Nothing can burst your bubble faster than learning your brand-new vehicle is also one of the most expensive to insure. This is why it’s important to do your homework before finalizing your vehicle purchase. A little research can lead you to several SUVs that are the least expensive to insure as you pay your premiums each month.
Are SUVs More Expensive to Insure Compared to Other Vehicles?
It’s easy to assume that the bigger a vehicle is, the more expensive it will be to insure. And in many cases, it’s true. While a bigger vehicle may provide more safety for the passengers inside, the size makes it a greater liability to other motorists. That increases the liability portion of the car insurance premium, making the overall policy more expensive.
Smaller crossover SUVs have some of the lowest insurance rates out of any vehicle on the road today. Many are built with added safety features such as advanced warning or multi-point airbag systems. Unlike traditional SUVs built on truck frames, crossovers are built on sedan frames, creating a more stable center of gravity with less likelihood of a rollover.
As a driver, you might expect to see higher insurance quotes for SUVs. It’s really only true for the biggest SUVs on the market, such as Suburbans. Small SUVs continue to have some of the lowest policy premiums on the market today.
The Basics of Vehicle Insurance
You don’t have to look any further than your own insurance premium to realize car insurance costs are on the rise. The national average cost for an insurance premium in 2023 sits at $1,601 for annual coverage. Of course, costs vary depending on a variety of factors, including the following:
- Level and type of insurance
- Your state’s minimum insurance requirements
- Your car’s make and model
- How much you drive
- Your age
- Your driving record
- Your credit score
What SUVs Should You Consider for Lower Premiums?
The make and model of the vehicle are two of the biggest indicators of how much the insurance premium will be. Insurance companies evaluate each model based on the potential for claims and the potential cost of repairs. The lower these costs are, the cheaper the car generally is to insure. High safety ratings, low repair costs, and low potential for claims all combine to make these some of the least expensive SUVs to insure:
- Honda CR-V
- Subaru Forester
- Jeep Wrangler
- Subaru Outback
- Toyota RAV4
- Nissan Rogue
Getting a Full-Coverage Insurance Policy for Your SUV
You’ll most likely get a full-coverage vehicle insurance policy when you purchase a new SUV. Car insurance isn’t categorized by vehicle type — nearly every vehicle on the road today has four wheels and a motor. Full coverage generally includes three different types of coverage:
- Comprehensive: This element pays for damages resulting from non-collision events. It can include things like vandalism, theft, or weather damage.
- Collision: This component pays for damages sustained in a collision with another vehicle or object.
- Liability: This includes bodily injury to pay for the other driver’s medical bills if you cause the accident, and there’s property damage coverage that pays for damage to the other driver’s vehicle or property.
Beyond these basics, insurance companies often offer additional coverages as policy add-ons:
- Uninsured or underinsured motorist coverage
- Rental car reimbursement
- Roadside assistance
- Personal injury protection
Tips for Getting the Least Expensive Insurance Policy for Your SUV
The best car insurance isn’t always the cheapest. Only you can decide what coverage you require and the best policy to suit your needs, but there are still ways of obtaining an affordable policy without sacrificing coverage.
Shop Before Buying
One error drivers make is buying a new SUV before shopping for insurance. A quick search or phone call can help you comparison shop and narrow your choices before you finalize your decision.
Research Group Insurance
Before relying on individual quotes, you can check with the groups you belong to and see if you qualify for price reductions from a group plan. They’re often available from your employer, clubs, or associations.
Look Into Multi-Policy Discounts
The major insurance companies want your business and may be willing to give you a deal to get it. Need auto and home? You’ll likely pay less when you bundle them together. If you already have a policy with an insurance company, that’s a good place to start. However, you may still want to consider shopping around for all your insurance needs as you make changes in your life — it’s a great way to reevaluate your budget goals.
Ask About Loyalty Discounts
While it may seem frustrating to shop for new insurance policies consistently, sometimes the best way to save is by becoming a loyal shopper. If you’ve been with a company long-term, you might get rewarded for your loyalty. Contact your agent for advice on getting your premiums as low as possible.
Review Annually
Whether you’re considering a new vehicle or continuing to drive the same one year after year, it’s always a good idea to review your insurance policy annually to keep your premiums low. Maintain a clean driving record and a good credit score. Then speak with your agent, and compare several other quotes. Make changes as needed to save.
Now that you know which SUVs are the least expensive to insure, along with plenty of tips on getting the lowest insurance costs, it’s time to start shopping. You’ll enjoy your purchase much more knowing that you got the best possible deal on your insurance.