The Chevy Malibu is a midsize family car with a sleek exterior design. It’s been in existence for over a century and remains a popular option for those looking for a reliable vehicle with a comfortable interior and a snazzy exterior. If you own a Chevy Malibu or you’re planning on purchasing one, it’s useful to learn more about this handsome car’s cost of insurance. Keep reading to find out what you can expect to pay for insurance if you drive a Malibu.
History of the Chevy Malibu
The Chevy Malibu has a long history of being one of the most practical and stylish family cars on the road. First introduced in 1964, it began as a simple family sedan but quickly became Chevy’s premium sedan and was highly sought-after. In the first four years of its existence, it steadily increased its horsepower and added a range of different styles. Chevrolet discontinued the car in 1983 but brought it back in 1997 with a brand-new design. Now in its ninth generation, the Malibu continues to impress, with a variety of modern technology and convenient features.
Average Chevy Malibu Insurance Cost
The Chevy Malibu costs an average of $1,574 a year to insure for drivers seeking full coverage, according to insuraviz. This averages out to about $131 a month and includes collision coverage, which pays for any damage to your vehicle if you’re involved in an accident, and liability and medical coverage, which covers the damages you’re at fault for. It also includes comprehensive coverage, which covers the cost to repair or replace your vehicle if it’s stolen or damaged in an incident that isn’t related to an accident.
Collision coverage for a Malibu is around $608 a year, while liability and comprehensive coverages are $584 and $382, respectively. Most states require drivers to have at least liability coverage, although full coverage can offer substantial financial protection if you’re involved in an accident or your vehicle gets damaged.
Factors Affecting Insurance Cost
There are numerous factors that can affect the amount you pay for the insurance on your Malibu. When you speak with an insurance provider, they develop a driver profile to use to determine the rates to charge you. This allows them to price quotes more accurately. Here are the factors that can impact your insurance rates:
Year
The year of your Malibu often plays a big role in your insurance rate, as older models are generally less valuable, depreciate slower, and cost less to insure than newer models with more features and expensive technology. For example, insurance on a 2010 Malibu costs $1,138 per year, while a 2020 Malibu costs $1,384. This difference becomes even more apparent with models that are even older.
Age
Your age can also affect the rate an insurer charges you. Teenage drivers pay the most for insurance, as they’re inexperienced on the road and account for a majority of traffic fatalities. For full coverage, you can expect to pay $5,706 per year for a 16-year-old driver, $5,294 per year for a 17-year-old driver, and $4,934 per year for an 18-year-old driver. Here are the insurance costs for a 2022 Malibu based on different age categories:
- Age 20: $3,106 per year
- Age 30: $1,644 per year
- Age 40: $1,574 per year
- Age 50: $1,434 per year
- Age 60: $1,404 per year
Trim Level
Higher trim levels tend to have more features that increase the value of your Malibu and may result in higher insurance premiums. Typically, base-level trims with the most basic amenities have the lowest insurance premiums, while higher trims with more luxury features have higher monthly premiums due to their higher prices. The following shows the average insurance cost based on trim level for full coverage:
- 2022 Chevy Malibu LS Sedan: $1,482 per year
- 2022 Chevy Malibu RS Sedan: $1,516 per year
- 2022 Chevy Malibu LT Sedan: $1,576 per year
- 2022 Chevy Malibu Premier Sedan: $1,716 per year
Insurance Provider
The cost of your insurance is often highly dependent on the insurance provider that you choose. Each provider may set slightly different rates, depending on their typical customer. According to the Zebra, Nationwide offers the cheapest insurance to Malibu owners, based on 2020 data. Here are the average annual costs you can expect from some of the nation’s top insurers:
- Nationwide: $1,283 per year
- USAA: $1,331 per year
- GEICO: $1,486 per year
- State Farm: $1,520 per year
Driving record
Malibu drivers who have a history of driving violations, speeding tickets, or accidents generally pay more for their insurance than those with a clean record. For a 30-year-old driver, purchasing high-risk insurance can lead to a rate increase of up to $1,900 or more per year, on average. That rate is likely to increase even more for younger drivers.
Chevy Malibu Insurance Costs Compared To Other Cars
Insuraviz ranks the Chevy Malibu seven out of 13 total midsize cars in its class when it comes to insurance costs, making it about average. Insurance for it costs less than the Honda Accord, Nissan Altima, and Tesla Model 3, but more than the Toyota Camry. The Malibu’s average insurance cost is also less than the national average of $1,738, making it an appealing option if you want to save on insurance.
However, your geographic location can also affect your insurance rates. If you live in a more heavily populated state like California or New York, you’ll likely have higher fees than if you reside in states like Iowa or Maine.
How To Save on Insurance as a Malibu Owner
If you have an older Malibu, making the decision to remove physical damage coverage to your vehicle can help you save money, depending on your age and the level of physical damage deductibles your insurer provides in their car insurance policy. The lower the deductible you choose, the higher your insurance rates will be. You can also save by seeing if your insurer offers discounts to individuals in your chosen profession.
Now that you’re more acquainted with the insurance cost of a Chevy Malibu, you can hopefully make a more informed decision when choosing a provider. Car insurance is a necessity for your Malibu, and it’s crucial that you decide on a provider that can best meet your needs.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.
