Car Insurance Do Red Cars Pay Higher Insurance Premiums
We have a new champion for 2021 when it comes to cheap car insurance. The Chrysler Voyager grabbed the brass ring for the first time, putting a minivan back on top after a year off.
Every year, Insure.com compares car insurance rates in every state for approximately 3,000 different vehicle models to find both the cheapest and most expensive vehicles to insure.
We pulled insurance quotes from six major insurance companies and averaged the premiums, so you have an accurate estimate of what it costs to insure the car of your dreams.
Now let's have a look at the least and most expensive vehicles to insure in 2021.
Cheapest cars to insure
The dominance of SUVs and CUVs continues again this year on our list of least expensive vehicles to insure. Every vehicle in the top 10 is a utility vehicle, except for the Voyager. The top 20 shows the depth of the SUV trend, with 15 of the top 20 vehicles falling into the SUV/CUV category. The rest of the top 20 consists of two trucks, two minivans and a single, solitary sedan.
Chrysler Voyager
The Chrysler Voyager landed in the top spot this year, its first appearance on our list as its name and model was resurrected in 2021 after being discontinued in 2003. However, it certainly isn't the first time a minivan has been the least expensive vehicle to insure. The Honda Odyssey, which dropped all the way to the 19th spot this year, topped the list for years – in 2019, 2017 & 2016, to be specific. Other minivans to top the list over the years include the Toyota Sienna in 2012 and another Chrysler, the Town & Country, in 2011.
Minivans and the Voyager are no exception; they are loaded with safety features and tend to be driven by parents hauling kids around, which is always good for an insurance premium. The Voyager has a 5-star overall safety rating by the National Highway Traffic Safety Administration (NHTSA) which helps keep insurance costs affordable.
The Voyager not only comes with low insurance costs, but it's also a bit of a bargain price-wise which also helps with insurance costs. "The Chrysler Voyager is the budget-friendly option compared to the Pacifica and Pacifica Hybrid, but it's a solid minivan, nonetheless. For a family on the go who needs to make every dollar count, they can still take advantage of the Voyager's seven-passenger seating and cargo space yet save on both the starting MSRP and the insurance cost versus the Pacifica. Currently, the 2021 Voyager starts at $26,985 versus the 2021 Pacifica at $35,195," points out Carl Anthony, managing editor of Automoblog.net.
"How the budget minivan versus decked-out minivan compares not only in MSRP but with insurance can be seen with the Voyager and Pacifica," notes Penny Gusner, senior consumer analyst for Insure.com. "The cheapest model Pacifica to insure has a national annual average of $1,420, which is $148 or 12% more than the Voyager."
SUVs are the big winner once again on our list, which mirrors the market in general. According to IHS Markit data, SUVs reached 50% market share across all size segments in 2020 compared with 48% in 2019. IHS forecasts that SUVs will cross the 52% market share barrier this year.
Honda CR-V LX
The Honda CR-V LX stayed in second place this year with a premium of $1,285. Honda put two vehicles in the top 10, with the HR-V LX grabbing the number five spot and an additional three vehicles in the top 20, making Honda the top automaker when it comes to cheap to insure vehicles.
Standard safety features are a major factor in driving a low premium for the CR-V. "The 2021 CR-V LX is the base trim, but Honda didn't skimp on safety features for this compact SUV. Honda Sensing is standard across the CR-V lineup, including the LX. The automaker's suite of active safety and driver assistance systems includes collision warning with automatic emergency braking that detects pedestrians and vehicles, lane- and road departure mitigation, and adaptive cruise control that works all the way down to a stop." says," Kelsey May, assistant news editor of Cars.com.
Higher sales on the CR-V, it's in the top five of bestselling vehicles, leads to lower repair costs because parts are readily available. The downside to that is it also makes it a target for theft, with it in the top 10 of more stolen vehicles according to the NICB. This may raise the comprehensive premium portion of your policy.
