The large SUV segment hit a peak in 2019 before the Covid epidemic flatlined all vehicle sales. With models like the Chevy Suburban having a sales decrease of 39.1% and other models following closely behind. But thankfully, sales of these large family haulers have rebounded nicely in the last couple of years.
How will insurance costs be affected in 2024? As with everything else, the cost of car insurance has shown a steady increase over the last two years and is not expected to come down anytime soon.
Despite the higher prices, let’s take a look at how the 2024 crop of large SUVs currently compare when it comes to the cost of insurance.
How much does it cost to insure the average large SUV?
The cheapest full-size SUV to insure is the Chevrolet Tahoe, costing on average $1,782 per year to insure. Ranked #2 is the Chevrolet Suburban, costing $1,882 per year, and third place goes to the Nissan Armada at $1,966 annually.
Considering the sticker price on some models exceeds $70,000 and even $100,000 for the most expensive models, large SUVs do cost more to insure, but not as much as you might expect due primarily to their good safety ratings and lower liability insurance rates.
The table below shows full-size SUV rankings by annual and monthly insurance policy cost. When researching new models and large SUV reviews, insurance cost is definitely a factor to consider when buying one of these vehicles.
| Rank | Make/Model | Annual Premium | Cost Per Month |
|---|---|---|---|
| 1 | Chevrolet Tahoe | $1,782 | $149 |
| 2 | Chevrolet Suburban | $1,882 | $157 |
| 3 | Nissan Armada | $1,966 | $164 |
| 4 | GMC Yukon | $2,042 | $170 |
| 5 | Ford Expedition | $2,044 | $170 |
| 6 | Jeep Grand Wagoneer | $2,204 | $184 |
| 7 | GMC Hummer EV | $2,210 | $184 |
| 8 | Jeep Wagoneer | $2,360 | $197 |
| 9 | Toyota Sequoia | $2,376 | $198 |
Data Methodology: Rates and models are for the 2024 model year. Driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Uninsured Motorist (UM), Underinsured Motorist (UIM) and medical payments coverages are included. Premium is averaged for all trim levels available for each vehicle. Updated February 23, 2024
As a monthly expense, auto insurance for the large SUV segment ranges from $149 to $198 per month. Assumptions made for these rates include full coverage, a middle-aged safe driver, and rates are averaged for all trim levels for each vehicle model.
When compared to the national average car insurance rate for all vehicles, large SUVs tend to cost more to insure on average, $2,096 versus $1,883 per year. That’s a difference of 10.7%. A few models will fall below the national average rate but most above, as trim level is a big factor on the final rate.
There are over 10 large luxury SUVs that we perform separate comparisons on, so if you were wondering why vehicles like the Lincoln Navigator and Cadillac Escalade were not included in this comparison, now you know.
Which large SUV is cheapest to insure?
The cheapest 2024 model year large SUV to insure is the Chevrolet Tahoe, costing $1,782 per year. This breaks down to $891 for a 6-month policy or about $149 per month. With the average large SUV costing $2,096 per year for insurance, the Chevrolet Tahoe can potentially save around $314 a year, or about 16.2%.
The Chevrolet Suburban comes in a close second to the Chevrolet Tahoe, costing an average of $1,882 per year. Ranked third is the Nissan Armada, with an average annual insurance rate of $1,966 per year.
Also see our complete SUV insurance cost comparison including compact and mid-size models to find out overall what is the cheapest SUV to insure.
Which full-size SUV is most expensive to insure?
The most expensive large SUV to insure is the 2024 Toyota Sequoia, costing $2,376 per year. It will cost around $594 more to insure a Toyota Sequoia each year compared to the cheapest large SUV to insure, the Chevrolet Tahoe.
At $2,376 a year, that is a 12.5% premium over the $2,096 average for the large SUV class, and 23.2% more than the national average car insurance rate (all vehicles) of $1,883.
What is the average insurance cost for a large SUV?
The average insurance rate for all vehicles in our large SUV insurance cost comparison is $2,096 per year. As mentioned earlier, this is higher than the overall all-vehicle national average insurance rate of $1,883, an extra cost of $213 per year.
Does the Expedition or Suburban have cheaper insurance?
The Ford Expedition has an average insurance cost of $2,044 and the Chevy Suburban is $1,882, making the Chevrolet Suburban cheaper by $162 per year.
Is Yukon XL or Suburban insurance cheaper?
2024 Yukon insurance cost is $2,042 (averaged for both regular and XL models), while the 2024 Chevy Suburban is $1,882, making the Chevrolet Suburban cheaper by $160 per year.