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Car insurance estimate by make and model
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Shopping for a new car is exciting and an ideal time to reevaluate your budget. After all, you don’t want to buy a new car only to find that your updated insurance rates are out of reach. Before heading to the dealer, it might be a good idea to research insurance companies and gather quotes. Bankrate can help. We’ve reviewed the average premiums across various vehicle makes and models to assist you in finding the perfect ride.
Why some cars cost more to insure than others
It may be a common myth, but the color of a car is not a determining factor in car insurance rates. Body style, however, can have a considerable impact on your car insurance bill. The size of a vehicle, safety ratings and cost of parts required for repair are determined in part by body style. Common body styles include coupes, crossovers, hatchbacks, sedans, SUVs and trucks.
Coupe-style bodies may cost more to insure, as they are associated with sports cars and other types of vehicles capable of faster speeds and riskier driving behaviors. Four-door sedans could cost more, as well. Statistically, they are more likely to be involved in accidents than any other vehicle, aside from light trucks (which also may cost more to insure). Vans may be cheaper to insure because data show they are less likely to be involved in an accident. Large vehicles like vans and SUVs could be less likely to sustain as much damage if they are involved in a crash, too.
Insurance rates also take into account the average cost to repair a vehicle based on its make and model. Vehicles with sports-car-style bodies or luxury trim options can cost more to insure for this reason. Likewise, cars that utilize parts that may be difficult to obtain or install could be more expensive to insure — like electric cars, for example. Cars with high theft rates are also likely to demand a higher premium (for comprehensive insurance, specifically).
Car insurance averages by make and model
To help you evaluate the best car insurance companies, Bankrate’s insurance editorial team used data provided by Quadrant Information Services to identify average premiums for popular vehicle makes and models. These average rates are annual premiums for full coverage and minimum coverage insurance. Your rate may be higher or lower based on your driving history, where you live and the type of coverage you need.
|Model||Average annual full coverage premium||Average annual minimum coverage premium|
|Tesla Model 3||$2,577||$605|
How to get car insurance estimates
To get an accurate auto insurance estimate, you may want to follow these car shopping steps:
- Narrow down your vehicle choices: Before you start test driving cars, think through your needs. Can you get by with a coupe, or do you need something larger to accommodate your family? Do you need a truck to haul materials or tow your toys? Once you determine your needs, narrow down your car choices, especially the make and model. Have your top three vehicles in mind before requesting insurance quotes. Note that you do not need the vehicle identification number (aka VIN) to get quotes, but having this information can improve the accuracy of quoted rates.
- Decide how much coverage you need: If you are purchasing a car outright, you probably have more flexibility when choosing which type(s) of coverage to purchase. But if you are financing or leasing the vehicle, your lender may require full coverage insurance, which typically means comprehensive and collision coverage on top of liability. For leased vehicles, you may be required to carry higher liability limits, too. When getting quotes, let the insurance agent know if you plan to finance, lease or pay cash for a new car. That way, the agent can discuss coverage requirements and how those requirements affect rates.
- Get quotes for the same coverage: Lastly, it is time to request quotes. The cheapest car insurance companies might be a good place to start. Remember, getting quotes from several different companies for the same coverage options can help you make a fair comparison.
Other factors that influence your car insurance rate
The make and model of the car you buy are not the only criteria auto insurance companies use to determine your rate. Other factors include:
- Coverage: The type of coverage and deductible you choose will also influence how much you pay for car insurance. Liability insurance, which covers other drivers’ costs if you are found at fault for an accident, is typically the base level of coverage and is required in almost every state. However, you may elect higher liability limits than what’s required by law for more financial protection and an additional premium. Adding on coverage types like medical payments, comprehensive coverage and collision coverage will affect your premium, as well. Essentially, the more coverage selections you choose and the higher the coverage limits, the more you will pay for insurance.
- Location: The state you live in and, in most cases, the ZIP code that you live in matters when it comes to car insurance costs. Geo-specific crime rates, population density and crash statistics are considered in setting premiums in most states.
- Personal information: Your age, gender, marital status, credit score and driving history can be used to determine your rate in most states. If there are other drivers in the household, their information matters, too. Keep in mind that Hawaii, California, Massachusetts, Michigan, North Carolina and Pennsylvania prohibit the use of gender to determine car insurance rates. In addition, the following states ban or restrict the use of credit scores to determine car insurance premiums: California, Hawaii, Massachusetts and Michigan.
- Vehicle use: How you use your vehicle can impact your rates. Statistically, drivers who spend more time on the road are more likely to be involved in an accident. As such, insurance companies usually charge less for low-mileage drivers.
- Your claims history and driving record: Of all the factors car insurance companies consider to determine your premium, your driving history may be among the most significant. Carriers review the type of driving activity listed on your motor vehicle report (MVR) and comprehensive loss underwriting exchange (CLUE) to determine the statistical likelihood that you will file a claim in the future. Drivers who are ticketless and accident-free are awarded some of the lowest premiums — and they might earn a safe driving discount, too.
- Your prior insurance history: Just one lapse of insurance may cause a spike in your premiums (and leave you financially vulnerable if you are unlucky enough to be involved in an uninsured accident). Maintaining continuous insurance can help keep your car insurance costs down.
How to save on car insurance
Employing money-saving strategies when purchasing a new car is a great way to stay on budget. Here are a few more ways to save on car insurance:
- Ask about discounts. Insurance companies offer discounts as a way to lower car insurance prices. Most can be stacked together to maximize savings, so make sure you ask about any you are eligible for to get the best car insurance estimate.
- Be a safe driver. People with good driving habits tend to get into fewer accidents and avoid getting tickets, which can make you eligible for additional discounts and keep rates low.
- Consider increasing deductibles. Increasing your deductible can help you save on your premium and prevent you from making small claims, which could affect your car insurance costs. Generally, the higher your deductible, the lower your premium. However, remember that your deductible is your responsibility to pay out of pocket in case of a claim. So make sure that you can comfortably afford a higher deductible first.
- Shop around. Even if you get quotes for the same coverage types, you will likely get a different price for car insurance from each company. Carriers have their own formulas to determine rates, so one may be more expensive than the other for the same coverage.
- Consider bundling. Carrying your homeowners and auto insurance with the same company may save you money via a bundling discount.
- Ask for a telematics discount. Many major car insurance companies offer a discount if you install a telematics device in your vehicle. A telematics device records your driving habits and reports them to your insurer. If the device shows you are a low-risk driver, your company may offer you savings. Keep in mind that, with some companies, this can work both ways, and demonstrating unsafe driving habits can also potentially raise your rates.
Frequently asked questions
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Model: To determine cost by vehicle type, we evaluated our base profile drivers with the following vehicles applied: BMW 330i, Ford F-150, Honda Odyssey, Toyota Prius, Honda Civic, Dodge Ram, Chevrolet Silverado, Tesla Model 3, Jeep Wrangler, Ford Escape, Subaru Outback, Dodge Challenger, Nissan Rogue, Cadillac Escalade, Toyota Tundra, Audi Q5 and Toyota Camry.
These are sample rates and should only be used for comparative purposes.