The cheapest cars to insure in 2023
When shopping for a large purchase, like a car, it’s not surprising that consumers want to find the best deals. When trying to budget for a vehicle, you probably consider the overall price, especially if you plan to get a loan. You might also consider the resale value and the fuel efficiency, given the higher cost of gasoline. But not everyone considers insurance costs. Some vehicles cost more to insure than others and over time, insurance rates can add up. Bankrate assessed auto insurance rates for the most popular car models to determine the cheapest cars to insure.
The 10 cheapest cars to insure
The cost to buy a new vehicle has skyrocketed since 2020, although used vehicle prices have started to fall since their peak in 2021. With inflation still elevated and car insurance rates rising to keep pace, you may be wondering if cheap car insurance could help offset some of these increased prices. While buying a different vehicle to get cheaper car insurance may seem like a drastic step, it could be a practical one, especially if you’re already in the market for a new or new-to-you ride.
Below, we showcase the 10 cheapest vehicles to insure based on our assessment of average rates for 27 vehicle makes and models. For comparison, the national average cost of car insurance is $2,014 per year for full coverage. We’ve included the average full coverage premium, as well as the starting manufacturer suggested retail price (MSRP), for each vehicle (remember that the MSRP will vary based on the trim package and optional features). We also highlight the percentage of the MSRP spent on car insurance, so you can decide if the average premium makes sense for the cost of the car, especially when compared to your financial