To say that sports utility vehicles have exploded in popularity would be an understatement. With more seats, more luggage room, and a higher ride height to offer, midsize SUV rankings are outselling sedans in most markets. Even first-time car buyers are skipping the customary hatchback/station wagon and going straight to the ‘big boys.’
Of course, buying a car is something that requires some careful consideration – more so when you’re doing it for the first time. You have to take into account everything from purchase price to ongoing cost of ownership. The latter includes things like fuel, maintenance, parking, and the all-important insurance coverage.
How Much do SUVs Cost to Insure?
Conventional wisdom dictates that SUVs, being larger and thus pricier relative to sedans, will command higher insurance premiums. While this is generally the case, the fact is that coverage costs are determined by a wide range of factors; some of which have little or nothing to do with the kind of vehicle in question. In particular, your driving record has a huge say in how insurers work out your risk profile and premiums. So it’s definitely possible to be quoted higher rates for a compact car than someone else pays for their sports utility vehicle.
More on that later, though. Back to the question, SUVs cost about $2,300 to insure annually on average. Compact and mid-size vehicles generally cost less than their standard-sized counterparts. A recent study even revealed a handful of models that are priced a few hundred shy of the two grand mark.
In a nutshell, there’s a lot you can do to lower your insurance costs when purchasing an SUV. Here are a few tips you’ll want to consider:
- Pick the Right Car: Your choice of vehicle is a major determining factor in the cost of your auto coverage. Go through the latest midsize SUV rankings to see how different models compare in terms of crash safety, repair costs, and other relevant metrics. Choose a vehicle that has decent ratings but which isn’t too expensive.
- Install Safety Features: Equipping your vehicle with a tracking device, tire locks and other anti-theft mechanisms will make insurers view you as a responsible motorist who deserves a lower rate. Although these features will cost some money upfront, they’ll quickly pay for themselves with time.
- Take a Safety Class: As mentioned before, insurers prefer drivers who won’t be getting into accidents every now and then. Improving your driving skills by taking a safety class will go a long way towards lowering your coverage costs.
- Improve your Credit Score: Having a stellar credit score is yet another way to demonstrate your responsibility. So be sure to keep paying your dues on time.
- Shop around: Don’t just settle for the first quote that comes your way. Shop around to see if you can get a better deal from another company; use online comparison tools to make things easier.
Ultimately, insurance costs shouldn’t dissuade you from purchasing an SUV — or any other type of vehicle for that matter. Put these tips into action and you’ll be all but guaranteed of landing an affordable rate.
