When looking for the best SUV to insure, you can assume that insuring a larger vehicle will cost more, especially when compared to a sedan. This is not always the case, so knowing what to look for when buying insurance for your SUV is important.
What are the Cheest SUVs to insure?
The term SUV is broad as these vehicles come in many configurations, models, and styles. As SUVs become more comfortable, safer and more environmentally friendly, they have become popular alternatives to sedans.
When discussing the pros and cons of buying an SUV or sedan, you should look at SUV auto insurance rates to narrow your options.
Although prices vary depending on the model, noisy The zebra Buying a sedan is worth more than $ 5,000 than an SUV. If you look at the Nissan Altima, the most expensive sedan, and the Ford Explorer, the most expensive SUV, the difference in cost is more than $ 8,000.
The following list, compiled by ValuePenguin, includes popular SUVs, their list prices, and how much it costs, on average, to insure them.
- Honda CR-V: Listed price is $ 25,102 and insurance cost is $ 2,346.
- Toyota RAV4: Listed price is $ 20,257 and insurance is $ 2,475.
- Chevrolet Equinox: Listed price is $ 19,837 and insurance cost is $ 2560.
- Ford Esce: Listed price is $ 17,710 and insurance cost is $ 2,834.
- Chevrolet Tahoe: Listed price is $ 39,568 and insurance cost is $ 2,888.
- Chevrolet Traverse: Listed price is $ 28,009 and insurance is $ 3,073.
- Toyota Highlander: List price is $ 29,207 and insurance cost is $ 3,283.
- Jeep Grand Cherokee: Listed price is $ 26,125 and insurance is $ 3,347.
- Toyota 4Runner: Listed price is $ 31,467 and insurance cost is $ 3,355.
- Ford Explorer: List price is $ 28,322 and insurance cost is $ 3,587.
Farmer’s Insurance offered the cheapest insurance for the Honda CR-V, offering an extensive list of standard safety features and flexible and spacious seating. Allstate has the highest rates of any company surveyed because it charges over $ 2,000 annually to insure the CR-V.
Does the SUV size matter for insurance?
ValuePenguin conducted a study of insurance costs and found that the cost of smaller SUVs was 17 percent lower than that of standard size SUVs. According to the EPA’s size classifications, the three SUVs with the highest auto insurance premiums are all standard size SUVs. These include the Ford Explorer, the Jeep Grand Cherokee and the Toyota 4Runner.
The same study found that the SUV with the lowest purchase price also had the cheapest car insurance. Those rates for the five best SUVs were 16 percent lower than for the five most expensive SUVs.
One reason smaller SUVs have cheer insurance premiums is because comprehensive and collision insurance claims are gratifying. This insurance coverage pays off for replacing or repairing your vehicle, which often cost more for larger, more expensive SUVs.
For example, if you’re on a budget, the Chevrolet Equinox has an annual insurance premium of $ 1496. With a standard six month policy, you’d be paying $ 748 or $ 124 monthly through a payment plan. With the Chevrolet Cruze, a sedan, you’d pay $ 1,600 a year or $ 802 for a six month policy.
The study also found that Progressive and GEICO had the cheapest SUV insurance rates. Their rates were 39 percent higher than other companies surveyed. Choosing either of these two companies over the more expensive option can save you about $ 3,352 annually.
It’s important to note that any insurance quote you get will depend on your demographics and driving history. Just because an insurance company is for someone else doesn’t mean it will be for you. So take a look around when looking for insurance deals for your SUV.
How can you save money on insuring your SUV?
Insuring an SUV may be more expensive than insuring some sedans, but the cost of insurance does not necessarily depend on the type of SUV. While you may be able to find different coverage options for an SUV, you don’t need one that is specifically designed for SUVs.
However, it is worth looking around to find cheer insurance for your SUV. According to ValuePenguin, you could save an average of 40 percent on your premiums. Taking the average SUV into account, the annual insurance rate is $ 2084. This difference in cost is approximately $ 1183 per year.
Note that larger SUVs and trucks are more expensive to insure. Although they are safe for passengers, their size makes them a higher risk for other drivers. Smaller crossover SUVs have some of the cheapest insurance rates and even beat small cars.
One of the easiest ways to lower your insurance premium is to avoid buying the most expensive trim levels. Choosing a basic kit can lower your overall insurance costs as it costs less to buy the SUV. Wonder if you need the add-ons included in higher adornments.
Another way to save money is to make your claims wisely. Unless you get forgiveness insurance, your insurance costs will almost certainly go up once you make a claim. If your SUV has been damaged, weigh your options before making a claim. It is better to pay the costs out of pocket than through your insurance company.
Ask your insurance company if you are eligible for discounts. Even when they’re small, these discounts can add up, especially if you qualify for more than one. Some of these discounts include:
- Discount for multiple policies or vehicles.
- Good student discount.
- Perless discount.
- Payment by bank account discount.
- Full discount.
If you are considering buying an SUV but are unsure how insurance costs will affect your budget, don’t worry. Depending on the model, insurance for the SUV may cost less than a sedan. You can also take steps to ensure that you are saving the most money on your insurance premiums.
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