A new study by QuoteWizard, an insurance price comparison website, reveals the most expensive “popular” vehicle to insure in the United States is the Tesla Model 3.
Coming in a close second is the Tesla Model Y.
According to their research, the Model 3 costs an average of $2,830 a year for full coverage.
At the same time, a Tesla Model Y costs $2,658.
The reason for this high cost is that as a luxury car, the Tesla’s are more expensive to repair and an enticing target for thieves.
Rounding out the top five is the Hyundai Sonata, Kia Forte and Hyundai Elantra.
While on the other side of the coin, the least expensive “popular” car to ensure is the Subaru Forrester. The Forrester costs an average of $1,760 to insure. The Jeep Cherokee, Honda CR-V, Jeep Wrangler, and Honda Odyssey are the rest of the least expansive five.
For insurance companies, a fair bit of data points come into play to calculate the cost to insure. Vehicles with more powerful engines are typically more expensive to insure as they are more likely to be damaged in high-speed crashes.
In addition, the cost to repair the vehicle plays into the equation as well. Plus, other factors such as the age of the car, what you paid for it, engine size and the model.
You can read the full study here.