Mazda CX-3
The Mazda CX-3 Sport rounded out the top three, dropping from first place last year. The Mazda comes with a very affordable $1,294 annual premium. Its larger sibling, the CX-5, finished in the 7th spot this year. Standard safety systems and a smallish engine help keep insurance for this compact SUV nice and low. May points out, "For 2021, this subcompact SUV comes in just one trim, Sport. The CX-3 now has night pedestrian detection as part of its low-speed forward collision detection and avoidance system."
Fiat 500X Trekking
The Fiat 500X Trekking dropped into the fourth spot this year, moving up from the number five spot last year. Like most of the Fiat lineup, the Trekking is a small vehicle with a fairly small engine that is loaded with safety features and comes with an affordable starting price. Insurers love small, safe vehicles, which results in a very inexpensive premium. The Trekking comes in at $1,301 a year for coverage.
Honda HR-V LX
The Honda HR-V LX finishes off the top five. It's a compact SUV that comes with a 1.8-liter four-cylinder engine that puts out a very reasonable 141 horsepower. It is loaded with safety features and earned an overall 5-star safety rating from the NHSTA. All of this makes it a bargain when it comes to insurance. The HR-V costs $1,322 to insure.
While most of the cheap side of the list is made up of SUVs and CUVs, one sedan made the list. Honda put the only car on our list; the Fit LX grabbed the 13th spot. A couple of pickups also made the grade this year, with the GMC Canyon finishing in the 11th spot (up from 18th last year) while the Ford F-150 XL filled the 18th spot.
Overall, the cost of car insurance dropped a bit this year which is something new. While costs usually rise year over year, the national average dropped 3% this year, and that decrease hit all the vehicles in our top five cheapest to insure. This is in line with the consumer price index that showed an overall drop in auto insurance costs year-over-year, from February of 2020 to 2021, of around 3%.
The Honda HR-V, which was number five on our cheapest to insure list, came in $2 cheaper than the number one cheapest vehicle last year.
Least expensive cars to insure
| Rank | Make | Model | National Average rate |
|---|---|---|---|
| 1 | Chrysler | Voyager L | $1,272 |
| 2 | Honda | CR-V LX | $1,285 |
| 3 | Mazda | CX-3 Sport | $1,294 |
| 4 | Fiat | 500X Trekking | $1,301 |
| 5 | Honda | HR-V LX | $1,322 |
| 6 | Jeep | Compass Sport | $1,324 |
| 7 | Mazda | CX-5 Sport | $1,328 |
| 8 | Subaru | Outback 2.5I | $1,330 |
| 9 | Subaru | Forester 2.5I | $1,333 |
| 10 | Jeep | Wrangler JL Sport | $1,339 |
| 11 | GMC | Canyon | $1,350 |
| 12 | Hyundai | Tucson SE | $1,353 |
| 13 | Honda | Fit LX | $1,355 |
| 14 – tie | Jeep | Renegade Sport | $1,360 |
| 14 – tie | Ford | Escape S | $1,360 |
| 16 | Volkswagen | Tiguan SE | $1,364 |
| 17 | Hyundai | Kona SEL Plus | $1,369 |
| 18 | Ford | F-150 XL | $1,370 |
| 19 | Honda | Odyssey EX | $1,371 |
| 20 | Honda | Pilot EX | $1,375 |
Most expensive cars to insure
The other side of the list is filled with cars that come with a high sticker price, a big engine (or battery) under the hood and plenty of high-end finishes on the inside. It doesn't help that these vehicles tend to attract a more aggressive driver.
This year is a bit different from past years—the top five spots on the most expensive to insure list are from only three automakers. Maserati has roared back onto our list, grabbing the top two spots. Tesla followed Maserati's lead, taking third and fourth place with a BMW rounding out the top five. In a major shift, not a single Mercedes made the top 10; last year, they had three vehicles in the top 10.
Regardless of who built the vehicle, all of the cars on the list are high-end luxury and sports cars with big, powerful engines or batteries under the hood and are bursting with cutting-edge technology and luxury finishes. All of this leads to sky-high insurance bills.
