Auto Insurance Profiles for Some of The Hottest Vehicles of 2020
Though often overlooked when shopping for a vehicle, car insurance costs are an important consideration, because they can vary widely by car. The cost to insure some of the new vehicles coming later this year — from the entry-level Hyundai Venue to the over $3 million Bugatti Chiron Sport — are broken down for you here.
Vehicle | Ratio of insurance rates to MSRP | Estimated MSRP | Annual insurance cost |
|---|---|---|---|
| 2020 Ford Escape | 4.20% | $25,000 | $1,051 |
| 2020 Hyundai Venue | 6.95% | $18,000 | $1,250 |
| 2020 Lincoln Corsair | 4.59% | $35,000 | $1,605 |
| 2020 Mercedes-Benz GLC 300 Coupe | 3.68% | $50,000 | $1,842 |
| Bugatti Chiron Sport "110 Ans" | 1.54% | $3,260,000 | $50,251 |
Ford Escape vs Lincoln Corsair: How much more expensive is insurance for luxury vehicles?
Ford Motor Co. is debuting two small SUVs at this year's New York International Auto Show: a redesign of one of its flagship small SUVs, the Escape, and the Lincoln Corsair, released under the company's luxury division. These vehicles have many similarities, because they're built on the same front-wheel-drive platform. However, their costs are quite different.
Estimated value | 2020 Ford Escape | 2020 Lincoln Corsair |
|---|---|---|
| MSRP | $25,000 | $35,000 |
| Down payment (10%) | $2,500 | $3,500 |
| Monthly loan payment* | $417 | $583 |
| Monthly insurance cost | $88 | $134 |
| Total five-year cost | $32,746 | $46,514 |
* Loan payment estimates represent the cost of a 60-month auto loan with a 10% down payment and 4.21% interest rate.
Full-coverage auto insurance costs over 50% more for the 2020 Corsair than for the 2020 Escape. This is largely due to the much higher MSRP of the Lincoln, as the Corsair costs around $35,000, which is $10,000 more than the cost of the Ford Escape. Assuming a five-year car loan with a 10% down payment and a rate of 4.21% — the average auto loan interest rate — the difference in financing and insurance is $13,768.
Sporty SUVs in vogue: 2020 Mercedes-Benz GLC 300 Coupe
Because SUVs are popular, even manufacturers known for sporty two-seaters are producing them. Mercedes, for instance, is contributing to this expanding SUV market with the 2020 GLC 300 Coupe. They're aiming to be both practical (utility of an SUV) and stylish (sloping roofline of a coupe)..
Estimated value | 2020 Mercedes-Benz GLC 300 Coupe |
|---|---|
| MSRP | $50,000 |
| Down payment (10%) | $5,000 |
| Monthly insurance cost | $153 |
| Monthly loan payment* | $833 |
| Total five-year cost | $64,189 |
* Loan payment estimates represent the cost of a 60-month auto loan with a 10% down payment and 4.21% interest rate.
In terms of insurance cost, Mercedes GLC 300 Coupe drivers can expect to pay quite a bit, with annual premiums reaching $1,842. This is nearly 75% more expensive than the cost to cover the 2020 Ford Escape.
How much Bugatti Chiron Sport 110 ANS owners pay for insurance
The special edition 2020 Bugatti Chiron Sport 110 ANS will likely be one of the most popular vehicles at this year's New York International Auto Show. It has a staggering numbers, including a price tag of more than $3 million, a turbocharged engine capable of 1,400 horsepower, and only 20 units produced.
Another astronomical stat? Auto insurance is $50,251 per year. That's more than it would cost to buy two 2019 Hyundai Kona vehicles (with an MSRP of $19,240) and insure them for a year.
Estimated value | 2020 Bugatti Chiron Sport 110 ANS |
|---|---|
| MSRP | $3,260,000 |
| Down payment (10%) | $326,000 |
| Monthly insurance cost | $4,188 |
| Monthly loan payment* | $54,313 |
| Total five-year cost | $3,836,009 |
* Loan payment estimates represent the cost of a 60-month auto loan with a 10% down payment and 4.21% interest rate.
Drivers able to buy a hypercar, such as the Bugatti, will not be able to buy a standard auto insurance policy. Instead, they'll need to get collector car insurance. The insurance company for this type of policy will cover the cost to repair or replace the insured vehicle, up to an agreed value, as opposed to the actual cash value payout (which is typical).
Hyundai's pitch for cost-conscious urban millennials: The all-new 2020 Venue
The 2020 Hyundai Venue, an entry-level subcompact SUV geared toward millennials, is one of the more practical vehicles debuting at this year's New York International Auto Show. Of Hyundai's crossover vehicles, this one aims to be smaller and cheaper than the Kona. Preliminary quotes reveal that 2020 Hyundai Venue drivers can expect to pay $104 per month for car insurance, which is 40% more than the rate for 2019 Hyundai Kona SE drivers.
Estimated value | 2020 Hyundai Venue | 2019 Hyundai Kona SE |
|---|---|---|
| MSRP | $18,000 | $19,240 |
| Down payment (10%) | $1,800 | $1,924 |
| Monthly insurance cost | $104 | $74 |
| Monthly loan payment* | $300 | $321 |
| Total five-year cost | $26,045 | $25,616 |
* Loan payment estimates represent the cost of a 60-month auto loan with a 10% down payment and 4.21% interest rate.
The Hyundai Venue is meant to be an entry-level SUV for people who live in a city. It's similar to the Ford EcoSport and the Toyota CH-R (and rumored to cost around $18,000). If this sounds appealing, then there is more good news: Small SUVs have some of the lowest auto insurance costs of any body style.
Methodology
Auto insurance rates are for a full-coverage policy for a 30-year-old male driver living in New York City, based on quotes collected from Geico. For brand-new vehicle models, Geico's quotes are based on the body style and expected price. Policies include the following coverages and limits:
Coverage | Limit |
|---|---|
| Bodily injury liability | $50,000 per person and $100,000 per accident |
| Property damage liability | $50,000 per accident |
| Personal injury protection | $50,000 per person per accident |
| Uninsured and underinsured motorist property damage liability | $50,000 per person and $100,000 per accident |
| Comprehensive coverage | $500 deductible |
| Collision coverage | $500 deductible |
Five-year cost estimates are the total of the auto insurance rate for a full-coverage policy plus the cost of a 60-month auto loan with a 4.21% interest rate and 10% down payment.
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