Jane Dotson
The Subaru WRX is a great value buy for any budget, with an MSRP that is a third less than the average price of a new vehicle. However, insurance is a crucial cost to consider when purchasing a car. The cost of insurance for a Subaru WRX varies depending on factors such as the driver's age, gender, location, driving history, model year, and coverage level. On average, insurance for a Subaru WRX costs $984 per year, but rates can range from $173 to $440 per month. GEICO offers the most affordable annual rates for minimum coverage, averaging $463, while the annual cost of full coverage insurance can range from $1,065 to $6,529.
| Characteristics | Values |
|---|---|
| Insurance costs | Range from $173 to $440 per month depending on the model year and coverage |
| Cheapest insurance company | Good2Go, with rates as low as $20 a month for liability-only coverage |
| Cheapest annual rates for minimum coverage | GEICO, averaging $463 |
| Average insurance cost | $984 per year |
| Factors influencing insurance costs | Age, gender, driving history, location, model year, coverage level, credit history, and more |
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What You'll Learn
The age of the driver
The cost of insuring a Subaru WRX also varies depending on the age of the car. Newer models tend to be cheaper to insure, while older models, especially those between 6 and 7 years old, can be more expensive. The year of production affects insurance rates, with older models generally being more affordable to insure.
In addition to the driver's age and the car's age, other factors influencing insurance rates include the driver's gender, location, driving history, credit history, and coverage level. Men usually pay more for auto insurance than women, as women are less likely to be involved in collisions and receive speeding tickets. Location plays a significant role, with insurance rates varying by state due to differences in regulations, coverage requirements, and climate conditions. A driver's history, including accidents and traffic violations, can increase premiums, while a clean record can result in lower rates. Credit history and the chosen coverage level also impact the cost of insurance.
It is worth noting that insurance rates for a Subaru WRX can vary significantly between providers. It is recommended to shop around and compare quotes from multiple carriers to find the most affordable rates. Additionally, taking advantage of discounts, such as multi-policy discounts or defensive driving course discounts, can help lower insurance costs.
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The driver's gender
Historically, men have been considered higher-risk drivers than women, leading to higher insurance premiums. This is based on statistical data that shows that male drivers, especially young adults, tend to engage in riskier driving behaviors, file more claims, and are involved in more costly accidents. As a result, male drivers often face higher insurance rates, particularly when they are in their late teens and early twenties.
However, it is important to note that this trend is not universal, and the impact of gender on insurance rates can vary depending on other factors, such as age, driving record, and location. In some cases, female drivers may be subject to higher rates due to factors such as higher claims frequency or living in an area with higher accident rates.
Additionally, gender-based pricing in car insurance has been a subject of debate and legal challenges. Some countries and regions have implemented laws or guidelines prohibiting the use of gender as a factor in insurance pricing. These regulations aim to promote fairness and equality, ensuring that individuals are not discriminated against based on their gender when accessing financial services like insurance.
It is worth noting that, aside from gender, there are other factors that can contribute to an increase in insurance rates. These factors include the make and model of the car, driving history, age, marital status, credit score, and location. Insurance companies take into account a comprehensive profile of the driver to assess the risk and determine the appropriate insurance premiums.
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The driver's history
A driver's history plays a crucial role in determining insurance rates for a WRX. Insurance companies consider several factors related to a driver's history, including age, driving record, location, and credit score.
Age is a significant factor, as younger and less experienced drivers typically face higher insurance rates. For example, a 16-year-old WRX driver can expect to pay around $320 per month for minimum coverage, while a 30-year-old driver with the same coverage would pay significantly less. The data suggests that insurance rates decrease as drivers age, with the lowest rates around age 60.
A driver's history of accidents and violations also impacts insurance rates. A clean driving record can lead to lower premiums, while accidents, speeding tickets, and other infractions can increase costs. For instance, a 22-year-old driver with a relatively good record, including one speeding ticket and a minor accident, paid around $1,700 per year for insurance on a 2012 WRX.