Maserati Quattroporte S GranSport
The Maserati Quattroporte S GranSport is the most expensive car to insure this year, with a $4,823 annual premium. While this is certainly a shocking number, if you can afford the $112,000 price tag of the GranSport, you can most likely cover an additional $5,000 a year to protect it.
A powerful engine and high-end finishes are primarily responsible for the high insurance premiums the Maserati's enjoy, but its appeal to car thieves also plays a part. "Both Maserati models are fairly exotic and expensive to replace and repair. Their high visibility and desirability also raise their appeal among car thieves," warns Matt DeLorenzo, senior managing editor for Kelley Blue Book.
"High initial price naturally leads to higher repair and replacement prices, and thus higher cost to insure. Any performance vehicle not only has the power to be driven aggressively, but it tends to attract buyers who do just that. And aggressive driving leads to more mishaps and resulting claims. Insurance rates tend to be influenced by the likely buyer, so even the most careful driver who purchases a performance vehicle pays the penalty," says Joe Wiesenfelder, executive editor of Cars.com.
Maserati Ghibli S Q4 GranSport
The number two most expensive vehicle to insure this year is also a Maserati. The Ghibli S Q4 GranSport comes with an annual premium of $4,208. The Ghibli S has all of the hallmarks of an expensive to insure car, a 3.0L V6 that puts out 424HP that will push the Maserati to 178mph. Surprisingly, this model starts at around $81,000, which is expensive but certainly not supercar expensive.
Maserati managed to put another vehicle in the top 10, which puts them in a tie with BMW, who also had three models in the top 10. Tesla put two vehicles on the list, while Audi and Nissan have a single vehicle on our list.
"Sports cars and high-end luxury vehicles are usually much more expensive to insure because of repair costs. The finishes in these vehicles is often much more expensive than the materials used in a more moderately priced vehicle," says Carole Walker, executive director with the Rocky Mountain Insurance Information Association (RMIIA).
Insurance companies will always consider the vehicle's sticker price when setting a premium as they will have to replace the vehicle if it is damaged or destroyed by a covered peril. In addition, insurers have to consider repair costs and luxury vehicles are usually packed with expensive finishes. A teak wood interior is always going to cost more to repair than plastic, and leather seats are much more expensive than fabric.
Technology is another factor that insurers consider, and luxury vehicles are packed to the gills with high-end technology. The latest and greatest technology always ends up in luxury vehicles before trickling down to more affordable options. All of that tech makes repairs and claims much more expensive, leading to higher insurance rates.
Tesla Model S Performance (Plaid) and Model X Performance (Plaid)
Even though European nameplates make up the majority of the vehicles on our list, U.S.-based Tesla grabbed the third and fourth spots this year. The Model S Performance (Plaid) costs $4,143 a year to insure, and the Model X Performance (Plaid) is close behind.
"With competition threatening Tesla's domination in the luxury-electric-car space, it didn't take long for Elon Musk and company to respond. The wildest models yet from Tesla are the Model S Plaid and Plaid+," notes Gale. "With three motors instead of the standard model's two, the Plaid cars have a claimed top speed of 200 mph, with 0-60 mph acceleration in a manufacturer-estimated 1.99 seconds, and a driving range of up to 520 miles. At MotorTrend, we can't wait to test out these claims for ourselves. Oh, and why Plaid? It's another reference to the Spaceballs movie as a speed beyond ludicrous." Previously, a nod to the Spaceballs was made with the Tesla "ludicrous mode" offering.
While these vehicles come with a hefty price tag ($92,000 for the Model X) and are considered high-performance vehicles, the big battery and other tech under the hood is also a factor that pushes up insurance costs. "The connected nature of the Tesla Models protects them against theft since the factory can find the cars easily, but their complex and leading-edge technology is expensive to repair after a crash, warns DeLorenzo.
Tesla is known for its technology and safety features, but safety features can be a double-edged sword. While safety technology helps keeps drivers and passengers safe out on the road, it can also push up the cost of claims and thus the cost of insurance.
