It’s no secret that shopping around for auto insurance can save a considerable amount of cash. In fact, the 68% of auto insurance policyholders who shopped around saved an average of $398 annually on their premiums, according to a November 2023 ValuePenguin survey. But how far can those savings go?
We analyzed Quadrant Information Services insurance data to determine how much drivers could save by shopping around for auto insurance for the three most-searched car years, makes and models on QuoteWizard between Jan. 1 and April 30, 2024 — the 2016 Nissan Rogue, the 2020 Chevrolet Equinox and the 2015 Nissan Altima.
Drivers could save over $1,300 by shopping around
Americans shopping around for an auto insurancepolicy can see significant savings. In fact, the difference between the average and the lowest full-coverage insurance premiums on a 2020 Chevrolet Equinox L is $1,370 annually. That’s the highest of the three vehicles we examined.
The average annual premium for this SUV across the 50 states and the District of Columbia is $2,425, while the lowest is $1,055.
How did we determine which vehicles to analyze? Using QuoteWizard insurance quote data, we determined the 10 most popular cars to insure in the U.S. We then analyzed insurance quotes among the top three. (Further, we chose to examine the base trim for each.)
10 most popular cars to insure in the U.S.
|
Vehicle year
|
Make
|
Model
|
Vehicle class
|
|---|---|---|---|
| 2016 | Nissan | Rogue | SUV |
| 2020 | Chevrolet | Equinox | SUV |
| 2015 | Nissan | Altima | Sedan |
| 2017 | Ford | Escape | SUV |
| 2019 | Chevrolet | Equinox | SUV |
| 2013 | Hyundai | Elantra | Sedan |
| 2016 | Kia | Soul | Compact SUV |
| 2018 | Chevrolet | Equinox | SUV |
| 2017 | Nissan | Rogue | SUV |
| 2018 | Ford | F-150 | Pickup truck |
Source: ValuePenguin analysis of QuoteWizard insurance quote data.
Following the 2020 Chevy Equinox, those shopping for a 2015 Nissan Altima 2.5 could see average savings of $1,362. The average annual premium is $2,416, while the lowest is $1,054. Meanwhile, the average annual premium for a 2016 Nissan Rogue S is $2,268, while the lowest is $1,000 — amounting to yearly savings of $1,269. (While rounded figures are displayed, we used unrounded figures for calculations.)
Those potential savings can be significant. “That can go a long way toward managing high and rising auto insurance costs,” ValuePenguin auto insurance expert Divya Sangameshwar says. “Insurers raise rates and set premiums using their algorithms, with some insurers charging thousands more than others. Shopping around will help you find the insurer who will fit your circumstances at the best price.”