Whether you’re purchasing a new vehicle or looking for a better rate on your existing policy, you want to ensure you don’t overpay for auto coverage. Finding the right SUV insurance at the right price can be tricky. Use our guide and some tips from the experts, so you can find the policy you need without breaking the bank.
Size Matters to SUV Insurance Providers
If you believe that large vehicles are more costly to insure, you’re right. Smaller SUVs and crossovers have some of the most affordable rates of any vehicle type. Our research revealed that auto insurance rates for SUVs under 106.5 inches long were $198 less per year than the average policy for larger models.
The primary reason pint-sized vehicles come with lower premiums is that they are typically less expensive to repair. Because of these savings, comprehensive and collision insurance claims for compact SUVs are often less costly for the carrier, which means you’ll pay less on average: $2,893 for a small vehicle and $3,091 a year for a large model. However, because of an SUV’s imposing size, the minimum state liability portion of your premium may end up costing you more than if you drove a sedan.
Sticker Prices Affect SUV Insurance
Your SUV’s repair costs aren’t the only factors that determine how much your insurance carrier will charge you for coverage. The most economical SUVs have the lowest auto insurance rates — up to 11% less than the most expensive vehicles. The five cheapest SUVs to insure have a starting price tag that ranges from $21,220 to $25,245:
- Honda HR-V ($2,681 for an annual premium)
- Hyundai Tucson ($3,037 annually)
- Chevrolet Equinox ($2,842 annually)
- Subaru Forester ($2,913 annually)
- Volkswagen Tiguan ($2,904 annually)
You can save a few dollars on your SUV insurance by avoiding high-end luxury editions. The five costliest models to insure come with a hefty sticker price, costing between $32,550 and $39,990:
- Tesla Model Y ($4,296 for an annual premium)
- Toyota 4Runner ($3,153 annually)
- Toyota Highlander ($3,046 annually)
- Ford Explorer ($3,037 annually)
- Honda Pilot ($2,811 annually)
What Is the Cheapest SUV to Insure?
The Honda CR-V is the cheapest SUV to insure. With a list price of $25,102, it will cost you an average of $2,346 a year to insure. That premium is 21% less than the typical full coverage policy of $2,975 annually. Next in line are the Honda HR-V and the Chevrolet Traverse. Both rank close behind the Honda CR-V for affordable insurance, with rates of $2,681 and $2,760, respectively.
Do Safety Features Matter with SUV Insurance?
Honda released the 2022 CR-V with plenty of standard driver assistance features like forward collision warning, road departure mitigation, and lane-keep assist. With these advanced driver assistance features, The Insurance Institute for Highway Safety (IIHS) gave this SUV its highest score of Good in five crash test trials. However, does that performance translate into annual savings on your insurance policy? Yes, it does.
According to Business Insider, a full suite of advanced safety features can drop car insurance premiums by as much as 10%. This equipment has significantly reduced the number of car accidents by up to 25% and lessened the severity of injuries and property damage. The IIHS reported that forward collision warning with the help of automated emergency braking reduced rear-end collisions by 50%, while blind-spot monitoring prevented 14% of lane-change crashes.
Because of these exciting technology trends, auto insurance companies are more willing to offer discounts than ever. Even cost-effective SUVs like the ones Honda makes tout an extensive list of driver-assist systems, as automakers perfect these technologies.
Which Company Offers the Cheapest SUV Insurance?
Drivers will want to start the quoting process with State Farm. It’s the largest auto insurance provider in the country. We found that this carrier consistently provides the cheapest rates for SUV insurance overall. You can expect to receive a quote from State Farm that is 53% less on average than other major auto insurance providers. For example, to insure a Honda CR-V, you’ll pay just $1,265; the Honda HR-V runs $1,347, and the Chevrolet Traverse is $1,390 with this industry giant.
If you have a less than perfect driving record, State Farm is still your top choice for affordable SUV insurance. It offers the lowest average insurance rates after a speeding ticket, accident, and even a DUI. Data shows that the average rate hike for a single speeding ticket is 23%, while State Farm typically increases their rates by just 11%.
State Farm also has a terrific tool on its website that allows users to check auto insurance ratings for specific SUVs. The company uses its extensive claims data to create liability rating, collision damage, and theft indexes to help calculate its premiums and formulate vehicle safety discounts. With this feature, you’ll be able to see how SUVs on your must-test-drive list will affect your costs.
It’s still worth your time to compare quotes from multiple companies. Insurance providers evaluate vehicles in a similar manner. However, you’ll get a rate based on your individual driving history and other personal details. For example, while State Farm may charge $1,408 for one year of full coverage insurance for your SUV, American Family might bill you $1,964, and Progressive charges its customers a whopping $2,423 on average.
How To Lower Your SUV Insurance Premium
There are many ways to lower your SUV insurance premium. Since your rates depend on multiple factors related to both you as the driver and your vehicle, you can influence what you pay. Talk with your agent if you’re not sure what goes into your rates, then follow up with action. Some best practices for getting lower auto insurance premiums include:
- Purchase a cheaper vehicle.
- Select an SUV with good safety ratings.
- Keep an eye on your credit standings.
- Maintain a good driving record.
- Ask for a higher deductible.
- Drop unused coverages.
- Bundle auto and homeowner policies.
- Take advantage of discounts.
Don’t pay more than you have to for SUV insurance. Use our guide to find the cheapest models and policy providers in the industry. We did the research, so you don’t have to.
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.
