The 5 most and least expensive cars to insure
September 15, 2009 · Tagged with Insurance
Driver stereotypes also play a role. Expensive, high-performance autos often attract “riskier” drivers, says Nerad, and such vehicles are more expensive to fix or replace when involved in accidents. Likewise, autos like sports cars that are popular with younger drivers usually have a higher premium since younger drivers are considered riskier drivers.
Larger vehicles like SUVs and minivans are more likely to be family vehicles driven by mothers, who are historically less dangerous drivers. With lower risk comes lower loss potential, and thus a lower premium. Eight of the top 10 least expensive vehicles to insure are either minivans or SUVs.
But even those with a need for speed are likely to see premiums drop slightly. And, along with premiums, insurance rates have fallen after an increase last year of 8%. Wyoming, South Dakota, Utah and Idaho experienced the largest rate decreases in May, from 9% in Wyoming to 5.5% in Idaho.
As insurers compete for increasingly discerning consumers, expect this downward trend to continue for the rest of this year.
Most Expensive Cars to Insure
1. Nissan GT-R
Sports car
$2,533
2. Dodge Viper
Sports car
$2,446
3. BMW M6
Sports car
$2,236
4. Ford Shelby GT500
Sports Car
$2,186
5. Mercedes-Benz G-Class
SUV
$2,088
Least Expensive Cars to Insure
1. Hyundai Santa Fe
SUV
$832
2. Kia Sportage
SUV
$840
3. Hyundai Entourage
Minivan
$848
4. Kia Sedona
Minivan
$857
5. Kia Rio5
Passenger
$870