Mercury Insurance Names the Most Affordable New Trucks and SUVs to Insure

Rhea-AI Summary

Mercury Insurance (NYSE: MCY) has released its list of the most affordable new trucks and SUVs to insure for 2024. Chevrolet dominates the truck category with the Colorado and Silverado taking the top two spots. Ford claims five positions in the top 10 list. In the SUV category, Fiat's 500X is the most budget-friendly, followed by Hyundai Santa Fe and several Honda models. Mercury Insurance, a leading provider of auto insurance in California and 10 other states, aims to help consumers save on insurance costs through this list. The popularity of larger vehicles continues to rise, with SUVs accounting for 48% of global vehicle sales last year and the light truck segment projected to make up 78% of sales by 2025.

Mercury's research and development team studied 2024 model-year trucks and SUVs available at dealerships to compile this list, emphasizing the versatility and fuel economy of these vehicles. The study aims to guide consumers in choosing the best vehicle for their needs while being cost-effective in terms of insurance.

Positive

• Mercury Insurance offers a list of the most affordable new trucks and SUVs to insure, potentially saving consumers money.
• Chevrolet Colorado and Silverado are the top two most affordable trucks to insure, attracting budget-conscious buyers.
• Fiat 500X is the most budget-friendly SUV, followed by other affordable models like Hyundai Santa Fe and Honda Passport.
• The continued popularity of larger vehicles like trucks and SUVs could boost demand for Mercury Insurance's products.

Negative

• Increasing popularity of larger vehicles could raise overall insurance costs due to higher claim payouts, impacting Mercury Insurance's profitability.

Chevrolet takes top two truck spots with Ford taking five spots in the top 10; Fiat is the most budget-friendly SUV to insure with Honda taking four in the top 10 

LOS ANGELES, June 25, 2024 /PRNewswire/ -- Consumers continue to gravitate toward larger vehicles as the truck and SUV segments dominate sales in the U.S., a trend that shows no signs of slowing down. Mercury Insurance (NYSE: MCY), a leading personal and commercial auto insurer in California — the car capital of the U.S. — and provider of auto insurance in 10 other states, has generated a list of the most affordable new SUVs and trucks to help car buyers find a vehicle that will save them money on insurance.

Last year, SUVs accounted for 48% of global vehicle sales and set a new record. This is part of a larger trend of larger and heavier vehicles becoming more popular. By 2025, some experts predict that the light truck segment, including SUVs, will make up 78% of sales.

Mercury's research and development team examined 2024 model-year (MY) trucks and SUVs that are available at car dealerships today to compile this list. 

"The appeal of trucks and SUVs is that they can handle weekday work commutes as well as weekend excursions," said Mercury Insurance Director of Product Management R&D Chong Gao. "New models have fantastic fuel economy and come in a variety of sizes to fit various lifestyles. Mercury Insurance wants to educate consumers about which truck or SUV might be the best fit for them and their families."

Here is the top 10 list for new 2024 trucks, beginning with the most affordable make and model to insure:

• Chevrolet Colorado
• Chevrolet Silverado
• Ford Maverick/Ford Ranger *
• Hyundai Santa Cruz
• Toyota Tundra Crewmax
• Ford F350 Super Duty
• Ford F150
• Toyota Tacoma
• Ford F250 Super Duty
• Dodge Ram 1500

* Tie for third place.

The top 10 list for new 2024 SUVs, also beginning with the most affordable make and model to insure is:

• Fiat 500X
• Hyundai Santa Fe
• Honda Passport
• Honda Pilot
• Chevrolet Blazer
• Kia Sportage
• Honda CR-V
• Ford Escape
• Honda HR-V
• Kia Soul

Headquartered in Los Angeles, Mercury Insurance provides auto, homeowners and business insurance through more than 4,700 employees and a network of more than 8,000 independent agents in 11 states.

About Mercury Insurance

Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier predominantly offering personal auto, homeowners, renters and commercial insurance through a network of independent agents in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury writes other lines of insurance in various states, including commercial, business owners and business auto, landlord, home-sharing, ride-hailing and mechanical protection insurance.

Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultra-competitive rates with excellent customer service. Mercury has earned "A" ratings from A.M. Best and Fitch, as well as "Best Auto Insurance Company" designations from Forbes and Insure.com. For more information visit www.MercuryInsurance.com or follow the company on Twitter or Facebook.

View original content to download multimedia:https://www.prnewswire.com/news-releases/mercury-insurance-names-the-most-affordable-new-trucks-and-suvs-to-insure-302181946.html

SOURCE Mercury Insurance

FAQ

What are the most affordable new trucks to insure according to Mercury Insurance?

The most affordable new trucks to insure for 2024 are the Chevrolet Colorado, Chevrolet Silverado, and Ford Maverick/Ranger.

What is the most budget-friendly new SUV to insure in 2024?

According to Mercury Insurance, the Fiat 500X is the most budget-friendly new SUV to insure in 2024.

Which company released a list of the most affordable new trucks and SUVs to insure?

Mercury Insurance released the list of the most affordable new trucks and SUVs to insure.

How does the popularity of larger vehicles impact the insurance market?

The increasing popularity of larger vehicles like trucks and SUVs can drive higher overall insurance costs due to potentially higher claim payouts.

What percentage of global vehicle sales did SUVs account for last year?

Last year, SUVs accounted for 48% of global vehicle sales, setting a new record.

What is the projected market share for the light truck segment by 2025?

Experts predict that the light truck segment, including SUVs, will make up 78% of sales by 2025.