Buying a fully kitted out brand-new car can take a toll on your finances, especially with rising car insurance rates. However, a list of the cheapest cars to insure in 2022 could help.
Cars are rarely ever an impulse buy for most of us. You almost always do plenty of research to figure out the perfect car for both you and your wallet. One of the key factors in buying a new car is how much you’ll need to pay as insurance. Remember, you’ll be paying for insurance years after buying your car. So, if you are currently in the market to buy a new car, we recommend shortlisting cars with the lowest insurance rates. We’ve compiled a list of the top 10 cheapest cars to insure in 2022 to help you figure out your options.
What is the cheapest car to insure in 2022?
Unfortunately, many new car buyers often overlook a massive factor that is under their control. It’s this: the make and model of the car you buy affect your car insurance rates too! If you’ve been following our blogs for a while, then you may already know that several factors affect your car insurance rates. Car insurance companies utilize your driving history, credit score, and other factors to set your premium, apart from ones that aren’t under your control, such as your age, gender, and location.
After combing through the average car insurance rates for several models, our insurance analysts at Way.com concluded that trucks and minivans are often cheaper to insure than sedans. In fact, our top 10 list of the cheapest cars to insure are choc-a-bloc with large and mid-size SUVs and full-size pick-ups.
The cars on our list fall in the $20,000-$30,000 MSRP category. We were surprised to find that cars belonging to this price bracket were often cheaper to insure than cars that cost under $20,000!
The Ford F-150 full-size pickup truck is one of the world’s best-selling vehicles, not just in the United States. The redesigned Ford F-150 embraces the digital age with a comprehensive technology overhaul that includes a standard 8.0-inch touchscreen or an optional 12.0-inch touchscreen and digital instrument cluster, over-the-air updates, and a hands-free driving system.
Ford F-150 is one of the cheapest cars to insure in 2022. The average annual insurance cost for a Ford F-150 is $1200. Depending on the insurance company, the cost of insuring a Ford F-150 can range from $399 to $399 per year. The insurance cost for the Ford F-150 can vary by up to $270 per year depending on how old your car is, with older models having lower insurance rates.
The Chevrolet Equinox is positioned in the bottom half of the compact SUV segment. The Equinox has a spacious cabin, an easy-to-use infotainment system, pleasant handling, and a high predicted reliability rating, but it also has slow acceleration and poor interior quality.
Chevrolet Equinox is one of the cheapest cars to insure in 2022. The average cost of Chevrolet Equinox car insurance is $1302 per year, $651 for a 6-month policy, or $108 per month. The average driver’s Equinox insurance costs $1236 and $1341 per year, depending on trim level. Compared to the other SUVs in the segment, Equinox costs $87 less per year to insure on average. Depending on policy limits and driver age, dropping physical damage insurance coverage on an older Equinox could save $570 per year.
Honda CR-V isn’t going to raise anyone’s pulse, but its spacious interior and fuel-efficient powertrains make it a compelling compact crossover. The Honda isn’t particularly enjoyable to drive, and neither its standard turbocharged gas engine nor the hybrid model is particularly quick, but it steers and stops with ease.
A full-coverage policy for a Honda CR-V costs an average of $1380 per year. Depending on the trim level, the monthly insurance cost for a CR-V ranges from $99 to $111. With the average small SUV costing $1539 per year in insurance, the Honda CR-V is $159 less expensive than the segment average. Honda CR-V insurance costs 19.4% less than the national average for all vehicles, $1518 per year.
Subaru Outback’s low ranking is due to the segment’s small size and the strength of luxury entries rather than any flaws in the car. Depending on the trim level, Subaru Outback insurance costs an average of $1458 per year or around $123 per month.
At around $1338 per year, the Outback AWD trim level is the cheapest to insure. Touring XT AWD trim is the most expensive, costing $1530 per year. Subaru Outback car insurance rates range from $1629 in San Diego, CA, to $1545 in Dallas, TX, and $1659 in Phoenix, AZ.
