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The most and least expensive cars to insure: Part II

May 13, 2016
Because minivans are often family vehicles, they are associated with more careful driving and thus tend to be cheaper to insure.

Every year, Insure.com releases a list of the most and least expensive vehicles to insure. The results are determined by an analysis of 2,300 models from six major insurance companies.

The No. 1 most expensive vehicle to insure in 2016 was the Dodge GT Viper, which is often purchased by those with a need for speed. The least expensive vehicles to insure are associated with safer driving, cheaper repairs and extensive safety features.

The least expensive cars to insure

Insure.com found the following 10 vehicles to be the least expensive to insure in 2016:

  1. Honda Odyssey LX—$1,113
  2. Honda CR-V LX—$1,170
  3. Dodge Grand Caravan AVP 2WD—$1,174
  4. Jeep Patriot Sport 2WD $1,180
  5. Jeep Wrangler Sport 4WD $1,181
  6. Jeep Compass Sport 2WD—$1,190
  7. Ford Escape S 2WD—$1,194
  8. Buick Encore Sport Tour 2WD—$1,200
  9. Jeep Cherokee Sport Utility 2WD—$1,203
  10. Nissan Frontier S King Cab Pickup—$1,204

This is the first time the Odyssey has ranked No.1. Penny Gusner, consumer analyst for Insure.com explained why.

“It's no surprise that a family vehicle such as a minivan has taken over the top spot,” Gusner said. “The Odyssey has a five-star crash rating from the National Highway Traffic Safety Administration and is relatively inexpensive to repair, and the driver carting around children tends to be more cautious than the person driving a muscle car.”

"Insurance companies are no longer viewing vehicles as serving only one purpose.”

Insure.com explained that the list of cars that are cheapest to insure has evolved over the years. Compact cars used to take over the list, but now there is a greater variety in vehicle type. This is because cars have become more versatile. There are trucks, for example, that can easily accommodate car seats. Scott Oldham, the editor in chief of car-buying site Edmunds.com, explained to Insure.com that insurance companies are increasingly seeing SUV's as basic commuter and family vehicles.

Insure.com concluded insurance companies no longer view vehicles as serving only one purpose, and no matter a driver's needs, he or she will be able to find car out there with reasonable insurance costs.

Insuring new cars versus used cars

According to DMV.org, new cars tend to be more expensive to insure than used cars because they are more expensive, and it also costs more to repair them. This, however, is not always true. Depending on how old your used car is, it may not have the advanced safety features offered by a newer model. In that case, you may pay a lower premium on a newer car.

There are so many factors that go into determining your premium. It is hard to know what you will pay by examining only one. The best way to estimate what you would pay for different kinds of cars based on your specific situation is to spend time comparison shopping. Speak to several auto insurance companies to figure out your potential rates. Not only will your rates vary based on your specific financial and personal situation, but they will also vary from company to company.