Ten of the Cheapest Cars to Insure in 2024

Once you’re past the initial purchase, insurance premiums are one of the most significant costs you’ll pay while owning your vehicle, with peace of mind coming with a considerable premium attached.

If you’re looking at buying your first car or simply looking for an affordable, reliable and trusty set of wheels to get you from A-to-B, while keeping your insurance costs as low as possible, you’re in luck.

Join us as we take a look at factors that influence a vehicle’s insurance costs and cover ten of the most affordable cars to insure here in Australia.

What Impacts the Price of a Car Insurance Policy?

Calculating car insurance prices is an incredibly complex process that considers a wide range of data points.

In short, an insurance policy price is calculated with important data like your age, location and driving history, as well as key bits of information about the make, model and year of the vehicle… even in colour.

Insurers also consider things like that vehicle’s active safety tech and ANCAP safety rating, as well as any aftermarket modifications and calculate the risk of that model being stolen.

Interestingly, insurers calculate the risk of theft with the help of a database from the Motor Vehicle Theft Reduction Council (NMVTRC), which gives an idea of how likely a theft would be of that particular model.

• Your Age

• Your Location 

• Your Driving History

• Where the Vehicle is Parked 

• Whether the Vehicle is Garaged Overnight

• Vehicle Manufacturer

• Vehicle Model

• Risk of Theft for that Particular Model

• Vehicle Modifications

• Safety Equipment & ANCAP Safety Rating 

• Vehicle Colour

• Previous Claim History

• Planned Use of Vehicle

Ten of the Cheapest Cars to Insure in 2024

To find out which cars are the most affordable to insure here in Australia, we’ve compiled data from a range of reputable insurers for a comprehensive car insurance policy.

We also spread a range of quotes across multiple age groups, namely quotes for a 25-year-old male and a 45-year-old male to give you an indicative ‘high’ and ‘low’ point for comprehensive coverage of each vehicle.

It’s far from a perfect science, though, and we’d recommend you do your own homework to ensure you’re aware of the insurance costs for your favourite vehicles ahead of time.

With that in mind, ten of the cheapest cars to insure here in Australia in 2024 include the:

Suzuki Swift

The Suzuki Swift remains one of the cheapest vehicles to insure in Australia in 2024, with the new lineup also making for Australia’s cheapest hybrid car.

With a surprising amount of interior space for its pint-sized proportions and awesome handling, the Swift is a fun-loving package that remains as accessible as ever.

• Price: $24,490 (drive-away)

• Comprehensive Insurance Quote Range: $702 - $1,616

• Engine: 1.2-litre three-cylinder mild-hybrid

• Fuel Economy: 3.9 - 4.0L per 100km (manual v CVT)

• Boot Size: 265 - 980L

• ANCAP Safety Rating: Unrated 

• Warranty: Five-year/unlimited-kilometre

Toyota Corolla Ascent Sport Sedan

The ionic Toyota Corolla is one of the best value small cars on the market, with its appeal bolstered by affordable ownership and insurance costs.

With smooth on-road manners, great practicality in sedan form and outstanding fuel efficiency from a range of hybrid and non-hybrid petrol variants, there’s a lot to love about the Corolla for price-conscious buyers.

• Price: $29,270 (plus on-road costs)

• Comprehensive Insurance Quote Range: $731 - $1,524

• Engine: 2.0-litre naturally-aspirated petrol

• Fuel Economy: 5.9L per 100km

• Boot Size: 470L

• ANCAP Safety Rating: Five-star (tested 2018)

• Warranty: Five-year/unlimited-kilometre

Skoda Kamiq

Skoda’s pint-sized compact SUV makes for one of the most refined members of the affordable insurance bunch, with the Kamiq also offering a seven-year warranty.

With power supplied by a fuel-efficient 1.0-litre turbocharged engine, the Kamiq is user-friendly to drive around town and makes for an unmissable value proposition in the small SUV segment.

• Price: $33,990 drive-away

• Comprehensive Insurance Quote Range: $799 - $1,399

• Engine: 1.0-litre turbocharged three-cylinder petrol

• Fuel Economy: 5.4L per 100km

• Boot Size: 400L

• ANCAP Safety Rating: Five-star (tested 2019)

• Warranty: Seven-year/unlimited-kilometre

Hyundai Venue

The Hyundai Venue is the company’s most affordable vehicle in the lineup, with an affordable entry point into the range matched with a reasonably priced range of comprehensive insurance options.

While it’s not a powerhouse, the Venue does command attention with its practical interior, updated technology lists and a pretty hefty list of features in the base model.

