Average Insurance Rates by Car Model Types

Auto insurance rates for a specific vehicle can be influenced by several factors, such as the make, model, trim, age, price, safety ratings, repair costs, and accident data. Understanding the vehicle rating process by insurers can give drivers a general idea of whether a particular car type would be costly or affordable to insure. This article aims to provide insights into estimated costs of insuring common car model types by looking at the average insurance premiums for each vehicle body type. Also, the comparative table below indicates the relative insurance costs of different automobile model types in relation to a selected base car, namely a cheap old minivan.

Although you would have a good idea about the average insurance costs based on a vehicle’s body type after reading this post, you can always get insurance quotes before buying an auto to know exactly how much you would need to pay if you go ahead and buy it. Choosing well can help you manage premiums more comfortably. Remember that savings aren’t just for today. You will be saving a lot of money over the life of the vehicle when you pay less for insurance.

Why Do Some Automobiles Cost More (or Less) to Insure?

Knowing the key vehicle details that influence the insurance costs helps in avoiding unexpected surprises. Here are the key automobile specifics that influence the cost of insurance.

  • Purchase Price — When you buy full coverage car insurance the carrier typically undertakes to pay the actual cash value of the car if it is stolen or totaled. That is why more expensive automobiles would usually cost more to insure.
  • Cost of Repairs — Luxury and sports models are made with special materials, using sophisticated engineering that requires highly trained technicians and expensive parts to repair. This pushes up the repair bills when it needs to be fixed after an accident or other damages and that increases carriers’ outlay.
  • Safety Ratings — Some cars protect drivers and passengers better and don’t cause as much damage to vehicles they are collided with. This would mean that companies would need to pay less for medical payments and therefore can charge less. Furthermore, auto accident prevention technologies reduce accidents and claims.
  • Model Type — Cars are often classified by their model body types that tell the insurers if the vehicle is made for speed, family transportation or comfort. When you add the engine size, trim levels and whether it is a luxury or budget make and model, you get a good picture of the vehicle for risk assessment purposes.
  • Typical driver — Some vehicles are more expensive to cover because they attract the risk taking drivers. On the other hand, mums and dads, who are more careful as they transport their family around, normally choose minivans and sedans. This results in fewer accidents and cheaper insurance rating group for minivans.

Typical Insurance Rates by Auto Model Types

Let’s see if we can demonstrate on a table how the above factors manifest. To show the premium gap as clearly as possible we took the cheapest to insure model type – Cheap Old Minivan – as our BASE (100%) and the rest is shown as the percentage of the Base. An average cost of full coverage car insurance for an old minivan is approximately $1,200 in the US.

It is worth pointing out that the table below should be seen as a rough guide. Every vehicle model is so much different from the next one even within the same brand and there are so many different brands that it would be pretty exhaustive and confusing to extend this list any further. Our purpose is to point out how vehicle types affect rates and help you estimate the premium based on vehicle PRICE and STYLE.

Table: Average Insurance Cost by Car Model Types: Cheapest to Most Expensive

Model Type
Price RangeAverage Annual
Premium (%)
Cheap Old Minivan (BASE)$5,000100%
Cheap Old Family Sedan$5,000105%
New Midrange Minivan$30,000120%
Compact SUVs$20,000120%
Subcompact Car$15,000125%
New Family Sedan$25,000130%
Cheap Old Large SUV$15,000130%
New Midrange Pickup Truck$30,000140%
New Midsize SUV$55,000150%
New Large SUV$75,000160%
New Sports Car$90,000190%

Now, let’s look at every one of them in detail to work out why a particular shape of vehicle is more economical than the others.

It’s important to keep in mind that the median premium expenditure can vary depending on the state in which you reside. Furthermore, your personal information, driving records, credit score and zip code are significant factors that need to be considered, as they can significantly impact the final insurance premium. For instance, individuals living in metropolitan areas typically face higher costs compared to those in rural regions.

-> Minivans
Minivans are not typically chosen for the purpose of joyriding or flaunting one’s status. They are favored by drivers with families who prioritize safety and adhere to traffic regulations, avoiding speeding or taking unnecessary risks on the road. As a result, minivan insurance tends to be consistently affordable, partly due to the demographics of the drivers who purchase them. Moreover, minivans are generally priced reasonably and have lower costs for part replacements and repairs. These factors contribute to minimizing claim settlements, which subsequently leads to lower insurance rates for minivans. A typical cost of insuring a minivan is about $1,300 – $1,500 per annum in the US.

