Electric vehicles are typically more expensive to purchase than their internal combustion counterparts — a major factor when shopping for a new ride.
However, what you’ll pay to insure that new sedan or utility vehicle plays a role in how much vehicle a buyer can afford. A new study by QuoteWizard, an insurance price comparison website, reveals the most expensive “popular” vehicles to insure are also EVs: the Tesla Model 3 and Model Y respectively.
The Model 3, which starts in the low $40K range, costs an average of $2,830 a year for full coverage. The Model Y isn’t far behind at $2,658. “Insurance for the Model 3 and other Tesla vehicles is so expensive because as a luxury car, Teslas are more expensive to repair and are a more enticing target for thieves,” the website noted.
The rest of the top five include: Hyundai Sonata ($2,332), Kia Forte ($2,328) and Hyundai Elantra ($2,295). While the Teslas being luxury vehicles made them the target of thieves, helping to drive upthe cost to insure them, there are other factors at play, the website noted.
Vehicles with powerful engines are typically more expensive to insure as they “more likely to be in damaging high-speed crashes than most other types of vehicles.” The cost to repair a vehicle also plays into how much an owner is charged for insurance.
At the other end of the spectrum is the Subaru Forester, which came in at $1,760 on average to insure. Subaru’s tend to have to have good safety records, which is an enticement for buyers who are typically more cautious drivers, less prone to collisions.
The rest of the top five of the least expensive includes: Jeep Cherokee ($1,767), Honda CR-V ($1,769), Jeep Wrangler ($1,777) and Honda Odyssey ($1,822). If you’re looking to save some money on insurance, there are a few things you can do.
First, buy a medium-sized vehicle. A common misconception is that the smaller the car, the cheaper it is to insure. Many insurers associate small cars with being faster on the road and more prone to getting into accidents.
Others might believe large cars are the perfect vehicle to drive. A midsized vehicle, like a sedan or small SUV, is the cheapest to insure in most cases, the website noted.
It can be cheaper to insure a plain car rather than a flashy one. Showy cars can be more of a target for thieves, which insurers consider when setting rates, the site added.
The average vehicle costs $1,255 to insure annually in the U.S., but several things factor into how much the end price is, including the age the vehicle, what you paid for it, engine size and what make and model it is.
The 2018 Jeep Wrangler Sahara is the cheapest car to insure in the U.S. On average, it costs $1,306.94 per year to insure this model. It’s cheap because its relatively affordable, it starts at $28,045, plus its sturdy and boasts plenty of safety features.