• Price: $22,590 (plus on-road costs) 

• Comprehensive Insurance Quote Range: $672 - $1,471

• Engine: 1.6-litre four-cylinder petrol

• Fuel Economy: 7.2L per 100km

• Boot Size: 355L

• ANCAP Safety Rating: Four-star (tested 2019)

• Warranty: Five-year/unlimited-kilometre

Kia Picanto

It will come as no surprise that Kia’s most affordable vehicle, the Kia Picanto, is also one of the cheapest to insure here in Australia.

The Picanto serves as a refreshing, back-to-basics package that provides outstanding value for money, bolstered by a fun-loving handling package, great fuel efficiency and long warranty coverage that makes it a must-have on any value-centric shortlist.

• Price: $17,890 (plus on-road costs)

• Comprehensive Insurance Quote Range: $640 - $1,320

• Engine: 1.25-litre four-cylinder petrol

• Fuel Economy: 5.4L per 100km

• Boot Size: 255L

• ANCAP Safety Rating: Expired four-star rating

• Warranty: Seven-year/unlimited-kilometre

Mazda 2

Mazda’s baby hatchback and sedan range over-delivers when it comes to driving, fuel economy figures and a long features list for the money.

With its sleek looks, smooth on-road manners and an updated safety equipment list, the Mazda 2 range offers those looking for an affordable yet refined hatchback or sedan some serious food for thought.

• Price: $22,720 (plus on-road costs)

• Comprehensive Insurance Quote Range: $697 - $1,446

• Engine: 1.5-litre four-cylinder petrol

• Fuel Economy: 5.0L per 100km

• Boot Size: 250 - 440L (hatch vs sedan)

• ANCAP Safety Rating: Expired five-star rating

• Warranty: Five-year/unlimited-kilometre

Kia Stonic

The Kia Stonic is the company’s most affordable SUV in the range, with the pint-sized package holding strong when it comes to value, long warranty coverage and, by the look of it, affordable insurance costs.

While it’s not the most refined member of the small SUV segment, the Kia Stonic does offer undeniable value for money in a reasonably practical package that makes it well worth a closer inspection.

• Price: $22,290 (plus on-road costs)

• Comprehensive Insurance Quote Range: $708 - $1,518

• Engine: 1.0-litre turbocharged three-cylinder petrol

• Fuel Economy: 5.4L per 100km

• Boot Size: 332L

• ANCAP Safety Rating: Five-star (expires December, 2024)

• Warranty: Seven-year/unlimited-kilometre

Toyota Yaris Cross

The Toyota Yaris Cross is a no-brainer for buyers in the market for an affordable compact SUV that over-delivers when it comes to fuel efficiency.

With a hybrid-only range benefitting from Toyota’s clever hybrid tech, the Yaris Cross sips a very responsible 3.8L per 100km which makes it one of the most fuel-efficient vehicles on the road in 2024, with its cost-effectiveness only cemented by affordable insurance costs.

• Price: $30,990 (plus on-road costs)

• Comprehensive Insurance Quote Range: $663 - $1,288

• Engine: 1.5-litre three-cylinder petrol-electric hybrid 

• Fuel Economy: 3.9L per 100km

• Boot Size: 390L

• ANCAP Safety Rating: Five-star (tested 2021)

• Warranty: Five-year/unlimited-kilometre

Mitsubishi ASX

While the Mitsubishi ASX is getting a little long in the tooth, it remains a solid, affordable and reasonably spacious offering in the small SUV segment.

For buyers on a budget, it’s hard to fault the Mitsubishi Eclipse Cross when you take everything from insurance costs to the company’s outstanding warranty coverage that stretches out to ten years when you service on time, at the dealership.

• Price: $24,990 drive-away

• Comprehensive Insurance Quote Range: $693 - $1,366

• Engine: 2.0-litre four-cylinder petrol

• Fuel Economy: 7.6L per 100km

• Boot Size: 393L

• ANCAP Safety Rating: Expired five-star rating

• Warranty: Ten-year/200,000-kilometre

Subaru Impreza

The Subaru Impreza isn’t quite the staple of Australia’s vehicular diet that it used to be, though it remains a solid contender on the value front.

Thanks to a recent update, the Impreza looks sharper than ever before, comes jam-packed with a healthy range of equipment and active safety gear while offering a sturdy ride quality that can handle the rough-and-tumble of Aussie roads.

• Price: $31,490 drive-away

• Comprehensive Insurance Quote Range: $743 - $1,679

• Engine: 2.0-litre four-cylinder petrol

• Fuel Economy: 7.5L per 100km

• Boot Size: 291 - 883L

• ANCAP Safety Rating: Unrated

• Warranty: Five-year/unlimited-kilometre

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If you’re looking to upgrade to a new car, be sure to reach out to one of our car-buying specialists who can help take the stress out of the process and help find you the best possible price.