-> Sedans
The standard four-door family sedan is widely recognized as one of the most popular and cost-effective vehicles in the country. These cars are widely sold, and finding replacement parts and skilled mechanics to repair them is relatively easy. The affordability of sedans can be attributed, in large part, to their high prevalence in the automotive market. Insurance underwriters must ensure competitive pricing for sedan owners to remain competitive within this extensive segment of the market. In simpler terms, when you own a popular car like a sedan, you have a better chance of finding insurance carriers that offer the best rates. Many diverse vehicle makes and models are categorized as sedans. The average insurance premium for a sedan is about $1,300 – $1,800, depending on the manufacturer, shape, trim and purchase price.

-> Subcompact Cars
While one might assume that subcompact cars are popular among teenagers due to their affordability and cute appearance, it’s worth noting that senior drivers also have a preference for these vehicles. The choice of subcompact cars by senior drivers can have a positive impact on accident statistics and risk ratings. Also, they usually have smaller engines and are generally cheap to insure. The average insurance cost for a subcompact car is about $1,300 – $1,500.

-> Pickup Trucks
Pickup trucks are surprisingly popular, fairly safe and often reasonably priced vehicle choice. Their sturdy construction, lower repair costs, theft rates and accident frequencies can contribute to more affordable insurance premiums. Again, there are a few choices and therefore its make and model will be influential in the final insurance costs. The average premium for a pickup truck is about $1,500 – $1,700. depending on its make, model and value.

-> SUVs
Sport Utility Vehicles have a large spread of makes and models and therefore insurance rates. Several SUVs like Jeep Wrangler and Patriot are among the cheapest vehicles to insure. These affordable range SUVs are owned mostly by reliable middle-aged drivers and their solid structure protects them well in case of accidents. An insurance policy for a compact SUV can be bought for about $1,300 – $1,500 on average.

On the other hand, larger and sporty luxury SUVs like Porsche Cayenne and BMW X5 can be expensive to insure. If you have a good driving record you can probably still find affordable premiums. People prefer these SUVs as they are in between a minivan and a sports car. They are expensive and fast and therefore you should expect to pay $1900+ on average for a luxury SUV policy.

-> Luxury Automobiles
Higher price tag and expensive parts and repairs increase the rates for them. The more exotic is the auto, the more money carriers demand to insure it. There are several reasons for it. First of all, it is harder to find mechanics and parts when you need to repair them. Secondly, fewer companies are keen on them and reduced competition reflects on quotes.

-> Sports Cars
Usually the most expensive vehicles are high performance. They are not for every motorist as skill and experience is necessary to avoid accidents with a powerful automobile. They statistically cause a few speed related accidents and the damages tend to be large when they happen. On top of it, people who like speed buy these automobiles. There are a few good reasons for expensive premiums and they are mostly speed related.

Furthermore, They are built with delicate fiberglass like materials that cannot just be quickly repaired by changing the part. You can replace most parts including doors and bonnets quickly and moderately with most cars. This is usually not possible with special built sports cars. They are often foreign with limited part availability and expertise in the country. It is hard to talk about average figures since they are so much different from each other. You should expect to pay a minimum of $2,500 to insure a moderate sports car with a good driving record.

-> Electric Vehicles
They are more expensive to purchase and repair costs are usually higher. Electric automobiles have batteries that can cost a lot of money to replace if they are involved in a collision. Also, they can speed pretty quickly that causes concerns among insurers, especially considering they are very quiet as well. So, you will need to pay a bit more to insure an electric car in comparison to similar gas operated models. This may not be detrimental considering how much you would save on gas.

Generally, the most affordable vehicles to insure are minivans and family sedans because they are built for the comfort of the whole family and not for speed. High performance sports cars are the most expensive to insure because they are built for speed and they are bought by people who like it fast.

Regardless of your preferences, it is crucial to have a clear understanding of the expected insurance costs for the vehicle you intend to purchase. While estimating premium costs based on the vehicle’s model type is helpful, obtaining multiple insurance quotes specific to that vehicle is highly recommended. This allows you to have a more accurate and personalized assessment of the insurance premiums you would be required to pay.