Kia Sedona minivan tops list of least expensive vehicles to insure
The Kia Sedona minivan is currently the least expensive vehicle to insure according to a study conducted by InsWeb Corporation, an online insurance comparison provider. The Acura ZDX crossover tops the most-expensive-to-insure list.
To develop the list of the least and most expensive vehicles to insure, InsWeb compared all car insurance rate quotes requested by its customers between January and September of this year for 2010 model-year vehicles. InsWeb compared over 400 models for the study.
The 10 least expensive vehicles to insure are:
- Kia Sedona
- Mazda Mazda5
- Ford Escape
- Hyundai Santa Fe
- Mercury Mariner
- Chrysler PT Cruiser
- Ford Explorer
- Subaru Outback
- Kia Optima
- Chevrolet Equinox
The 10 most expensive vehicles to insure are:
- Acura ZDX
- Audi TTS
- Audi A5
- Cadillac Escalade
- Chevrolet Corvette
- BMW Z4
- Lexus SC
- Jaguar XF
- Cadillac STS
- Dodge Challenger
What makes a vehicle more or less expensive to insure? There are a variety of factors, but the most important are the value of the vehicle and the vehicle model’s loss history.
A vehicle’s value directly impacts what an insurance company will need to pay out in the event of a total loss. It’s therefore not surprising that the majority of the vehicles on the most-expensive-to-insure list cost at least $40,000.
Loss history reflects a specific model’s record of involvement in insurance claims. A model that has a history of expensive liability and comprehensive claims will cost more to insure.
Because driver behavior has such a strong influence on the incidents that cause claims, a model’s loss history is directly impacted by the individuals who drive it. That’s why the lowest-priced cars available are not necessarily the least expensive cars to insure. Younger drivers often drive inexpensive vehicles, and younger drivers tend to be involved in more insurance claims. Along those same lines, sports cars are generally driven by individuals who want to drive fast, and speed is a factor in many claims.
“It’s no coincidence that the majority of the most expensive vehicles to insure are performance vehicles,” said Brad Cooper, Senior Vice President of Operations at InsWeb. “It’s very possible that the types of drivers who purchase these vehicles are more aggressive by nature, which could lead to a higher likelihood of claims. On the other end of the spectrum, most of the vehicles on the least-expensive-to insure list are minivans, wagons and small SUVs. Those vehicle types are often preferred by individuals with families — perhaps the least likely people to engage in risky driving behavior.”
Other factors that affect the cost to insure a vehicle include:
- Repair costs: Some vehicles are simply less expensive to repair than others. Makes/models with easily available and affordable parts are often less expensive to insure.
Safety features: Vehicles with safety features such as vehicle stability control (VSC) and side curtain airbags will tend to be involved in fewer accidents with severe injuries.
- Security features: Vehicles with security features such as vehicle location devices (e.g., LoJack) and audible alarms are less likely to be stolen.
To view the complete list of the 25 most and least expensive vehicles to insure, visit InsWeb’s Most and Least Expensive Vehicles to Insure.