Sport utility vehicles, otherwise known as SUVs, are a great compromise for those who want the functionality and persona of a truck but need the practicality of a minivan. However, the purchase price of the vehicle and the average cost of car insurance for an SUV can be much higher than coverage for regular cars and trucks. But some SUVs are cheaper to insure than others.
The average cost of car insurance is $2,692 per year, and the cheapest SUV to insure, the Ford Escape, costs about $2,417 annually to equip with "full coverage." Working together with a local independent insurance agent is an easy way to get set up with the best SUV insurance rates available. They'll help you get all the coverage you need for the right price. But first, here's a deep dive into SUV insurance.
What Is SUV Insurance?
SUV insurance is basically car insurance, but designed specifically to cover your sport utility vehicle. Since SUVs are larger and more expensive than a typical car, the cost of SUV insurance can be higher as a result. Coverage is designed to protect your vehicle with the value and features of an SUV in mind.
Does My SUV Need Specialized Car Insurance?
SUV insurance is fairly similar to regular car insurance. However, due to a few risk factors, premiums and coverage may differ from a standard car insurance policy.
Risks considered by SUV insurance:
- Size: SUVs are larger than normal vehicles and can cause more damage during a collision, resulting in higher coverage costs.
- Rolling risk: SUVs sit higher off the ground than a typical car and are more likely to roll, which increases their risk factor in the eyes of insurance companies.
- Expensive repairs: Repair costs for SUVs can be more expensive than those for a standard car.
So, if you've been wondering, "Are SUVs cheaper to insure than regular cars?" unfortunately, the answer is often no. You can expect to pay more for SUV insurance than you would for an auto insurance policy for a regular sedan. But an independent insurance agent can help you find affordable rates for SUV insurance near you.
Car vs. SUV Insurance
When it comes to car insurance for an SUV vs. a sedan, there can be a few differences. The biggest is the cost you'll pay for your premiums. Since SUV insurance considers the higher risk factors and higher value of SUVs vs. other cars, the insurance company must compensate by selling SUV insurance policies with higher premiums than regular car insurance.
There’s no universal definition of what qualifies a vehicle as an SUV. But some key SUV features can include off-road capabilities and raised ground clearance. Insurance carriers typically have a list of makes and models that they've identified as SUVs. If your vehicle is on that list, you will need SUV insurance.
What Does SUV Insurance Cover?
Just like regular car insurance, SUV insurance can come with collision coverage and liability coverage. Most "full-coverage" SUV insurance policies include a combination of the following:
- Liability coverage: This pays for bodily injury and property damage to someone else or their vehicle and/or property as a result of an accident that you're at fault for.
- Collision coverage: Pays for damage to your SUV from a collision with another object, regardless of fault.
- Comprehensive coverage: Pays for damage to your SUV due to a non-collision event, such as a flood or theft.
- Uninsured motorist coverage: This pays for damage to your vehicle or your injuries after an accident with another driver who is at fault, but does not have any or enough car insurance of their own to cover your damages.
- Personal injury protection: This pays for medical treatment for your own injuries or injuries to your passengers after an accident you're at fault for.
Working together with an independent insurance agent is a great way to get set up with all the SUV coverage you need. They'll also be able to provide you with more specific average SUV insurance costs.
How Does SUV Insurance Differ for an Old Car vs. a New Car?
When car shopping, there are two major factors that play a role in the price of insurance premiums. Whether you're buying a sedan or an SUV, these factors include:
- Safety: Since newer SUVs come with more safety features than their predecessors, a new SUV can be less expensive to insure.
- Value: An older vehicle isn't as valuable and is often cheaper to replace. This could cause an older SUV to be less expensive to insure.
An independent insurance agent can review a list of each vehicle you're interested in buying with comparative SUV insurance quotes.
How Much Does SUV Insurance Cost?
SUV insurance costs can vary based on many different factors, including the make and model, vehicle safety features, crash test ratings, and the price of parts. In general, SUV insurance is more expensive than regular car insurance. This is because there are a number of additional factors that insurance companies take into consideration when insuring an SUV:
- Higher injury potential: In an accident, you and your passengers are likely to suffer worse injuries in an SUV than in a sedan due to its higher center of gravity.
