What Are the Cheapest Vehicles To Insure?
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Based on our analysis, the 2024 Toyota Camry was the cheapest vehicle to insure at $79.76 per month. Explore how the type, model and other features of a car impact insurance costs so you can get a clear picture of how these factors play out in the bigger insurance scene.
Key Takeaways
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What Are the Cheapest Cars To Insure Among the Most Popular Models?
Based on SmartFinancial’s in-house data, the cheapest vehicles to insure were the 2024 Toyota Camry, followed by the 2023 Chevy Silverado and 2023 Ford F-250.
Year |
Make |
Model |
Type |
Average Monthly Rate |
---|---|---|---|---|
2024 |
Camry |
$79.76 |
||
2023 |
Silverado |
$84.06 |
||
2023 |
Ford |
F-250 |
Heavy Duty Pickup Truck |
$88.57 |
2024 |
Toyota |
Corolla |
$95.42 |
|
2023 |
Toyota |
Tacoma |
$118.63 |
|
2023 |
1500 |
Standard Pickup Truck |
$159.46 |
|
2023 |
Toyota |
RAV4 |
$166.56 |
|
2023 |
Ram |
3500 |
Heavy Duty Pickup Truck |
$205.02 |
2024 |
CR-V |
Small SUV |
$206.28 |
|
2023 |
Ford |
F-150 |
Standard Pickup Truck |
$210.24 |
2023 |
Sierra |
Standard Pickup Truck |
$216.54 |
|
2023 |
Model Y |
Small SUV |
$255.35 |
|
2023 |
Ram |
2500 |
Heavy Duty Pickup Truck |
$344.32 |
Note: The above data reflects premiums for drivers between 40 to 49 years old.
What Car Make Is the Cheapest To Insure?
Based on the information we were able to provide, Toyota produces the cheapest vehicles to insure. They not only sealed the top spot on our list, but they also had several other vehicle types that made the cut as well. The runner-up is Chevy followed by Ford and then Ram.
Do Car Models Affect Insurance Rates?
The model of your car can have an effect on your car insurance premium. For instance, the list we provided shows the average prices for auto coverage between a Ram 1500 and a Ram 3500. The difference in monthly car insurance costs is nearly $50 with the 3500 being higher.
Keep in mind that the size of the vehicle isn't always going to be an indicator of cost, however. While the 3500 may cost more to insure than the 1500, the Ram 2500 from the same year is significantly more expensive than the 3500.
Why Does the Car You Drive Impact Your Insurance Rates?
Details about the vehicle you drive can inform your insurance company how likely you are to file a claim. For example, if you drive a car model with a relatively high theft rate, there is a higher likelihood of your car being stolen and you filing a comprehensive claim. As a result, drivers of these vehicles will almost certainly pay higher premiums if they buy comprehensive insurance.
Similarly, cars with advanced safety features are less likely to be involved in serious accidents, which can reduce the number and size of claim payouts the insurance company must fulfill. Hence, insurance companies often offer discounts to encourage the use of safer vehicles. Take for instance that the 2023 Toyota Camry was voted as one of the safest midsize cars by the Insurance Institute of Highway Safety and the fact that it was rated number one on our above list.[1]
The purchase price of your car is another factor that affects your car insurance rate. The cost to repair or replace a more expensive vehicle is higher, which means the insurance company needs to provide a higher payout if a claim is filed. Because of this, you will pay a higher premium. The financial risk on the part of your provider means they also expect you to shoulder some of the risk with a higher premium.
What Additional Factors Affect Your Car Insurance Rates?
We've provided a list of just a few factors that your car insurance company uses when calculating your auto insurance rates.
- Age and type of vehicle: The age and type of vehicle can affect the likelihood of accidents. New sports cars, for example, are often associated with riskier driving behavior and are subsequently more expensive to insure.
- Usage: Vehicles used for long commutes are on the road more often, increasing the chances of accidents. This increased usage leads to higher premiums.
- Location: Where you live affects the likelihood of accidents, theft and vandalism. Urban areas or regions with a higher incidence of these risks may result in higher premiums.
- Driver profile: Insurance companies assess your personal risk factors, such as your driving record, age and possibly gender, to determine the likelihood of you filing a claim. Safer drivers or those less likely to be involved in accidents are less likely to file a claim, which means your rates will likely be lower.
- Level of coverage: The person who pays for the bare minimum obligatory liability insurance is going to pay less than the person who adds comprehensive, collision, uninsured motorist, MedPay and roadside assistance to their policy.
- Deductible: Choosing a higher deductible means you will pay a lower premium.
- Discounts: Most providers will have a series of auto coverage discounts like bundling or defensive driving they can offer to customers to help lower their rates.
- Credit history: It has been shown that those with a better credit history are seen as being lower risks by insurance companies.[2] This naturally leads to lower insurance rates for those with solid financial track records.
What Types of Vehicles Are the Cheapest for Insurance?
The table below shows the least expensive cars to insure, although it should be noted that certain types of vehicles are going to be underrepresented due to the nature of the original information we provided. As a result, this analysis should only be taken as a starting point in your research, as prices can also vary based on your area.
Type |
Average Monthly Rate |
---|---|
Midsize Car |
$79.76 |
Subcompact Car |
$95.42 |
Small Pickup |
$118.63 |
Standard Pickup |
$167.58 |
Small SUV |
$209.40 |
Heavy Duty Pickup |
$212.64 |
How Can I Get the Best Car Insurance Rates?
While exploring insurance options, it's advisable to gather a minimum of three to five estimates from varied providers. These companies will seek details about you, including your driving history, date of birth and driver's license number, along with your vehicle's specifics like its year, make and model. Furnishing this data for each provider can become quite cumbersome.
Thankfully, leveraging a platform like SmartFinancial can simplify this chore. By completing a single questionnaire regarding your insurance preferences and financial capacity, you can be paired with a tailored commercial insurance plan, sometimes within a few minutes. Simply input your zip code below to obtain your complimentary insurance estimate.
Methodology
The car models analyzed were based on the most popular cars in America, which were the top-selling vehicles in 2022 according to data provided by Edmunds. The average rates listed on this page are from SmartFinancial’s in-house reporting. We track and record quotes that carriers have provided based on various criteria. The rates and averages shown on this page should only be used as an estimate. The source lists Ford F-Series among the most popular models, although we were only able to provide average rates for the Ford F-150 and Ford F-250.
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