Tags: car insurance | cars | tesla

5 Most and Least Expensive Cars to Insure

A row of Tesla Model S cars
A row of Tesla Model S cars (AP Photo/David Zalubowski)

By    |   Wednesday, 26 June 2019 10:38 AM

Car insurance is one expense you don't want to skimp on. Your premiums are based upon many different factors, but one of the most important things that determines how much you will pay is often the least researched by people: which vehicle you drive. Certain cars are notably more expensive to insure than others and certain ones are much more. This is due to several reasons.

On average, insurance companies make claim payments of around $964 per vehicle in a year, 24/7 Wall St. noted. Insurers may pay nothing for vehicles in a year if there are no incidents, however, for vehicles involved in accidents, they could pay more than $20,000. Premiums are based upon the average insurance claim payment. If certain models have a higher average insurance claim, the higher expected costs will be passed on to the consumer. The opposite is also true. Models with less frequent payments will cost less to insure.

Armed with this knowledge, 24/7 Wall St. recently set out to review the most and least expensive cars to insure. The insurance payouts for less expensive models tends to be lower when it comes to damage repair and collision costs. Vehicle size also played an important role in insurance payout, with larger vehicles having lower insurance claim payments. This is likely because these vehicles tend to be safer. Here, we look at the survey's results:

5 most expensive cars to insure, according to 24/7 Wall St:

5. BMW 4 Series 2dr

  • Annual average cost to insurer: $1,485
  • Annual average collision cost to insurer: $735
  • Type: Midsize luxury car
  • Current model retail price: $44,800-$53,200

4. Mitsubishi Lancer

  • Annual average cost to insurer: $1,556
  • Annual average collision cost to insurer: $602
  • Type: Small four-door
  • Current model retail price: $9,995-$15,499

3. Mercedes-Benz S-Class 4dr LWB

  • Annual average cost to insurer: $1,783
  • Annual average collision cost to insurer: $876
  • Type: Very large luxury car
  • Current model retail price: $89,900-$229,500

2. Tesla Model S 4dr Electric 4WD

  • Annual average cost to insurer: $1,866
  • Annual average collision cost to insurer: $1,291
  • Type: Large luxury car
  • Current model retail price: $71,000

1. Tesla Model X 4dr Electric 4WD

  • Annual average cost to insurer: $1,909
  • Annual average collision cost to insurer: $1,328
  • Type: Large luxury SUV
  • Current model retail price: $87,000

5 least expensive cars to insure, according to 24/7 Wall St:

5. Mazda MX-5 Miata Convertible

  • Annual average cost to insurer: $672
  • Annual average collision cost to insurer: $340
  • Type: Mini sports car
  • Current model retail price: $25,730-$31,855

4. Subaru Forester 4WD with Eyesight

  • Annual average cost to insurer: $670
  • Annual average collision cost to insurer: $278
  • Type: Small SUV
  • Current model retail price: $24,295-$34,295

3. Acura RDX

  • Annual average cost to insurer: $634
  • Annual average collision cost to insurer: $261
  • Type: Midsize luxury SUV
  • Current model retail price: $37,400-$47,500

2. Honda CR-V

  • Annual average cost to insurer: $610
  • Annual average collision cost to insurer: $237
  • Type: Small SUV
  • Current model retail price: $24,350-$34,150

1. Subaru Outback 4WD with Eyesight

  • Annual average cost to insurer: $595
  • Annual average collision cost to insurer: $241
  • Type: Midsize station wagon
  • Current model retail price: $26,345-$38,995

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Car insurance is one expense you don't want to skimp on, but your premium will vary depending on what car you drive.
car insurance, cars, tesla
522
2019-38-26
Wednesday, 26 June 2019 10:38 AM
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