Tesla Model 3 The most expensive vehicle in the United States to insure

Electric vehicles are generally more expensive to buy than their internal combustion counterparts – a major factor when purchasing a new vehicle.

The Tesla Model Y was the second most expensive “popular” vehicle to insure in the United States, behind the Model 3.

However, what you’ll pay to make sure a new sedan or utility vehicle plays a role in how much vehicle a buyer can afford. New study from QuoteWizard, an insurance price comparison site, reveals the most expensive “popular” vehicles to insure are also electric vehicles: the Tesla Model 3 and Model Y respectively.

Model 3, which started in the low end of $ 40,000, costs an average of $ 2,830 per year for full coverage. The Model Y is not far behind at $ 2,658. “Insurance for the Model 3 and other Tesla vehicles is so expensive because as a luxury car, Tesla are more expensive to repair and are a more attractive target for thieves, the website noted.

The rest of the top five include: Hyundai Sonata ($ 2,332), Kia Forte ($ 2,328) and Hyundai Elantra ($ 2,295). While Teslas being luxury vehicles have made them the target of thieves, helping to drive up the costs to insure them, there are other factors at play, the website noted.

Vehicles with powerful engines are generally more expensive to insure because they “are more likely to cause damaging high-speed collisions than most other types of vehicles.” The cost of repairing a vehicle also affects the amount charged to the owner for insurance.

The cheapest

At the other end of the spectrum is the Subaru Forester, which averaged $ 1,760 to insure. Subaru’s tend to have good safety records, which is an appeal to buyers who are generally more careful drivers and less prone to collisions.

The rest of the top five of the cheapest include: Jeep Cherokee ($ 1,767), Honda CR-V ($ 1,769), Jeep Wrangler ($ 1,777) and Honda Odyssey ($ 1,822). If you’re looking to save money on insurance, there isn’t much you can do.

First by a medium-sized vehicle. A common misconception is that the smaller the car, the less expensive it is to insure. Many insurers associate small cars with being faster on the road and more likely to have accidents. Others might think that big cars are the perfect vehicle to drive. A mid-size vehicle, such as a sedan or small SUV, is the cheapest to insure in most cases, the website noted.

It can be cheaper to insure a regular car rather than a flashy car. Showy cars may be more of a target for thieves, which insurers take into account when setting prices, the site added.

The average vehicle costs $ 1,255 to insure each year in the United States, but several factors determine the final price, including the age of the vehicle, what you paid for it, engine size, make and model.

The 2018 Jeep Wrangler Sahara is the cheapest car to insure in the United States. On average, it costs $ 1,306.94 per year to insure this model. It’s cheap because it’s relatively affordable, it starts at $ 28,045, in addition to its sturdiness and plenty of security features.

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