. It excels in reliability, fuel efficiency, style, and fun driving dynamics. Although it has a higher replacement cost than most domestic cars in its class, its spare parts are available and affordable, thus lowering insurance rates. Moreover, it is equipped with helpful safety features.

Subaru Impreza

The Subaru Impreza appeals to buyers seeking performance. It is roomy and practical and comes with standard all-wheel drive. The Subaru Impreza is also reasonably priced and has plenty of safety features, including adaptive cruise control and lane-keeping assistance.

You can choose a manual gearbox or a continuously variable automatic transmission (CVT). The low horsepower and added traction and stability offered by 4WD vehicles reduce the risk of accidents, making the Subaru Impreza cheap to insure.

Mazda 3

Mazda 3 may not be as sporty or spacious as most competitors. However, its excellent handling, helpful safety features, top-notch infotainment, and stylish interior are convincing reasons to buy it. Moreover, it is fuel efficient, reasonably priced, and among the cheapest cars to insure in 2024. While some trims have higher horsepower engines, Mazda 3's overall safety ratings and focus on driver engagement contribute to its potential affordability to insure.

Chevrolet Impala

The Chevrolet Impala is a full-size sedan offering a spacious interior and comfortable ride. It boasts an intuitive infotainment system, huge cargo capacity, and plenty of driver-assistance features, though the most helpful features are in the upper trims. Chevrolet Impala comes with front-wheel drive and two engine options: a lethargic 197-hp 2.5-liter four-cylinder is standard, and 305-hp 3.6-liter V-6 is optional. It costs around $1,817 per year to insure a Chevrolet Impala, which beats the national average insurance premiums for popular sedan models.

Toyota Camry

The Toyota Camry is renowned for its reliability, fuel efficiency, and resale value. Unlike its competitors, who have moved to four-cylinder engines, it still has an optional 301-hp V-6. However, it boasts a spacious interior, plenty of safety features, and economical engines, which could be why most insurers give it cheaper insurance rates.

What makes a car expensive to insure

There are several factors that can make a vehicle more expensive to insure. These include:

• Average repair and replacement cost: Cars with rare or costly replacement parts typically cost more to insure. This is because your insurance company might need to pay out more for a comprehensive or collision claim, which covers the cost of repairing or replacing your car.
• Likelihood of theft: The Highway Loss Data Institute releases a list of the cars most likely to be stolen every year. If your car is on the list, you are likely to pay more for coverage since insurance companies adjust their rates to the associated risks.
• Low safety ratings: Insurance companies decide their insurance rates based on risk. Therefore, cars that are more likely to be damaged or be in an accident with occupant injuries might have higher rates.
• Type of car: Cars considered high-performance or sporty also typically cost more to insure. This is because they are historically involved in more crashes and stolen more frequently.

Conclusion

Insuring a car is becoming expensive day by day, with premiums surging to an average of $2,545 per year. Fortunately, there is still a wide range of vehicles that come in at considerably low insurance rates.

That said, it's worth researching insurance costs before you purchase your new set of wheels. Research different car models and compare insurance quotes to ensure you find a car that fits your budget and keeps your insurance premiums low. Remember, the cheapest car to insure might not be the most affordable car to buy, so factor in all the costs before making your final decision.