- Possible targets for theft: Unfortunately, SUVs are prime targets for theft since they are typically more expensive than sedans.
- Expensive to repair: Expensive cars are expensive to fix, so in the case of an accident, the repair bills will be higher to fix your SUV than a regular sedan.
Some of the cheapest SUVs to insure can get equipped with full coverage ranging somewhere between just under $1,400 and just over $2,100 per year. Despite SUVs typically being more expensive to insure than sedans, an independent insurance agent can still help you find affordable SUV insurance.
How Can I Save Money on My SUV Insurance?
Independent insurance agents can help you find ideal rates for SUV insurance. If you’re shopping around for a new SUV, there are some things you can do to help lower your potential premium, such as:
- Installing safety measures: Airbags, anti-lock brakes, parking sensors, and anti-theft alarms can help lower your premium.
- Choosing a high deductible: The higher your deductible, the lower your premium rate.
- Comparing quotes: Independent insurance agents will be able to help you find the best SUV insurance quotes available.
- Having good credit: Your credit score can affect your insurance premiums for any kind of car insurance, so be sure to maintain a healthy one.
- Buying an SUV that's cheaper to insure: Certain SUVs have lower insurance premiums due to a number of factors.
An independent insurance agent can help you find any discounts you may qualify for on SUV insurance.
The Cheapest SUVs to Insure by Make and Model
Not all SUVs have the same insurance rates. Here's a list of a few of the best SUVs for insurance premiums:
| SUV Make/Model | Annual Premium | |
|---|---|---|
| Overall cheapest SUV for insurance: | Ford Escape | $2,417 annually |
| Cheapest small luxury SUV to insure: | Acura RDX | $1,910 annually |
| Cheapest large luxury SUV to insure: | Infiniti QX80 | $2,562 annually |
| Cheapest midsize SUV to insure: | Jaguar E-Pace | $2,136 annually |
Other affordable SUV models to insure:
| SUV Make/Model | Annual Premium |
|---|---|
| Honda CR-V | $2,262 annually |
| Jeep Wrangler | $2,385 annually |
| Subaru Outback | $2,227 annually |
| Toyota RAV4 | $2,391 annually |
An independent insurance agent can help you review and compare SUV insurance quotes for any model you have your eye on.
Which Car Insurance Companies Sell the Cheapest SUV Insurance?
Rates for SUV insurance not only vary by vehicle specifications but also by the car insurance company. To save you time while hunting for the right coverage, we've compared rates from some of the best car insurance companies that sell SUV insurance. Start shopping for coverage by checking out one of these top-rated carriers.
| Jeep Grand Cherokee | Honda CR-V | Ford Escape | Subaru Outback | Toyota RAV4 | |
|---|---|---|---|---|---|
| Nationwide | $1,973 | $1,510 | $1,763 | $1,383 | $1,645 |
| Erie | $2,439 | $2,042 | $1,948 | $1,547 | $2,181 |
| USAA | $2,450 | $1,911 | $1,927 | $2,054 | $1,969 |
With a specific policy, the cheapest SUV to insure overall, from our findings, is the Ford Escape. A full-coverage SUV insurance policy for a Ford Escape from Nationwide averages just $1,763 annually, or just under $147 monthly.
How to Find SUV Insurance Quotes
Local independent insurance agents can review your needs and help you evaluate which type of SUV insurance makes the most sense for you. They'll also compare policies and quotes from multiple SUV insurance carriers to make sure you’re properly protected. They'll provide you with SUV insurance quotes that combine the best coverage and cost available.
The Benefits of an Independent Insurance Agent
Insurance policies are complex, and searching through options can be confusing, time-consuming, and downright frustrating. An independent insurance agent's role is to simplify the process for you. They’ll make sure you get the right coverage that meets your unique needs and will break down all the jargon, so you understand exactly what you're getting.
Sources
https://www.bankrate.com/insurance/car/suv-insurance/
https://insuraviz.com/luxury-suv-insurance-rate-comparisons/
