SUV insurance can be costly especially if you purchase full coverage insurance on it. SUVs are becoming more and more popular each year and will probably continue to do so as car companies start offering electric vehicles in this segment. With SUV’s being larger vehicles, they can cause more damage to property and other vehicles in the event of an accident.
Is auto insurance cheaper for a SUV or Sedan?
With SUVs becoming more ecofriendly and electric, they have emerged as a more popular alternative to sedans. As far as liability only auto insurance policies SUVs are about 5%-10% more expensive than sedans due to SUVs being larger cars they do more damage in the event of an accident. But they are normally cheaper to insure than trucks and vans in most cases.
As far as full coverage is concerned SUV insurance is usually costs more due to the value of SUVs compared to sedans, most of the time SUVs are more expensive to repair.
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How auto insurance companies set their rates for SUVs
Beyond the cost new of the SUV there are many other factors auto insurance companies use when setting their rates for them. Here are a few we found:
- Vin number
- Safety history
- Odds of it being stolen
- The possible damage it could inflict on another car or person
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With SUV’s generally costing more to insure than sedans you will find the cost of insuring an SUV varies greatly depending on which one you choose. So, it is important when purchasing an SUV, you look at how it performs in a crash test and also the likelihood of it being stolen, since these are two big factors insurance companies look at.
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Some SUVs may cost less to insure You can check out an SUV safety rating from the Insurance Institute for Highway Safety. They evaluate the safety of the SUV based on how the protect the people in the vehicle and how their systems work to prevent a crash or at least lessen the impact in most cases. If you have a specific SUV you are set on
buying it may be good to research it on the IIHS website or a similar site that can provide you with the information you need. If you haven’t decided on a specific SUV yet, you can visit the IIHS website to provide you with the SUVs they suggest to rank as the safest.
Auto Insurance companies usually base their rates on SUVs based on their loss damage statistics. Just because an SUV is a top safety pick does not guarantee a cheap insurance rate, but it is a good start. We recommend you contact your auto insurance carrier and provide them with the vin number and get a quote before purchasing an SUV. The vin number is the key factor auto insurance carriers use to get you an accurate rate on a quote.
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Some car insurance companies offer discounts for safety features and anti-theft devices on your SUV. The National Crime Bureau gives an annual report called Hot Wheels Report which lists the most commonly stolen vehicles. This can be a good report to reference before purchasing a new SUV.
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It is important to remember that there are other factors that impact your SUV insurance.
Here are some of the main ones we found:
- Zip code
- Credit score
- Driving record
- Insurance history
How auto Insurance companies set their rates can be very complex, the above information is just a small version of how rates are set. We have found no matter what vehicle you drive if you live in a large metro area that you will pay the most for car insurance rates. It is important to ask your agent for all the discounts you qualify for and to get as many quotes as possible they will increase your chances of finding cheap SUV insurance.
Also, SUVs will cost more on purchase price than a sedan will in most cases. So, finding out the insurance costs is important but also purchase price should be a major factor in your purchase decision also.
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Which companies have the best SUV insurance?
The top SUV insurance companies are pretty much the same companies that are best for any other vehicle. Depending on whether you want full coverage or liability only on your SUV will depend on which insurance company is best for you and your situation. If you have current insurance and good credit then Geico and State Farm are good options for the best SUV insurance. If you have a bad driving record and no previous insurance history then looking for a nonstandard auto insurance company. Here are a few of the top nonstandard auto insurance companies who have the best SUV insurance:
- Save Money Car Insurance
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When trying to choose an auto insurance company for your new SUV be sure and always read consumer reviews to make sure the insurance company takes care of their customers. We have found Google and Facebook reviews are the best way to do this.
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How to find cheap SUV insurance quotes?
Finding cheap insurance for your SUV is no different than finding insurance for any other car. The more quotes you get the better your chances are of getting a better price. Although insuring an SUV might be more expensive than a sedan for instance, your insurance policy for an SUV is not necessarily categorized by vehicle type. The generic term “auto insurance” covers all manners of vehicles and necessary coverages. There could be different coverage types needed for your SUV but not a specific kind of policy for it.
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There are some key discounts you need to always ask your insurance agent for. Here are a few that we recommend to ask for:
Set your monthly payment on auto pay
- Enroll in Paperless billing
- Pay the policy in full for six months
- Take a defensive driving course
- Install an anti-theft device
- Maintain a good credit score
Above all else though keep a good driving record and good insurance history. The better you pay on time and do not have any lapses in coverage and the less claims you turn in will help keep the rates lower than almost anything else. Unless you have accident forgiveness on your policy which is rare your insurance policy increases substantially every time you turn in a claim.
Click here to read more about State minimum liability only with no extra coverages is the cheapest policy for your SUV.
But this policy does not cover the damage to your vehicle. So, this policy will save you the most money on your monthly insurance premiums but if you want your SUV covered in the event of an accident then you would need to purchase full coverage insurance. This will usually cost about twice as much as liability only insurance. But it will save you big if you are involved in an accident.
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Before turning in a claim consider how much the repairs are. If that amount is under your deductible, then it's not worth turning in that claim. Even though an insurance company may not pay out on a claim once you report it then it will show up on your CLUE report going forward. This report shows the insurance company a history of all the claims you have turned in and how much was paid on each. This is a big factor they look at when setting prices.
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On average auto insurance companies raise your prices about 30% for an at fault accident so be sure and compare the damages you have on your SUV and compare that to the rate increase you might face to determine if it's worth it or not to turn in the claim.
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SUV insurance rates depend on many different factors but here is a list of some of the cheaper SUVs to insure:
Jeep Grand Cherokee
We strongly recommend calling your insurance agency or company before purchasing a new SUV to make sure you can afford the insurance premiums.
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If your policy is currently active and you just bought a new SUV then you would just call them to add it on to your current policy and add it on just as you would any other vehicle. We recommend keeping all your vehicles on one insurance policy. When you separate your vehicles across multiple carriers you lose discounts like the multi car discount that can cost you more money in the end.
Click to read more about the importance of doing annual checkups on your auto insurance policy.
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