The Toyota RAV4 has a large cargo area and a comfortable interior, but it isn’t as upscale or fun to drive as some of its compact SUV competitors. The RAV4 has plenty of cargo space and two rows of comfortable seats, as well as a long list of safety features and an easy-to-use infotainment system. It has a capable and fuel-efficient powertrain, as well as a comfortable ride.
Toyota RAV4 insurance costs an average of $1482 per year or approximately $123 per month for full coverage. The LE 2WD trim level is the least expensive to insure, costing an estimated $1344 per year. The Prime XSE AWD is the most expensive, costing $1650.
The Jeep Wrangler has strong engine performance, excellent off-road capability, and an easy-to-use infotainment system. Still, it ranks near the bottom of the compact SUV class due to its awkward on-road handling, poor fuel economy, and lack of standard features. Jeep Wrangler is an exceptionally capable off-roader with a powerful engine lineup that includes four-, six-, and eight-cylinder options.
We analyzed auto quotes from seven model years and discovered that the average annual cost of car insurance for a Jeep Wrangler is $1617. Insurance rates will also differ depending on whether you own a two-door Wrangler or a four-door Jeep Wrangler Unlimited.
The Jeep Cherokee has inconsistent on-road performance and unimpressive cabin materials despite its excellent off-road capability. However, it falls short of most competitors in cargo space, rear-seat legroom, and interior quality. A subpar base engine also harms the Cherokee’s case.
A full-coverage policy for a Jeep Cherokee costs $1680 per year ($141 per month). The Jeep Cherokee is one of the more expensive midsize SUVs to insure, costing an additional $144 per year on average compared to the rest of the segment. At around $1578 per year, the Cherokee Latitude 2WD trim level is the cheapest to insure, and the High Altitude 4WD trim is the most expensive, costing $1752 per year.
The Subaru Forester is one of the most spacious compact SUVs on the market, with plenty of passenger space and decent off-road capability, but its engine can be a little sluggish at times. The Subaru Forester has good gas mileage, good handling, and a smooth ride.
The average monthly cost of car insurance is $141, or $1680 annually. However, your actual costs are determined by your driving history, car model, location, and other factors. We gathered Subaru Forester car insurance quotes from leading providers and discovered that the average monthly cost to insure a Subaru Forester is $144.
The Ford Escape has a spacious interior and some intuitive tech features, but the interior quality is mediocre. Because of insufficient safety and reliability data, Escape does not have an overall score or ranking.
The average monthly car insurance cost for a 2021 Ford Escape is $150, or $1770 annually. However, your actual costs are determined by your driving history, car model, location, and other factors. We gathered Ford Escape car insurance quotes from leading providers and discovered that the average monthly cost to insure a Ford Escape in 2022 is $159. On the other hand, an older model may result in lower rates.
Toyota Tacoma ranks near the bottom of our list of compact pickup trucks. Though it’s an excellent off-road vehicle with an easy-to-use infotainment system, its underwhelming engines and firm ride hold it back.
Toyota Tacoma insurance costs an average of $1800 annually. The SR Access Cab 4WD trim level is the least expensive to insure, costing an estimated $1281 annually. When it comes to Tacoma insurance, location is crucial. Full coverage rates can be as low as $87 per month in Idaho, Iowa, Maine, and Virginia, but as high as $150 per month in Florida, Michigan, and Louisiana.
Read: How long do car accidents stay on your record?
Are you looking for the best car insurance rates in your state? Tap the banner to use our car insurance tool. We can help you obtain car insurance quotes from several firms in under 10 minutes! What’s more, we keep your data protected while you get multiple quotes without affecting your credit score.
Having too many features isn’t always good!
It is important to note that having too many safety features or the biggest engine option available can also be bad in terms of insurance costs. Cars with modern safety features like radar cruise control can be prohibitively expensive to fix.
Do you have the largest, most powerful engine option under the hood of your car? Your insurance company may assume it to be riskier to insure. Hence, one could say that the trim and the options you choose can also affect your premiums. Want to learn how to save money while shopping for car insurance? Head here.
Here’s more info on top-rated airport parking, the best parking spots in your city, the most affordable insurance for your car, and top-rated car washes near you.