The make and model of your car are just some of the factors that determine the cost of the insurance policy, as certain vehicles are more risky due to their value and power, but the choice of insurance company can guarantee a lower rate, regardless of the type of vehicle.
You don’t have to be an auto insurance expert to know that the policy price of a new luxury model will be higher than a used one of a popular brand, but there are many other factors to analyze when choosing and calculating the total cost of owning and maintaining a vehicle.
We already know that overall auto insurance prices will increase more in 2023 than they have in the last 6 years due to the rising cost of repairs and claims for theft and accidents, but few drivers do a brand-by-brand analysis and make decisions that seriously affect personal finances, especially for young drivers.
To help make smarter decisions, Guide Auto studied the 10 most expensive brands to insure. Leading the way are Dodge, Tesla and BMW, while the most affordable in cost is Mazda.
Of course, that is only one of the factors to take into account when comparing insurance costs. It is always advisable to constantly shop around and compare quotes from various providers to find the most suitable and cheapest types of coverage.
And while you can buy a minimum coverage policy that simply includes the basics – bodily injury and property damage liability insurance – experts always recommend that you buy more.
Top 10 most expensive car brands to insure
While Dodge is one of America’s oldest automakers, today it’s known primarily for offering high-powered, high-speed cars. That’s part of the reason the Insurance Institute for Highway Safety (IIHS) found that insurance losses for the Dodge Charger are about 110% higher than average, with other Dodge models following close behind. When taken together, Dodge models are the most expensive cars to insure among the leading brands in the United States. The average cost to insure a 2022 Dodge model is $354 per month or $4,242 per year. That’s about 145% higher than the national average for a full coverage policy, which is currently $144 per month or $1,730 per year.
The No. 1 selling electric car brand, by sales, is also one of the most expensive to insure. The IIHS found that models like the Tesla Model X are expensive to repair after collisions, which partly explains why they are expensive to insure. Given that EV models use parts that are hard to find and often expensive, it’s not surprising that Tesla’s have high insurance rates.
The national average cost to insure a 2022 Tesla model is $251 per month or $3,007 per year. That’s nearly a 74% increase from the national average cost for full coverage insurance.
The German brand prides itself on producing “The Ultimate Driving Machine” so the high cost of insurance should come as no surprise since high-end and luxury models always cost more to insure overall. The average cost to insure a BMW is $195 per month or $2,337 per year, which is 35% higher than the national average.
Toyota’s luxury division ranks as the fourth most expensive brand to insure. While both the Lexus ES 350 and Lexus IS were 2022 Top Safety Pick+ winners from the IIHS, insurance rates for this luxury brand are not cheap. The average cost to insure a Lexus is $189 per month or $2,273 per year.
GMC is a division of General Motors (GM) that manufactures pickup trucks and utility vehicles such as the electric HUMMER EV. As the fifth most expensive vehicle to insure, the average cost of auto insurance on a 2022 GMC model is $184 per month or $2,207 per year.
Ram, part of the Stellantis Group, is known for its heavy-duty pickup trucks. The IIHS found that pickup trucks and SUVs are proportionally more likely than cars to be involved in fatal single-vehicle crashes, usually rollovers.
The Japanese brand with models such as the sporty Nissan GT-R and the new generation Z, as well as the all-electric Nissan Leaf, has an average insurance cost of about $167 per month or $2,004 per year.
This is the other Korean brand included in HLDI’s list of top auto theft targets. Many 2015-2019 Hyundai and Kia models do not have electronic immobilizers, which prevent thieves from starting the car without the proper key. Average insurance costs for 2022 Kia models amount to $164 per month or $1,968 per year.
The Japanese brand’s models have an average annual cost of $164 per month or $1,964 per year for 2022 models. This is about 13% higher than the national average. However, if you’re looking for a full coverage policy, the top 5 U.S. insurers offer rates that are below the national average for Toyota 2022 models.
Top 5 Cheapest Car Makes to Insure
According to Quadrant Information Services, Mazda ranks as the least expensive brand to insure. Mazda 2022 models have an average annual insurance rate of $138 per month or $1,658 per year for full coverage policies, which is about 4% less than the national average.
The brand that invented “the people’s car” is the second cheapest brand to insure, with 2022 models averaging an annual rate of $142 per month or $1,707 per year. While this is only 1% less than the national average, average rates from major providers are significantly lower for Volkswagen models.
On average, insurance premium costs for 2022 Subaru models are around $146 per month or $1,752 per year. However, it is relatively easy to compare quotes and get reduced rates on Subaru insurance coverage.
While it is the fourth cheapest car brand to insure, the average cost of Jeep insurance still stands at $153 per month or $1,833 per year. Keep in mind that you can find significantly different rates for models like the Wrangler than for the Jeep Grand Cherokee or Compass.
On average, it costs $156 per month or $1,869 each year to insure a 2022 Honda model. While this is higher than the national average, there are many reputable insurance companies that offer cheaper prices for full coverage car insurance.
Which insurers have the best options
According to the Guides Auto study, State Farm and Geico insurers offer the best options overall, thanks to quality coverage options, affordable rates and positive customer reviews.
State Farm offers incentives and additional services such as rental car reimbursement and roadside assistance, along with other options. State Farm also allows policyholders to enroll in a telematics insurance program known as Drive Safe and Save™ that could provide up to 30% on your premiums if you are a prudent driver.
For its part, Geico “is an affordable provider for most drivers, offering consistently low rates and relatively strong customer service,” the Guides Auto study concluded. “Geico offers all the standard types of insurance along with valuable additional services, such as mechanical breakdown insurance and auto rental reimbursementd. Plus, you can save on insurance costs with DriveEasy, Geico’s usage-based insurance app.”
Meet Ellie Gibson, an accomplished automotive author and industry expert based in the United States. With over a decade of experience in the automotive field, Ellie has a deep understanding of the latest technologies and trends in the industry. She has written several books on the subject, including “The Future of Electric Cars” and “The Evolution of the Automotive Industry.” Her books are widely considered to be must-reads for anyone interested in the field, and she is often sought after as a speaker and commentator on automotive industry topics.
Ellie is also a regular contributor to leading automotive publications and websites, where she provides expert analysis and commentary on the latest industry news and developments. In addition to her work as an author and industry expert, Ellie is also an avid car enthusiast and enjoys participating in motorsports events. She is passionate about educating the public about the latest advancements in the automotive industry and enjoys helping people make informed decisions when purchasing a vehicle.