Location is another critical factor in insurance rates. Insurance costs vary depending on whether a driver lives in a rural or urban area, with rural areas generally being cheaper. Additionally, insurance rates differ across states, with Louisiana being the most expensive and Hawaii the most affordable for insuring a WRX.
Credit score is also considered by insurers in most states when calculating rates. Maintaining a good credit score can help drivers obtain more favourable insurance rates. However, it's worth noting that not all insurance companies weigh credit history equally in their pricing.
Insurance companies also take into account other factors related to a driver's history, such as their insurance claims history, vehicle garaging address, annual mileage, and the types and amounts of insurance they have had previously.
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The model year
The age of the driver also plays a role in insurance rates, with younger drivers paying more for insurance than older drivers. For instance, 16-year-olds pay around $6,529 per year for full coverage, while 40-year-olds pay approximately $1,503. Additionally, women tend to pay less for car insurance than men, as they are statistically less likely to be involved in collisions or receive speeding tickets.
The cost of insurance for a Subaru WRX also depends on the specific model. The WRX STI, for example, costs more to insure than the standard WRX due to its upgraded engine and design features. The choice of coverage level also influences the insurance rate, with minimum coverage costing less than full coverage.
Insurance rates for the Subaru WRX vary across different providers. Good2Go, for instance, offers a $20 per month premium, making them one of the most affordable options. GEICO also provides competitive rates, with minimum coverage starting at $39 per month. State Farm is another affordable option, with minimum coverage policies averaging $36 per month across five model years.
It is important to note that insurance rates are not static and can change over time. The location of the driver, their driving history, and other factors can also impact the cost of insurance.
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The coverage level
For instance, liability insurance for a Subaru WRX is about $1 per month less than average, while full coverage is over $50 more monthly. The Zebra reports that Subaru WRX insurance costs range from $173 to $440 per month, depending on the model year and coverage level. Similarly, MoneyGeek found that the average cost of full coverage insurance for a Subaru WRX is $125 per month or $1,497 per year, while minimum coverage costs $584 per year on average. CarEdge's data shows that Subaru WRX insurance rates can vary significantly depending on factors such as driving history, coverage limits, deductibles, and vehicle type.
The year of your Subaru WRX's model also affects your insurance rates, with older models typically being cheaper to insure. For example, the average annual insurance cost for a 2024 Subaru WRX is $1,661, while a 2023 model costs $1,512 per year. Additionally, the specific trim level of your WRX can impact your insurance costs, with higher trim levels featuring premium upgrades that raise the MSRP and result in higher insurance costs.
Your age and driving history can also significantly influence your insurance premiums. For example, auto insurance prices tend to decrease as you get older, with the cheapest age group for WRX drivers being 45-54. A clean driving record can also help you secure lower insurance rates, as insurance carriers offer the most affordable premiums to drivers with no accidents or tickets on their record.
It's important to note that insurance rates can vary by state, and residing in an urban area with heavy traffic may result in higher insurance rates compared to rural areas. Therefore, it's recommended to shop around and compare quotes from multiple insurance providers to find the most affordable rates for your specific circumstances.
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Frequently asked questions
The insurance costs of a Subaru WRX are influenced by factors such as the driver's age, gender, location, driving history, model year of the car, and the specific coverage options selected. The cost of insurance for a Subaru WRX is generally higher than the average cost for all Subaru models.
The average annual insurance cost for a Subaru WRX varies depending on the model year, with estimates ranging from $984 to $2,154 per year. The insurance provider and selected coverage level also impact the final cost.
Yes, there are several ways to potentially reduce the insurance costs of a Subaru WRX. Maintaining a clean driving record, bundling home and auto insurance policies, and paying premiums annually instead of monthly can all help lower insurance costs. Shopping around and comparing quotes from multiple providers can also help identify the most affordable rates for your specific situation.