BMW M760i xDrive
BMW cements its luxury car status with seven cars making it into the top 20 of most expensive vehicles to insure. The most expensive of the BMW bunch is the M760i xDrive, taking 5th place with an average annual insurance price tag of $3,914.
The M760i xDrive is part of BMW's flagship full-size sedan series. The starting cost for this luxurious sedan is $157,800 and goes up from there. You know you are in luxury car territory when a car color option can tack on $5,000 to the cost of the car, and safety options include remote control parking so the car can pull itself in and out of parking spots.
The BMW M is made for power and performance; after all, the M stands for motorsports, which their racing program in the '70s is where this line got its start. Today, BMW M vehicles have twin power technology that produces more power with fewer cylinders, according to BMW. The M760i xDrive has a twin power turbo V-12 engine, so aggressive drivers can take full advantage of a car seemingly ready for the track or street. That power and the luxury options, which make it pricey to repair, results in insurance companies finding the car more of a risk to insure — and hikes up the premium.
Audi R8 5.2L V10 Spyder Quattro – Most expensive convertible to insure
The Audi R8 5.2L V10 Spyder Quattro is the only convertible that managed to make the top 10 this year, coming in 7th place, although there were three convertibles in the top 20. The Audi fits the bill for expensive to insure vehicles; it has a starting price of $211,000, a 602 HP engine and a top speed of 205 mph.
In addition, "The R8 has an aluminum body structure that contributes to high repair costs," says DeLorenzo. It is also a convertible, and convertibles tend to be more expensive to insure as they are easier to steal and vandalize due to the less than solid roof. A damaged convertible roof can be a very expensive repair, and insurers charge for it.
"Any performance vehicle not only has the power to be driven aggressively, but it tends to attract buyers who do just that. Insurance rates tend to be influenced by the likely buyer, so even the most careful driver who purchases a performance vehicle pays the penalty," Joe Wiesenfelder, Executive Editor of Cars.com.
Costliest cars to insure
| Rank | Make | Model | National Average rate |
|---|---|---|---|
| 1 | Maserati | Quattroporte S GranSport | $4,823 |
| 2 | Maserati | Ghibli S Q4 GranSport | $4,208 |
| 3 | Tesla | Model S Performance (Plaid) | $4,143 |
| 4 | Tesla | Model X Performance (Plaid) | $4,025 |
| 5 | BMW | M760i xDrive | $3,914 |
| 6 | BMW | M8 XDrive | $3,907 |
| 7 | Audi | R8 5.2L V10 Spyder Quattro | $3,863 |
| 8 | Nissan | GT-R Nismo | $3,829 |
| 9 | Maserati | Levante GTS | $3,803 |
| 10 | BMW | M5 Competition Xdrive | $3,777 |
| 11 | BMW | 750xi | $3,748 |
| 12 | Audi | S8 4.0T Quattro Plus | $3,724 |
| 13 | Porsche | Panamera 4S Sport Turismo | $3,718 |
| 14 – tie | Porsche | Taycan Turbo 4S | $3,706 |
| 14 – tie | Mercedes | S560 4MATIC | $3,706 |
| 16 | Mercedes | S63 AMG 4MATIC | $3,694 |
| 17 | BMW | M850i XDrive | $3,648 |
| 18 | BMW | Alpina B7 XDrive | $3,607 |
| 19 | Infiniti | Q50 Red Sport 400 | $3,484 |
| 20 | BMW | 840i XDrive | $3,443 |
Always get car insurance quotes when vehicle shopping
Car sales plunged last year, with U.S. new vehicle sales in 2020 dropping a whopping 14.6% overall to 14.6 million vehicles compared to 17.1 million in 2019. This is the lowest number of cars sold since 2012. The pandemic hit automakers across the board, with only Tesla, Volvo and Mazda selling more cars last year than they did in 2019. However, sales are picking up in 2021.
