Which Used Cars Are Cheapest to Insure in 2024?

The MINI Cooper and Hyundai Elantra rank as the cheapest used cars to insure with State Farm. Insuring a 10-year-old MINI Cooper typically costs $888 annually for a full coverage policy, while the Hyundai Elantra comes in at a close $891. Meanwhile, the Ford F-150, a favorite in the U.S., costs only $978 yearly for a decade-old model, presenting a $244 saving compared to insuring a 2022 model.

Used sedans and SUVs are the cheapest car types to insure. Ultimately, the cost of insuring a car can vary significantly based on its age, size, mode, cost of repairs and actual cash value if the vehicle is totaled.

The overall cheapest used cars to insure are Subaru Outbacks and MINI Coopers. These rates are for used vehicles insured with a full coverage insurance policy.

For a five-year-old car:

• Subaru Outback: State Farm ($996 per year)
• Honda CR-V: State Farm ($1,006 per year)

For a 10-year-old car:

• MINI Cooper: State Farm ($888 per year)
• Hyundai Elantra: State Farm ($891 per year)

For a full coverage policy on a used car, insurers weigh factors like your age, driving record, location and credit history to determine your premium. That means that getting one of the cheapest cars to insure isn’t enough to keep your rates low — it’s also important that you keep your driving record clean and work on improving your credit record.

The cheapest used 10-year-old SUVs to insure are the:

• Honda CR-V: State Farm ($920 per year)
• Kia Soul: State Farm ($929 per year)

MoneyGeek's research reveals that the Honda CR-V and Kia Soul consistently rank as the cheapest SUVs to insure, even for older models. Interestingly, despite their higher market value, SUVs often have lower insurance costs than sedans.

The cheapest used 10-year-old sedans to insure are the:

• MINI Cooper: State Farm ($888 per year)
• Hyundai Elantra: State Farm ($891 per year)

Cars that are easier and cheaper to repair typically incur lower insurance costs. The less expensive it is to settle collision or comprehensive claims, the lower the insurance costs for the car.

The cheapest used 10-year-old pickup trucks to insure are the:

• Toyota Tacoma: State Farm ($944 per year)
• Chevy Silverado: State Farm ($958 per year)

Consider insurers that specialize in pickup truck coverage, and evaluate discounts for safety features and low mileage to secure the cheapest insurance for your used pickup truck.

The cheapest used 10-year-old sports cars to insure are the:

• Subaru WRX: State Farm ($1,016 per year)
• Chevrolet Camaro: GEICO $1,080 per year)

Drivers seeking affordable insurance for used sports cars should prioritize insurers offering discounts for safety features and low mileage. Comparing quotes from multiple providers can also help you find low rates.

The cheapest used 10-year-old electric cars to insure are the:

• Nissan Leaf: Travelers ($1,047 per year)
• Tesla Model S: State Farm ($1,383 per year)

When you own a used electric car and want the cheapest insurance, consider the company's reputation, coverage options and customer service. Affordable rates matter, but so does a plan that fits your needs.

Insuring a 10-year-old car could mean an annual saving of roughly $200 on insurance compared to a newer model.

However, note that not all vehicles depreciate at the same rate. Certain models retain their value better than standard daily-use vehicles. These cars don't follow the typical depreciation curve due to their unique appeal, limited production and higher initial quality. In addition, during the pandemic (2020-2022), the values of used vehicles soared compared to historical averages

Each insurance company sets premiums using its own criteria. While older cars, generally less valuable, tend to be cheaper to insure, their safety and anti-theft features can significantly impact the cost of coverage. If your used car lacks these features, insurers might increase your rates, anticipating a higher theft risk.

Unless you’re only getting liability-only car insurance, be sure also to consider repair and maintenance costs when choosing your vehicle and insurance policy.

When insuring a used car, there are a variety of options for insurance coverage, including liability, collision and comprehensive coverage. MoneyGeek outlined the details of these and other commonly available coverages below.

The 10% rule is a guideline to ensure you're not overpaying for car insurance — if your annual premium exceeds 10% of your car's value, it's likely too high.

With this rule in mind, you can evaluate whether you can afford to handle repairs out-of-pocket and consider dropping unnecessary coverages. Ultimately, this rule of thumb helps determine the right balance between adequate insurance and the car's depreciated value.

There are a number of steps you can take to reduce your car insurance costs, including seeking out car insurance discounts. MoneyGeek outlined other steps drivers can take to make coverage more affordable below.

Get insights into finding the best cheap coverage for your used vehicle with MoneyGeek's answers to the following commonly asked questions.