Let’s fact it, the new-vehicle market is just nuts right now. Dealer inventories have gotten razor thin due to last year’s COVID-19-fueled factory shutdowns, combined with this year’s microprocessor shortage-related production delays. Post pandemic pent-up consumer demand is causing prices, especially on short-supply models, to skyrocket. According to the analysts at Kelley Blue Book, the average new-vehicle transaction price was $41,263 last month, which is 5.4 percent higher than it was a year ago.
If you’re in the market for a new model, one way to offset their lofty transaction prices is to pick a car, truck, or SUV that’s inherently cheaper to run. With fuel prices having jumped by nearly $1.00 per gallon, you’ll likely want to consider one that can go farther on a gallon of petrol, and you can check the Environmental Protection Agency’s fueleconomy.com website for ratings of all new and past model-year models.
The same holds true for car insurance, which costs an average motorist $1,738 per year for full coverage, according to Bankrate.com. In reality, premiums can run higher—in fact much higher—based on a policyholder’s personal factors. These include one’s age (teens pay the most), gender (women catch a break), marital status (singles pay more), address (big city residents suffer higher rates), and one’s driving record (tickets and at-fault accidents will cost you dearly). While these parts of one’s actuarial profile are not easily changed, choosing a model that’s inherently cheaper to insure is a variable over which consumers have 100 percent control.
In general, models that are most typically piloted passively and are relatively inexpensive to repair and become a total loss at a lower cost threshold should they get into a wreck are the cheapest to cover. The most expensive to insure are luxury cars that cost a fortune to fix, especially muscular high-performance models that practically beg to be driven beyond the posted speed limits.
The website Insure.com posts an annual list of the new vehicles that tend to be the cheapest and costliest to cover. For 2021, the most-affordable vehicles to insure are all sensible and affordable family minded rides, with the no-frills Chrysler Voyager van topping the list at an average $1,272 per year. We’re featuring both lists below.
“SUVs continue to dominate the list of cheapest vehicles to insure,” notes Penny Gusner, senior consumer analyst for Insure.com. “Every vehicle in the top 10 is in the utility category, except for the top-place Voyager. These results support the depth of the SUV trend that continues to dominate.”
On the other hand, the list of 20 models commanding the highest premiums is dominated by the likes of Maserati, Tesla, BMW, and Mercedes-Benz. The top model in this regard for 2021 is the $112,000 Maserati Quattroporte S GranSport, which will set the average owner back $4,823 annually for full coverage. That comes out to $24,115 over a five-year ownership period compared to just $6,360 for the aforementioned Voyager.
Take note, however, that the premiums presented here are national averages. Insure.com commissioned Quadrant Research to determine them using data from the nation’s largest carriers. They assume a 40-year-old male driver having a 12-mile daily commute with a clean driving record and full coverage with typical policy limits and deductibles.
Since auto insurance premiums are also based on the aforementioned personal criteria, and the costs for coverage vary from one carrier to another, shop around annually to find the best rates given your particulars, and do so annually to ensure you’re still the best deal. Also be sure to take advantage of every discount to which you’re entitled, including for insuring your car and home with the same carrier, having an anti-theft device installed, driving fewer miles per year, and so on.
The Least-Expensive Vehicles To Insure For 2021
- Chrysler Voyager L: $1,272
- Honda CR-V LX: $1,285
- Mazda CX-3 Sport: $1,294
- Fiat 500X Trekking: $1,301
- Honda HR-V LX: $1,322
- Jeep Compass Sport: $1,324
- Mazda CX-5 Sport: $1,328
- Subaru Outback 2.5I: $1,330
- Subaru Forester 2.5I: $1,333
- Jeep Wrangler JL Sport: $1,339
- GMC Canyon: $1,350
- Hyundai Tucson SE: $1,353
- Honda Fit LX: $1,355
- Jeep Renegade Sport: $1,360
- Ford Escape S: $1,360
- Volkswagen Tiguan SE: $1,364
- Hyundai Kona SEL Plus: $1,369
- Ford F-150 XL: $1,370
- Honda Odyssey EX: $1,371
- Honda Pilot EX: $1,375
The Most Expensive Vehicles To Insure For 2021:
- Maserati Quattroporte S GranSport: $4,823
- Maserati Ghibli S Q4 GranSport: $4,208
- Tesla Model S Performance (Plaid): $4,143
- Tesla Model X Performance (Plaid): $4,025
- BMW M760i xDrive: $3,914
- BMW M8 XDrive: $3,907
- Audi R8 5.2L V10 Spyder Quattro: $3,863
- Nissan GT-R Nismo: $3,829
- Maserati Levante GTS: $3,803
- BMW M5 Competition xDrive: $3,777
- BMW 750xi: $3,748
- Audi S8 4.0T Quattro Plus: $3,724
- Porsche Panamera 4S Sport Turismo: $3,718
- Porsche Taycan Turbo 4S: $3,706
- Mercedes S560 4MATIC: $3,706
- Mercedes S63 AMG 4MATIC: $3,694
- BMW M850i XDrive: $3,648
- BMW Alpina B7 XDrive: $3,607
- Infiniti Q50 Red Sport 400: $3,484
- BMW 840i XDrive: $3,443
You can read the full report here.