Which Cars Are the Cheapest To Insure in 2023?

Portrait of a female driver smiling inside a car.
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Cars are a necessity in your everyday life. They get you to and from work, take you on trips, cart your groceries and keep your family safe while carpooling to school. Simply purchasing a car isn’t the only expense that comes with owning a car. There is the ever-changing price of gas, routine maintenance and of course, insurance

Read: 3 Easy Tips to Turn Your Credit Woes into Wows

With a plethora of cars and insurance providers to choose from, it is important to research what your annual insurance cost could be when trying to balance your budget. Knowing what cars are cheapest to insure is even better. 

The 10 Cheapest Cars To Insure 

Insurance costs will vary depending on several factors such as your insurance provider, the make and model of your car and your driving history. The following cars were found to be some of the cheapest to insure in the U.S. based on national averages.

  1. Chevy Equinox
  2. Ford Escape
  3. Ford F-150
  4. Honda CR-V
  5. Honda Pilot
  6. Hyundai Tucson
  7. Jeep Wrangler
  8. Mazda CX-5
  9. Subaru Outback
  10. Toyota Tacoma
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Car Insurance Cost Breakdown

Here is a closer look at the cheapest cars to insure. All estimates were rounded to the nearest dollar.

Car Model Monthly Insurance Cost Annual Insurance Cost
Chevy Equinox $1,370 $114
Ford Escape $1,170 $98
Ford F-150 $1,322 $110
Honda CR-V $1,140 $95
Honda Pilot $1,336 $111
Hyundai Tucson $1,294 $108
Jeep Patriot $1,258 $105
Mazda3 $1,370 $114
Subaru Outback $1,378 $115
Toyota Tacoma $1,338 $112

Car Model vs. Insurance Cost 

As aforementioned, many factors can determine how high or low your insurance rates will be. One of the main things that can impact the rate is the make and model of the car. For example, if the Insurance Institute for Highway Safety has selected the model of the car you need to insure as one of its top safety picks, the insurance you would be required to pay would be lower than other models.

Here are some details of car model features that can cause fluctuations in insurance pricing.

  • Safety features: High safety marks from the Insurance Institute for Highway Safety can help lower your insurance costs. However, if you add high-tech safety equipment to your car it can cost more to repair and could thus raise your insurance costs.
  • Trim level: A car’s trim level refers to how many added features and upgrades your car manufacturer has bundled in. If you move up from a basic package to a more advanced one, your insurance rates could go up as well. 
  • Repair costs: The more expensive or advanced the equipment in your car is would be directly correlated to how expensive it will be to repair, replace and insure. 
  • Crime rates: If you have a popular car model that is statistically more likely to be stolen, unfortunately, this can increase your insurance rate.
  • Style of car: Sports cars, high-end luxury cars and electric cars all have higher rates for insurance based on the higher price tags for these cars as well as repair costs and the number of accidents. 
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Car Age vs. Insurance Cost 

The year your car was made can also greatly impact how much it costs to insure it. If your car is over 10 years old you could opt to do liability insurance instead of full coverage insurance. Full coverage means your car has comprehensive, collision and liability insurance, which is usually required by lenders for new automobiles. Once your car hits the 10-year mark, paying for comprehensive and collision coverage won’t make as much sense given how much your vehicle has decreased in value.

With liability insurance, if you are found at fault for any accident, you still have to pay for any repairs or a potential vehicle replacement. However, if the value of your car is low enough, liability insurance is the cheaper option and could be a good balance between what you pay out of pocket and what value you are getting for your coverage. 

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Final Take

Insuring your car can be an expensive endeavor. If you are in the market for a new or used car, it is good to know what models will save you more than a buck or two on coverage. The year your car was made, as well as the make, model and added features can determine how high or low your insurance rates will go. Be sure to shop around as all vehicles are not made the same, and they are not all insured the same.

FAQ

  • What is the cheapest car to insure right now in the United States?
    • Though insurance prices can vary depending on several factors such as your insurance provider, the make and model of your car and your driving history. The following cars were found to be some of the cheapest to insure based on national averages:
      • Chevy Equinox
      • Ford Escape
      • Ford F-150
      • Honda CR-V
      • Honda Pilot
      • Hyundai Tucson
      • Jeep Wrangler
      • Mazda CX-5
      • Subaru Outback
      • Toyota Tacoma
  • Are newer or older cars cheaper to insure?
    • If your car is over 10 years old you could opt to just have liability insurance instead of full coverage insurance. Used or older cars are cheaper to insure this way.
  • Do smaller cars have cheaper insurance?
    • Statistically, smaller cars such as sports cars or similar transport get into more accidents. Because of that they typically have a higher rate of insurance. Other styles of cars with more expensive insurance include high-end luxury cars and electric cars based on the original price of the car and subsequent repair costs.

Data is accurate as of Dec. 29, 2022, and is subject to change.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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About the Author

Caitlyn Moorhead has written content for a variety of businesses and publications. After graduating from Central Michigan University cum laude, she moved to New York City where she wrote columns, articles and plays for several years before relocating to Austin, Texas in the fall of 2020.
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