Is it cheaper to insure a hyundai sante fe or a ford explorer?

UPDATED: Nov 13, 2015

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UPDATED: Nov 13, 2015Fact Checked

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Asked November 13, 2015

1 Answer

If you're trying to decide if you'd rather own a Hyundai Santa Fe or a Ford Explorer, you have to consider more than just each SUV's sales price. While it's always nice to look for a deal when you're negotiating the purchase price and a low-interest loan option, you have to cover more expenses than just the down payment and the car note. One of the largest expenses that come with car ownership, aside from financing, is auto insurance.

If you've already narrowed your search down to 2 vehicles like the Santa Fe and the Explorer, you know that each car has special features that make them stand out. The 2016 Ford Explorer has high-tech features, generous cargo space, third-row seating, and a powerful V6 turbocharged engine. The 2016 Santa Fe, on the other hand, is known for its lengthy warranty, classy design, and easy-to-use interface. Each car has standout points, but that still doesn't help you decide which one makes the most financial sense to buy.

Comparing Estimated Insurance Costs

It's very difficult to estimate how much you'll pay for auto insurance because premiums are different from car to car, state to state, and company to company. If you wanted to do a thorough comparison, you'd have to solicit several quotes and consider your personal rating factors and how they affect how much you pay compared to the average consumer.

Luckily, Edmunds has taken the time to compile data to estimate how much it costs to insure most vehicles manufactured by large auto companies. This data can help you determine which car is going to cost you more to insure once you get your own personalized quotes. According to the data collected, the average 5-year cost for insurance on a 16' Ford Explorer is $6644. The 5-year cost to insure the Santa Fe is $6729. Based on the numbers, the premiums are close, but the Santa Fe will cost about $17 more per year for insurance.

Comparing the Trust Cost to Own the Explorer vs. the Santa Fe

You'd be surprised to learn that your insurance expense can affect your True Cost to Own a vehicle but it doesn't mean that the car that costs more to insure will also cost more to own. The Hyundai Santa Fe may cost more to insure, but it also costs significantly less to own over a 5-year span of time.

According to Edmunds True Cost to Own proprietary data, you will spend approximately $51,124 to own a 2016 Ford Explorer for 5 years. If you chose to buy the 2016 Hyundai Santa Fe, you'd spend $46,547, which is more than $4500 less. The major difference is in the sale price and depreciation. Most other costs are close.

Why Does it Cost More to Insure the Santa Fe?

There's a long list of reasons why one car costs more to insure than another. Just because the Explorer costs more to own doesn't mean that it automatically will carry higher insurance premiums. That's only the case when you're buying a classic car policy that's rated on the stated value of the car.

Once of the major reasons that the 2016 Hyundai Santa Fe is a lower cost car with higher premiums is because the Santa Fe costs more to repair. Since the repair costs and cost of parts is higher for the Santa Fe, the insurer must consider this while calculating insurance costs.

Both the Santa Fe and the Ford Explorer have received a 5-star NHTSA rating for performance during a crash test. Being that they both performed well, they both have similar insurance costs, even though the Hyundai Santa Fe does end up costing more to insure at the end of the day.

Answered May 3, 2017 by AutoGuy

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