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Looking for a New Car? Here Are the Top 5 Cheapest Cars to Insure
Even if you’re lucky enough to live in a city with reliable public transit, owning a car allows you more flexibility, especially if you have a family. Just imagine schlepping a couple of IKEA bookshelves home on the subway and you’ll understand.
However, car ownership can be expensive, especially once you factor in the initial price of the car, annual taxes and registration and that other necessary evil: car insurance.
Depending on where you live, your monthly car insurance bill could eat up a generous portion of your household income. It makes sense to look for vehicles that will meet your needs but be on the cheaper end for insurance purposes.
To help determine which cars fit this criteria, I turned to Insure.com’s annual ranking of the least expensive vehicles to insure. Here’s a rundown of the most affordable cars when it comes to insurance and what else makes them good buys.
1. Honda Odyssey LX
Average Annual Premium: $1,112
Taking the top spot for the second year in a row, the LX is Honda’s entry-level model of the Odyssey minivan.
The 2018 model has a manufacturer’s suggested retail price (MSRP) of $29,990 and comes with standard features that feel luxurious: automatic climate control, push-button start, an 8-way power driver’s seat and Bluetooth connectivity. It also comes with a 5-star overall safety rating from the National Highway Traffic Safety Administration (NHTSA) and a Top Safety Pick+ rating from the Insurance Institute for Highway Safety (IIHS). To qualify for these accolades, the Odyssey had to perform well in multiple crash tests to demonstrate its ability to protect passengers in case of a collision.
For the family looking for an affordable yet stylish minivan, you can’t go wrong with a Honda Odyssey — and the low insurance premium seals the deal.
2. Jeep Renegade Sport
Average Annual Premium: $1,138
The Jeep Renegade is one of the newer models in Jeep’s lineup. With a low MSRP of $17,995 for the entry-level Sport model, it’s budget-friendly as well as attractive.
The 2017 Renegade Sport boasts seating for five, push-button start and 50.8 cubic feet of cargo space with the rear seats folded, leaving plenty of room for your stuff. The Renegade’s unique design is perfect for a young driver or a small family wanting a stylish subcompact crossover.
3. Jeep Wrangler Black Bear
Average Annual Premium: $1,148
Jeep’s Black Bear edition of the iconic Wrangler is not available on newer models, but you might have luck finding a used model on a dealership lot.
The 2016 Wrangler Black Bear Edition celebrated the Black Bear Pass 4×4 Trail in Colorado — a favorite with off-road enthusiasts — and came with off-road rock rails, black taillamp guards and a “Black Bear Pass” decal on the hood.
While not currently available, this package was offered on Sport S models, which have a starting MSRP of $26,995 for 2017.
4. Honda CR-V LX
Average Annual Premium: $1,170
The CR-V is a long-standing vehicle in Honda’s lineup, and for good reason. With a starting MSRP of $24,095, the CR-V LX is a good option for drivers looking for an affordable and reliable crossover. And with up to 32 miles per gallon on the highway in the two-wheel drive model, the CR-V is easy on the wallet as well.
Standard features include power side mirrors, automatic climate control and Bluetooth connectivity. The 2017 CR-V was also named a Top Safety Pick+ for its excellent performance in multiple crashworthiness tests.
5. Jeep Compass Sport
Average Annual Premium: $1,183
The Jeep Compass is a wallet-friendly pick at $20,995 MSRP for the Sport model. Jeep just remodeled the Compass for 2017, and along with new styling it offers standard push button start, cloth bucket seats, halogen quad headlamps and Bluetooth streaming audio. Overall, the Jeep Compass offers quality features for a low price and costs little to insure.
Most Expensive Cars to Insure
On the other end of the spectrum are the most expensive vehicles to insure.
Understandably, these vehicles are more expensive and more powerful than the cheapest ones mentioned. Topping the list is the Mercedes S65 AMG convertible, which has an average annual premium of $3,835. Other expensive picks include the Dodge GTS Viper ($3,779), Mercedes S63 AMG 4Matic convertible ($3,624), Maserati Quattroporte GTS ($3,547), Mercedes S550 convertible ($3,502) and Mercedes C43 4Matic convertible ($3,418).
The initial purchase price of a car is only the beginning of the monthly expenses you’ll incur when you add a new vehicle to your garage. Stick to the cheapest vehicles to insure and your wallet will thank you.
Catherine Hiles writes about cars for a living, though she still doesn’t completely understand what torque is. Her first car was a European Peugeot 205 named Peugeot Pete.