New vehicle sales continue to set records and while the rush is on to get a new vehicle, what you’ll buy may be determined by more than just the window sticker: insurance rates play a role too.
If what it costs to cover you in an accident is a big factor for that 2016 model you’re considering, gravitate toward minivans, according to Insure.com, which rates the 2016 Honda Odyssey LX as the least expensive new vehicle to insure.
After being a runner-up twice, once in 2010 and again in 2014, the family-friendly Odyssey earned the cheapest-to-insure spot with an average rate nationwide of $1,113, the website notes.
“Family vehicles, like the Honda Odyssey, are typically cheaper to insure due to the drivers being responsible people, usually parents of little ones, who drive with care,” said Penny Gusner, Insure.com’s consumer analyst. “You don’t normally get left in the dust by a minivan – that’s left to the sports cars topping the most expensive list.”
Honda actually took the top two spots on the list with the new CR-V LX two-wheel drive model taking the second spot at $1,170 annually.
(VW teases new “trendy, affordable” new SUV concept. For more, Click Here.)
Jeep took four spots on the list, which had a new addition this year: the Nissan Frontier, which marked the first time a pickup made the top 10.
“The Nissan Frontier is a nice addition to the cheapest vehicles to insure,” Gusner said. “The Frontier isn’t that surprising to be the first truck to get in the top 10. It has done well in safety tests and has better-than-average claims for its class of pickup trucks.”
The rest of the cheapest to insure includes:
- Dodge Grand Caravan AVP – $1,174
- Jeep Patriot Sport 2WD – $1,180
- Jeep Wrangler Sport 4WD – $1,181
- Jeep Compass Sport 2WD – $1,190
- Ford Escape S 2WD – $1,194
- Buick Encore Sport Tour 2WD Turbo – $1,200
- Jeep Cherokee Sport 2WD – $1,203
- Nissan Frontier S King Cab Pickup 4.0-liter – $1,204
If there is a least expensive, of course, there is a most expensive and when one thinks of what inflates insurance rates more than anything, it’s speeding tickets and thus the top dog on that list isn’t a surprise: the Dodge GT Viper at $4,048 on average to insure.
(Check out the complete list of new models coming to the Geneva Motor Show, Click Here.)
The rest of the list is a little more than a series of excuses to go fast or get in trouble.
- Mercedes SL65 AMG – $3,797
- Mercedes S600 BI-T – $3,539
- Mercedes S63 AMG 4Matic – $3,513
- Porsche Panamera S Executive – $3,484
- Nissan GT-R Nismo – $3,476
- BMW M6 Gran Coupe – $3,309
- Land Rover Range Rover SV Autobiography Black LWB – $3,245
- Audi RS7 Quattro Prestige – $3,229
- Porsche 911 Carrera GT3 RS – $3,212
Aside from speed there are other factors that influence the price of insurance. car insurance premiums vary greatly by state since each area of the nation has different risks and claim histories.
(To see more about Ford’s future crossover and SUV plans, Click Here.)
An annual car insurance premium could cost as low as $651 for a 2016 Honda Odyssey in Maine, while the same car owner would pay $2,387 in Michigan. A Dodge Viper owner in North Carolina would pay only $2,052 – or $7,942 if living in Montana, the site noted.