What Is SUV Insurance?
Sports vehicles like SUVs have different needs when it comes to insurance policies. This is because not only are they an expensive car, but they also have starkly different uses compared to your average car. One such use is that SUVs can be taken on road trips on rough terrains, while your Honda probably cannot withstand such an environment. Therefore, it is natural that the kind and amount of financial protection an SUV needs varies too.
Here is where SUV insurance comes in. These insurances are tailor made to meet the different type of insurance policy needs that an SUV require. While in some insurance companies, such a vehicle falls under truck insurance and similar policies apply, in other insurance firms, distinctive SUV insurance plans exist.
Since the price of an SUV can vary from $20,000 to $100,000, depending on the model you opt for, it is a given that if you own an SUV, the chances are that you will have a comparatively expensive insurance. Regardless of how much insurance cost you'll have to bear, the fact remains that you are better off protected with a policy which is specifically designed for SUVs and whose SUV insurance rates are competitive.
Top Lowest SUV Insurance
Overall, compared to other vehicles, SUVs are commonly marked by high insurance premium due to the high price and the significant cost of damage in case of mishaps. If you are planning to purchase an SUV which will get the job done and is the least expensive SUV to insure, you can choose any of the following:
1. Hyundai Tucson. Not only is the price of this car highly affordable, but its insurance premium also has an average cost of $1189 per year.
2. Jeep Patriot. Jeep proudly claims that its compact yet high-quality SUV has the best price compared to other options. The average insurance premium charged for such an SUV is $1160 per year.
3. KIA Sportage. Kia Sportage has a royal and decent look to it which makes it seem worth more than what it is. The average cost of insurance is $1157 per year, thereby making it one of the cheapest SUVs to insure.
4. Jeep Wrangler. Jeep Wrangler takes it a notch further when it comes to getting the least expensive insurance premium. This SUV is not only one of the cheapest SUVs to insure, but it is also the overall cheapest vehicle to insure with a cost of $1134, thereby making it a perfect purchase.
5. Ford Explorer. This car is marked by a reasonable insurance premium of $1197 which might be the most expensive on this list, but it is the cheapest cost when compared to other seven seater minivans.
Top Expensive SUV
Here is a list of the most expensive SUVs to insure, compiled in the form of least to most expensive. Knowing the high insurance cost of these SUVs will help you make an informed decision.
- Mercedes-Benz, which has a minimum price of $118,000 and costs around $2609 per year to insure.
- Audi A8 L W12 is accompanied by an insurance premium of $2869 per year and a cost of $135,700.
- Porsche Panamera Turbo S which not only has a high price of $180,000 but is also marked by a high insurance cost of $2970.
- BMW M6 Coupe is equipped with enough features to justify its $111,200 price and its $3065 per year insurance premium.
- Nissan GT-R Track is the most expensive car to insure with a premium cost of $3169, even though its original price is $115710. The high cost of insurance may be due to the track-based use of the car.
What Does SUV Insurance Cover?
SUV insurance provided by most of the companies offers the following standard coverage:
- Bodily injury and property damage liability which covers you partially or entirely, depending on the limit of the insurance, medical expenses, and expenditure to repair damages to the car of the other party in case of a collision where you are at fault.
- Collision coverage bears the costs of repairing your car and property in the event of a collision, regardless of whose fault it is.
- Comprehensive coverage offers clients compensation if their SUVs are lost or damaged by anything other than a car accident such as fire or vandalism.
- Uninsured motorist coverage ensures that you are protected even when you don’t cause a collision and the other party is not insured. It does so by paying for medical bills of the driver and passengers as well as for the repair of the SUV.
How Much SUV Insurance Do I Need?
No one can give you a definitive and universal answer to this question. Why? This is because it is a personal decision. You can see multiple SUV insurance comparisons and the related SUV insurance rates to see which one appeals to you the most.
However, any professional will tell you to opt for high liability coverage. This is because since an SUV tends to cause more damage than any other car, a minimum standard policy may not fully cover you and you will be faced with a situation where you will have to pay for the expenses. Moreover, it is a wise decision to opt for collision and comprehensive coverage options to ensure that you are protected against significant losses in case of a mishap.