Finance
These 10 cars are the cheapest to insure
Buy a car that’s cheaper to repair to save on insurance costs. (iStock)
Budget-conscious consumers can spend less on car insurance depending on the type of vehicle they own, a recent report said.
Insurance costs have skyrocketed in the last few years as inflation has driven up the costs of auto repairs and drivers submit more extensive claims. However, the car’s make and model can significantly affect the amount of money it costs to insure it, according to a Mercury Insurance report.
“One of the most important aspects when researching your ideal vehicle is to consider the total cost of ownership, in which insurance plays an important part,” Mercury Insurance Director of Product Management R&D Chong Gao said. “Plenty of vehicles are known to have lower repair costs, which means they could also cost less to insure. Mercury has put together this list to help savvy consumers know where the best savings can be found.”
These are the top 10 most affordable makes and models to insure:
- Chevrolet Spark
- VW Golf
- Hyundai Accent
- Toyota Prius Prime
- Mitsubishi Mirage
- Volvo S90
- Mazda 3
- Nissan Versa
- Hyundai Venue
- Kia K5
If you want to save on car costs, consider changing your auto insurance provider for a lower monthly rate. Visit Credible to shop around and find your personalized premium.
INFLATION IS WHY MANY AMERICANS PLAN TO DELAY RETIREMENT: SURVEY
Drivers in these states pay more for insurance
Where you live may also impact how much you pay for insurance, according to a recent report from the Zebra. For example, states more affected by climate-related disasters have seen a higher incidence of insurance providers pulling out or writing new policies, leaving buyers with fewer options for insurance shopping.
Florida and Louisiana top the list of states with the highest annual premiums. Drivers here pay an average premium of over $2,700 per year. That’s 47% more than the national average.
Drivers in Vermont and Idaho pay the least, with annual premiums registering 35% below the national average. Drivers in 19 states now spend an average of more than $2,000 a year on auto insurance premiums.
Are you shopping around for new auto insurance? The Credible marketplace can help you compare multiple providers and find your personalized rate in minutes without affecting your credit score.
83% OF AMERICANS CONSIDER HOMEOWNERSHIP AN ESSENTIAL LIFE MILESTONE: SURVEY
Gas prices are too high, still
Another significant expense that drivers continue to deal with is gas prices. Gas inflation has moderated some, but drivers said they spend roughly $1,712 annually to fuel their vehicles, about 37% more than they want to pay, according to a recent American Trucks study.
The national average price for fuel for most of this summer is forecasted to remain in the mid-$3 per gallon range, with potentially tens of thousands of stations falling below $3 per gallon throughout the next several months, according to a GasBuddy forecast. Notwithstanding the break they are getting at the pump, 23% of Americans still plan to hold back on summer travel and road trips due to gas prices, and millennials are the most likely to curtail their travel plans.
If you are struggling with the rising cost of car ownership and want to save money, you could consider finding a new auto insurance provider to lower your monthly premium. Visit Credible to compare multiple car insurance providers at once and choose the one with the best rate for you.
HOUSING AFFORDABILITY TOP CONCERN FOR YOUNGER VOTERS THIS PRESIDENTIAL ELECTION: SURVEY
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
Instead adds AI-driven tax reports
Half of accountants expect firms to shrink headcount by 20%
What Trump, Harvard battle over international student visas may cost
New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
The Essential Practice of Bank and Credit Card Statement Reconciliation
Are American progressives making themselves sad?
-
Blog Post1 week agoCommon Bookkeeping Challenges and Solutions for Small Businesses
-
Personal Finance1 week agoWhat the national debt, deficit mean for your money
-
Personal Finance1 week agoHow to save on summer travel in 2025
-
Personal Finance1 week agoDenmark raises retirement age to 70; U.S. might follow
-
Finance1 week agoWhy JPMorgan hired NOAA’s Sarah Kapnick as chief climate scientist
-
Economics1 week agoPeople cooking at home at highest level since Covid, Campbell’s says
-
Economics7 days agoElon Musk’s failure in government
-
Economics3 days agoJobs report May 2025: