Top 3 Cheap Cars with High Insurance Costs

Top 3 Cheap Cars with High Insurance Costs

When buying a new car, it is always important to keep in mind the price you will be asked to pay in order to insure it, as this is a component of the true cost of ownership of any vehicle – just like fuel consumption and maintenance. Most drivers are familiar with the fact that certain types of vehicles bring with them a higher than normal cost to insure than others. Typically, sports cars and luxury cars are associated with higher monthly insurance premiums, due either to the additional expense of replacement parts, an increased risk of theft, or the higher chance of being involved in an accident.

Some cars, however, seem to defy conventional wisdom and are tagged with a higher insurance cost despite being positioned in an affordable segment of the market. Not particularly sporty and certainly not exclusive, these cars can catch new car buyers by surprise and see them facing a much more expensive price to insure than would normally be expected. The Insurance Institute for Highway Safety has published a list of vehicles that feature higher than normal insurance costs, based on three years of data accumulated for 2008 models. Let’s take a look at three models that earned this dubious distinction despite starting at an MSRP of less than $20,000.

Mitsubishi Lancer

The Mitsubishi Lancer is a compact sedan that may look sporty and aggressive (with styling reminiscent of its performance-oriented Mitsubishi Lancer Evolution cousin), but its engine output tops out at 168 horsepower when ordered in mid-level trim. The availability of a high-performance Ralliart model, offering 237 horsepower and all-wheel drive, could explain why this vehicle has a higher than average number of claims for everything from bodily injury to comprehensive loss. Although its entry-level pricing is appealing, the small car’s insurance costs can quickly bring the total cost of ownership of this vehicle to a level that may be uncomfortable for some bargain-hunting new car shoppers.

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Suzuki Forenza

The Suzuki Forenza was last built in 2008, but its extremely low MSRP has left many low-priced examples floating around on the secondhand market. Small, fuel efficient and conservatively styled, the Suzuki Forenza is meant to fill a role as a cheap commuter car. It may certainly seem as though it fits the bill as an inexpensive daily driver – at least until the insurance statements start coming in the mail. While there is absolutely nothing sporty – or even eye-catching – about the Suzuki Forenza, it ranks right up near the Lancer in terms of inflated insurance premiums. Perhaps its status as a cheap first car lead to it being driven mostly by novice drivers still getting a feel for not running into other motorists out on the highway.

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Scion tC

The Scion tC is a smart-looking coupe that is definitely styled and positioned as a performance car look-alike. Although not particularly powerful (161 horsepower), the Scion tC does offer a wide range of customization options – including performance parts - and gee-whiz features which are meant to attract a younger buyer. In fact, it is this youthful demographic that is most likely responsible for the high insurance risk associated with the two-door vehicle, as it burdens its owners with a substantial insurance cost to go along with its charming looks.

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