After experiencing a drop in 2020 due to coronavirus restrictions, average car insurance premiums in the US increased by 3% in 2021. The rates, however, were still 1% below pre-pandemic levels, according to a new report by The Zebra.
The insurance comparison website analyzed more than 83 million car insurance rates between September and December 2021 to determine the latest trends, how different risk factors affect car insurance pricing, and where drivers are impacted the most.
The company found that other than dips in 2013 and 2020, auto premiums have been rising steadily within the last decade, jumping a total of 28% from 2011 to 2021.
The Zebra also examined the different factors influencing car insurance rates, including the driver’s personal profile, where they live, their driving history, the policy’s coverage options, and the vehicle type.
Among the biggest factors that impact auto insurance rates is the type of vehicle a person drives. According to The Zebra’s analysis, vans come with the least expensive premiums among all vehicle types at $1,655 per year, followed by trucks at $1,735 and SUVs at $1,952. Cars remain the costliest vehicles to insure, with annual rates averaging $2,454.
In terms of brand, the Italian luxury car manufacturer Maserati has the highest annual premiums at $4,393. On the other end of the spectrum is compatriot brand Fiat, with yearly rates averaging $1,499.
“At about a $332 per month difference between the most and least expensive vehicles, it’s worth checking auto insurance rates before purchasing,” The Zebra wrote in the report.
Another factor affecting auto insurance rates is the vehicle’s age. New cars are more expensive to insure than older vehicles because they cost more to repair or replace, especially if they are equipped with advanced features such as blind-spot sensors and rearview cameras.
Data gathered by the insurance comparison website revealed that a 5-year-old vehicle is about 27% less expensive to insure than its brand-new counterpart. Annual rates for a half-decade-old Honda Accord, for example, go for $1,443, while those for a brand-new model are pegged at $1,838.
“Insurers also account for variations from one model year to the next,” the report noted. “Certain model years may be more prone to crashes, thefts, or expensive repair costs than others, which can impact the cost to insure the vehicle.”
Not much, according to The Zebra’s analysis. The reason is that although these features enhance safety and prevent vehicle theft, they also push up the cost to repair a vehicle or replace damaged parts. The firm’s research has found that no anti-theft device can save policyholders more than 1% on insurance premiums.
Installing an active disabling device, for instance, can slash $6 from the annual rates for a total savings of 0.41%. A blind-spot warning sensor, meanwhile, can help motorists reduce their yearly premiums by $3, for a 0.2% discount. Driver alertness monitoring devices, heads-up display, lane departure warning devices, night vision technology, park-assist sensors, and rearview cameras do not yield any savings at all.
To find out which vehicle make and model come with the highest and lowest annual premiums, The Zebra compiled car and driver’s data for the most popular vehicles in the US by sales in the first three quarters of last year. Here are the ones that came out on top.
|
Most expensive vehicles to insure |
|||
|---|---|---|---|
|
Rank |
Make and model |
Annual premiums |
Insurance as % of MSRP |
|
1 |
Maserati Quattroporte |
$5,420 |
3.9% |
|
2 |
Nissan GT-R Nismo |
$4,864 |
2.3% |
|
3 |
Audi R8 5.2L V10 Quattro |
$4,591 |
2.1% |
|
4 |
Maserati Ghibli |
$4,341 |
6.0% |
|
5 |
Acura NSX |
$4,137 |
2.6% |
|
6 |
Mercedes S560 |
$4,059 |
3.1% |
|
7 |
Tesla Model S Long Range |
$3,908 |
4.1% |
|
8 |
Alfa-Romeo Giulia Quadrifoglio |
$3,847 |
5.1% |
|
9 |
Porsche 911 Carrera |
$3,730 |
3.8% |
|
10 |
Mercedes G550 4MATIC |
$3,673 |
2.8% |
Source: The Zebra State of Auto Insurance Report 2022
|
Least expensive vehicles to insure |
|||
|---|---|---|---|
|
Rank |
Make and model |
Annual premiums |
Insurance as % of MSRP |
|
1 |
Mazda CX-3 Sport |
$1,440 |
6.9% |
|
2 |
Toyota C-HR LE |
$1,473 |
6.8% |
|
3 |
Ford Transit Connect XL |
$1,491 |
6.0% |
|
4 |
Fiat 500X Pop |
$1,499 |
5.7% |
|
5 |
Honda CR-V EX |
$1,500 |
5.4% |
|
6 |
Subaru Crosstrek |
$1,502 |
6.8% |
|
7 |
Dodge Ram Promaster City |
$1,507 |
5.9% |
|
8 |
Jeep Compass Altitude |
$1,510 |
6.3% |
|
9 |
Ford F-150 XL |
$1,525 |
5.2% |
|
10 |
GMC Savana G2500 |
$1,527 |
4.6% |
Source: The Zebra State of Auto Insurance Report 2022
