When it comes to car insurance rates, the type of vehicle you drive can significantly impact the amount you pay. In this article, we have explored the world of auto insurance to identify the top 10 cheapest and most expensive cars to insure in 2023, shedding light on the factors influencing these rates.
The Least Expensive Cars to Insure
- Honda CR-V LX – $1,574
- Jeep Wrangler JL Sport – $1,585
- Subaru Crosstrek – $1,606
- Subaru Forester 2.5I – $1,613
- Hyundai Tucson SE – $1,637
- Jeep Compass Latitude – $1,645
- Chevrolet Equinox L – $1,661
- Ford Escape S – $1,663
- Volkswagen Tiguan SE – $1,663
- Ford F-150 XL – $1,672
These vehicles emerge as wallet-friendly options for insurance, with the Honda CR-V LX taking the lead with an average annual premium of $1,574.
In the Middle of the Pack: Medium-Expensive Cars to Insure
- Jeep Cherokee Limited – $1,809
- Chevrolet Blazer 2LT – $1,811
- Chevrolet Silverado 1500 WT – $1,813
- Toyota Tundra SR – $1,818
- Volkswagen Jetta SE – $1,833
- Honda Civic EX – $1,838
- Toyota 4Runner Limited – $1,848
- GMC Sierra 1500 – $1,851
- Ford Fusion SE – $1,865
- Chevrolet Malibu L – $1,882
These vehicles find themselves in the middle ground, offering a balance between cost and features.
The Most Expensive Cars to Insure
- Lexus NX 300h – $2,014
- Dodge Ram 1500 Rebel – $2,015
- Lexus RX 350 – $2,105
- Nissan Altima 2.0 S – $2,130
- Tesla Model 3 Standard Plus – $2,447
- Volvo XC90 T8 Inscription – $2,456
- Lexus ES 300H – $2,485
- Tesla Model S Performance – $3,960
Topping the list as the most expensive car to insure is the Tesla Model S Performance, demanding a hefty average annual premium of $3,960.
What Makes a Vehicle Expensive to Insure?
The cost of insuring your vehicle is influenced by several factors, with claims history playing a pivotal role. If your car model has a track record of high liability claims for injuries to others, expect your insurance rates to reflect that. Additionally, vehicles with high repair costs, especially those equipped with advanced safety features like parking assist and lane departure warnings, tend to incur more substantial insurance expenses due to the expensive nature of repairing or replacing such components.
For those opting for collision and comprehensive auto insurance in Cape Coral, the value of the vehicle comes into play. In the unfortunate event of a total loss, the insurance company pays the vehicle’s value at the time of the incident, subtracting your deductible. Consequently, pricier vehicles command higher rates of collision and comprehensive coverage.
Factors Influencing Car Insurance Cost
While the type of vehicle undoubtedly impacts insurance rates, it is only one piece of the puzzle. Various other factors may play a more substantial role in determining your car insurance costs, including:
- Driving record
- Location (garaging address)
- Vehicle usage (personal or business)
- Annual mileage
- Credit-based insurance score
- Past insurance claims
- Any recent lapse in auto insurance coverage Fort Myers
- Choice of auto insurance coverage
Understanding these factors is crucial for individuals seeking to navigate the complex landscape of auto insurance costs in Fort Myers effectively.
Methodology
To compile our list of the cheapest and most expensive vehicles to insure in 2023, we utilized data from Quadrant Information Services, a reputable insurance data, and analytics provider. The rates are based on a hypothetical scenario involving a female driver with a clean record, securing $100,000 in bodily injury liability coverage per person, $300,000 per accident, and $100,000 in property damage liability, uninsured motorist coverage, and any other coverage mandated by the state. The calculations also include collision and comprehensive coverage with a $500 deductible.
In conclusion, choosing the right vehicle goes beyond its aesthetic appeal, fuel efficiency, or performance. The cost of insurance should also be factored into the decision-making process. Whether you opt for the economical Honda CR-V LX, the middle-of-the-road Chevrolet Silverado 1500 WT, or the luxurious yet pricey Tesla Model S Performance, understanding the dynamics that contribute to insurance rates is key. As you embark on the journey of vehicle ownership in 2023, may these insights empower you to make informed decisions about both your wheels and their protective shields.
When it comes to finding reliable auto insurance in Florida, it is essential to partner with a reputable insurance agency. Cathy Sink Agency is an industry leader in the auto insurance market and can assist you in finding the right coverage that meets your budget and needs. Our rates are affordable, and we offer extensive collision coverage to safeguard your vehicle.
To protect your car and ensure comprehensive auto insurance coverage while driving in Cape Coral, Florida, it is crucial to invest in appropriate auto insurance coverage and avoid bad driving habits. Get in touch with Cathy Sink Agency today and obtain a quote and secure your vehicle’s safety.
Also read Car Insurance Tips.