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If you’re reading this, chances are you’re considering buying a minivan and wondering whether you’re going to have to take out a second mortgage just to pay for the insurance. Or maybe you already own a minivan and are trying to figure out if you made a huge mistake by not opting for a smaller vehicle that wouldn’t break the bank to insure.
Either way, you’re in the right place. Because let’s face it, nobody wants to spend more on insurance than they have to. So, let’s dive into the question of whether minivans are cheap to insure.
Factors that influence the cost of minivan insurance
There are a few key factors that insurers look at when determining how much to charge you for minivan insurance. Some of these factors are:
- Make and model of the minivan: Different minivan models can have different insurance costs, depending on factors like their safety ratings, repair costs, and the likelihood of theft. For example, a minivan with a high safety rating and low repair costs might be cheaper to insure than one with a lower safety rating and higher repair costs.
- Age and driving history of the policyholder: Insurers generally consider younger drivers to be riskier to insure since they have less driving experience and are more likely to get into accidents. Similarly, drivers with a history of moving violations or at-fault accidents may also be seen as higher risk and could pay more for insurance.
- Location where the minivan is driven and parked: Where you live and park your minivan can also affect your insurance cost. For instance, living in a high-crime area or a place with a higher rate of accidents might make your minivan more expensive to insure. Similarly, if you park your minivan on the street rather than in a garage, it might be more vulnerable to damage or theft, which could result in higher premiums.
- Coverage and deductible levels chosen by the policyholder: The amount of coverage you want and the deductible you choose can both impact your insurance cost. For example, if you opt for a high level of coverage with a low deductible, your premiums will likely be higher than if you chose a lower level of coverage with a higher deductible.
- Any additional features or endorsements included in the policy: If you want to add extra coverage or endorsements to your minivan insurance policy, such as roadside assistance or rental car reimbursement, this could increase your premiums.
Average cost of minivan insurance
Now that we’ve looked at some of the factors that can influence the cost of minivan insurance, let’s take a look at the average cost itself. According to data from AAA, the average minivan insurance in the United States is $1,096 for full coverage. That’s slightly lower than the overall average of $1,203 for all types of vehicles.
However, it’s important to note that this is just an average, and your own insurance cost could be higher or lower depending on the specific circumstances we mentioned above.
Ways to save money on minivan insurance
So, is there anything you can do to lower your minivan insurance costs? Here are a few tips:
- Shop around for quotes: Don’t just go with the first quote you get. Take some time to shop around and compare quotes from different insurers to see who can offer you the best deal.
- Bundle your coverage: If you have other insurance policies, such as home or renters insurance, consider bundling them with your minivan insurance to get a discount.
- Take advantage of discounts: Many insurers offer discounts for things like safety features, defensive driving courses, or good grades (if you’re a student). So, if your minivan has airbags, anti-lock brakes, or other safety features, you might be able to save on your premiums. Similarly, if you take a defensive driving course or maintain good grades, you might be able to qualify for a discount.
- Choose a higher deductible: If you’re willing to pay a higher deductible in the event of an accident or claim, you may be able to lower your premiums. Just make sure you have enough savings set aside to cover the deductible if you do need to make a claim.
Minivan insurance cost compared to other types of vehicles
So how does the cost of insuring a minivan compare to other types of vehicles? On average, minivan insurance is slightly cheaper than the overall average for all vehicles. However, it’s important to keep in mind that there is a lot of variation within the overall average.
For example, according to AAA, the average annual premium for a sedan is $1,284, which is almost $200 higher than the average for a minivan. However, the average annual premium for an SUV is $1,102, which is lower than sedans and only a touch higher than a minivan.
The average annual premium for a pickup truck is $1,242, which is higher than SUVs and minivans but lower than the combined sedan insurance premiums.
So, if you’re trying to choose a vehicle based on insurance costs alone, it’s worth comparing the average premiums for different types of vehicles to see which one is the most affordable for you. Just keep in mind that your own insurance cost will depend on the specific factors we mentioned earlier, so it’s always a good idea to get quotes from multiple insurers to see which one offers you the best deal.
Pros and cons of insuring a minivan
Now that we’ve looked at the cost of insuring a minivan, let’s weigh the pros and cons of choosing this type of vehicle for your insurance needs.
On the pro side, minivans generally have lower insurance costs than some other types of vehicles, such as SUVs or pickup trucks. They also tend to have more safety features, such as airbags and anti-lock brakes, which could make them eligible for discounts.
Additionally, minivans are often used for family transportation, so they might be seen as less risky to insure than sportier or more high-performance vehicles.
On the con side, minivans may still have higher insurance costs than some other types of vehicles, such as small sedans or hatchbacks. They are also generally larger and heavier than these other types of vehicles, which could make them more expensive to repair in the event of an accident.
Additionally, if you’re a younger driver or have a less-than-perfect driving record, you might still pay more to insure a minivan than you would for a smaller or lower-performance vehicle.
In conclusion, minivans are generally cheap to insure compared to some other types of vehicles, such as SUVs or pickup trucks. However, there are a number of factors that can influence the cost of minivan insurance, including the make and model of the minivan, the age and driving history of the policyholder, the location where the minivan is driven and parked, and any additional coverage or endorsements that the policyholder wants to include.
To get the best deal on minivan insurance, it’s a good idea to shop around and compare quotes from multiple insurers, take advantage of discounts, and consider choosing a higher deductible to lower your premiums. Just remember that the cost of insuring a minivan will depend on your specific circumstances as well as where you live and the age of anyone who drives the minivan.