If you're one of the many people in the market for a new car in 2021, you should always get insurance quotes for any vehicles that have made your shortlist. "Always consider the cost of insurance when shopping for a new car," says Gusner.
"Insurance costs can vary dramatically between vehicles, which pushes up the total cost of ownership. Make sure you have the budget for both the car and its insurance." Penny Gusner, senior consumer analyst for Insure.com.
Spot checking the cost of insurance is often overlooked in the car-shopping process. "People will often research nearly everything about the car buying process, except what it would take to insure the vehicle they wanted," says Carl Anthony, Managing Editor at Automoblog.net.
"They do all of their homework about negotiating the best price yet unintentionally forget to consider insurance coverage, which is one of the most significant expenses immediately following the purchase of any new vehicle. The best advice is to seek out and understand your insurance coverage options before heading to the dealership," advises Anthony.
Unless you are paying cash for your dream car, you'll be required to carry full coverage by your finance company. "Even if you buy the car outright, you'll want to have collision and comprehensive on your brand-new vehicle to keep it well protected," says Gusner.
These coverages will certainly increase your overall insurance costs but will repair (or pay to replace) your car if it is damaged in an accident, fire, flood, vandalized or even if a deer manages to run into your sporty new ride. When shopping for insurance, be sure these collision and comprehensive coverages are included.
Factors that an insurance company considers when setting a premium
Insurance companies will consider a long list of factors when setting a premium. Based on our lists above, it's clear that the sticker price of a car, repair costs, safety features and the target audience will all have an impact on your premium. Vehicles with a low starting price, designed with families in mind, plenty of safety features, small engines and reasonable repair costs tend to get lower rates.
While the type of vehicle you drive is a major rating factor, there are others that will have a greater impact on your premium including your driving record, location, credit score (in states that allow it), vehicle type, gender (in states that allow it), age and more.
Read more on the 13 main rating factors that affect car insurance.
And if some of your personal rating items are not stellar, like having a speeding ticket that will bump your rates up an average of 20% your driving record, look to see what discounts can help offset that.
What is in your car can help with discounts. "Safety features such as airbags, lane departure, back-up cameras and automatic restraint systems are all factored into an insurance premium and typically get you a discount on your liability insurance," says Gusner. "However, the fancier the tech is in a car, the more costly it will be to repair or replace if damaged in an accident, so that can contribute to higher collision coverage rates."
How to use our rankings of the cheapest cars to insure
We're here to help you make sure the cost of car insurance is within your budget.
We can help you find an affordable car insurance policy for just about any car quickly and easily. The Insure.com comparison tool makes comparing insurance rates simple. You compare the cost of insurance on up to 10 different vehicles, so you can narrow down your choices before you make a final decision on a car. If you're looking for an older car, we have a used car rate tool as well.
Both of our tools show the national average as well as state average annual rate. That makes it easy to go onto the next step and shop for a great car insurance policy at a price you can afford.
And remember, the vehicle is just one of the many rating factors that insurers look at. Our rates are an average based on a driver with good credit and a clean record; if your credit is only so-so or you have a ticket or two, then your rates may be a bit higher. Our average rates are a jumping-off place to continue to get accurate quotes based on your specific situation.
Buying a new vehicle is something to be excited about! But make sure you consider all factors of buying a new car, including insurance rates, before you take the plunge.
Insure.com commissioned Quadrant Information Services to calculate average auto insurance rates for 2021 models. Averages were calculated using data from six large carriers, such as Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm, in 10 ZIP codes per state. Not all models were available, especially exotic cars. Nearly 3,000 models are included in the 2021 study.
The least expensive rankings were based on the best-performing trim line of each model. The most expensive rankings were determined by the worst-performing trim line of each model.
Averages are based on full coverage for a single 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/50 ($100,000 for injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage. This hypothetical driver has a clean record and good credit. The rate includes uninsured motorist coverage.
Car Insurance Do Red Cars Pay Higher Insurance Premiums
Source: https://www.insure.com/car-insurance/insurance-rates-by-car.html