Comparing Insurance for Different Vehicle Types: Cars, Trucks, and SUVs
When you prepare to purchase a new or used vehicle, comparing car insurance rates by vehicle type is helpful. Several factors influence premium rates. Not only do insurers consider the driver’s history, but also the vehicle they are planning to insure.
Do insurance rates differ by vehicle type? The answer is yes. SUV vs car vs truck insurance rates will vary. By comparing car insurance rates, you can make the best decision about the type of vehicle you want to purchase based on your budget.
Understanding How Vehicle Types Impact Premiums
Many factors go into determining the overall cost of annual auto insurance premiums. Knowing this can help you choose the best car insurance company. Luxury or sports vehicles are more expensive to repair, and sports cars encourage faster speeds, making them cost more to insure. Trucks will cost more simply because they are usually worth more, making them more costly to replace.
Vehicles that are larger may be more expensive to cover because they can do more damage in an accident. Certain makes and models have pricier parts, which can impact costs your insurer may have to cover. Any vehicle that has unique, upgraded, or luxury components will cost more to repair or replace the special parts.
The following list contains the annual average cost of coverage for the various types of vehicles in the United States.
- Subcompact SUV: $1,298
- Compact SUV: front-wheel drive: $1,292
- Medium-sized SUV: 4-wheel drive: $1,296
- Pickup truck (midsize): $1,313
- Large pickup truck: $1,379
- Sedan (small): $1,353
- Sedan (medium): $1,403
- Hybrid vehicle: $1,365
- Electric vehicle: $1,381
Safety Features and Their Effect on Your Wallet
Safety features may cost you a bit more when purchasing a vehicle, but they can save you on your insurance premiums. Adjusters use the safety ratings of a vehicle as one factor in determining the annual cost. When your car has more safety components, such as blind spot monitoring, forward collision warning, backup cameras, and more, it reduces the chances of getting into an accident. That is good news for the insurer because there is less of a probability that they will have to pay for extensive damages due to an accident.
Consequently, your rates may be cheaper. However, since technological features can be costly to repair if an accident occurs, the cost of your insurance may only be moderately less.
Size and Damage Potential: A Pricing Factor
You may be wondering why trucks cost more to insure than SUVs and sedans. The size of trucks is one factor that affects premium costs. There is much more to repair when an accident occurs. The doors, quarter panels, etc., require more material simply because of their larger size. Also, auto technicians may need special equipment and parts to repair a damaged truck.
Trucks also usually cost more than other vehicles, increasing their coverage rates. When the purchase price of a vehicle is higher, it will be more costly to replace if it gets totaled.
The potential for damage is also a consideration when adjusters determine vehicle coverage costs. Larger vehicles can cause more damage, while some smaller cars are at greater risk for serious damage if they get into a wreck. All of these factors contribute to creating the premium cost.
Unraveling the Insurance Costs for SUVs
SUV car insurance is generally less expensive than other vehicles except for lower-trim sedans. In most cases, SUVs are cheaper to fix and considered safer than other vehicles due to their size, weight, and safety features. A few of the least expensive SUVs to cover are as follows:
- Mazda CX-3 Sport: $1,324
- Honda CR-V LX: $1,333
- Jeep Wrangler Sport: $1,334
However, one exception that can drive up the price of SUV insurance is if it is electric. Electric vehicles (EVs), even SUVs, will likely cost more for coverage. In time, as more people start driving EVs, the price to insure them should decrease.
Sedan Insurance in the Current Market
Sedan insurance in this current market is reasonably priced. Sedans remain an affordable option for individuals who want to keep coverage costs down. Of course, the high-end models will typically have higher rates than the economy, entry-level model. This is because higher trim levels often have luxury interiors, special components, and added safety features. Electric sedans can also cost a bit more to cover.
Popular sedan models will have higher rates than cars that are not as desired in the current market. One reason for this is that the more popular sedans may have higher theft rates.
Other factors that help determine the rate for sedans include safety ratings, repair costs, and theft rates. Many newer cars have safety features like backup cameras, which help lower coverage costs.
Although economical sedans will generally be less expensive than many other vehicles, it’s best to get a quote from an agent because other things also affect cost. If you have a luxury sedan or sporty trim level, it could impact the cost.
Wondering if your car model affects insurance premiums? Following is a brief list of car insurance rates by make and model. This list will give you an idea of the general costs. Of course, it’s best to check with an agent for the exact amount.
- Chevrolet Sonic will cost roughly $867 to insure for six months
- Ford Fusion is approximately $713 for six months
- Nissan Versa costs about $705 for six months
- Volkswagen Jetta is approximately $704 for a six-month policy
- Dodge Challenger is about $1,750 for six months
Truck Insurance Insights: What to Expect
Trucks will generally be the most expensive vehicle to insure. Some of the factors that adjusters use when calculating the premium amount are as follows:
- Liability rating index
- Damage and theft index
- Collision damage index
- Vehicle safety discounts
These indexes and discounts are used to calculate the coverage amount for all vehicles. However, when the various calculations are complete, trucks usually come out higher.
Luxury vs. Economy: The Divide in Insurance Costs
Luxury vehicles are made with higher-end materials, making them more expensive to replace when damaged. Some luxury cars require special skills to repair, driving up the repair costs even more.
These vehicles may also be targeted more frequently for theft, further elevating costs. When a luxury car is totaled or stolen, the replacement value is higher than for an economy car. In contrast, economy cars usually don’t cost as much to fix or replace, leading to lower insurance costs.
Get A Quote for Your Car, SUV, or Truck from Acceptance
Whether you’ve just purchased a new vehicle or are on the verge of doing so, take a few minutes to get a quote from Acceptance. With the new year, find new car insurance. Comparing rates by vehicle type can guide you in managing your budget effectively. And it might be a factor in your purchasing decision. It pays to know what you’re getting into up front.
Reach out to our experienced policy advisors to obtain a fast, free auto insurance quote today. It’s easy to switch your policy to Acceptance. At Acceptance, our agents are standing by to discuss any concerns you may have. They will ensure you get the best coverage at the most affordable price. Contact us by phone at (877) 405-7102, visit one of our many locations, or get a quote online.
Frequently Asked Insurance Rate Questions
Which Tends to Be Cheaper to Insure: SUV, Car, or Truck?
In most cases, cars are the least expensive to insure unless they’re high-end luxury or sports cars. SUVs are next on the list for low costs, with trucks being the most expensive to cover.
Can Trim Levels on the Same Model Affect Insurance Rates Significantly?
Higher trim levels will sometimes have more luxury features, making them more costly to repair. However, the added safety features on higher trim levels could balance things, making any increases insignificant.
Do Hybrid and Electric Vehicles Offer Different Insurance Rates?
Yes. Hybrid and electric vehicles will typically have higher rates than their gas-powered counterparts. Additionally, EVs have higher costs than hybrid vehicles because of unique risks and higher costs to repair them.
Can the Vehicle’s Intended Use (Personal, Business, Off-Road) Change the Insurance Rates?
Yes. Using vehicles differently can increase or decrease the risk of an accident. Typically, personal-use vehicles have lower premiums because they are usually driven less. Business-use vehicles also may have more unpredictable travel patterns. Off-road vehicles may need a special policy.
How Do Location and Local Laws Influence Insurance Rates for SUVs, Cars, and Trucks?
Where you drive your auto can play a part in how much you will pay to insure it. For example, places that are more congested generally have higher accident rates, leading to increased premiums. Rural areas will have lower coverage costs because there is less traffic on the road. Local laws regarding minimum coverage requirements or no-fault rules can also impact rates.
