Jeeps are well known to be very expensive to insure, and it can keep many potential buyers from making the plunge. Even worse, some new Jeep owners are surprised by the cost of insurance after purchasing their new vehicle, making their Jeep more unaffordable in a way they did not anticipate.
Unfortunately, the Jeep Grand Cherokee is one of those vehicles. However, with a bit of pre-planning, you can still purchase a Jeep Grand Cherokee in your price range with an insurance rate that you can afford.
Average Cost to Insure a Jeep Grand Cherokee
Insurance for a Jeep Grand Cherokee is estimated to cost about $220 a month, almost double the national monthly average for car insurance. This rate can depend on many factors determined by both your vehicle and your personal history.
If you need more information on Jeep Grand Cherokee insurance rates, you have come to the right place. This guide will walk you through what makes insuring Jeep Grand Cherokees so expensive, and what decisions you can make while purchasing your vehicle that will help mitigate your insurance cost.
Additionally, we will walk you through the personal history questions your insurance agent will ask you, and see if there are any changes you can make that will help you save money on your monthly insurance.
Jeep Grand Cherokee Price and Comparison
A Jeep Grand Cherokee is an expensive vehicle, which is one of the reasons that the insurance costs are so high. The new 2020 Jeep Grand Cherokee will run you over $32,000 dollars for the base model. If you are looking to buy any vehicle in this price range, you can expect to spend more on your car insurance compared to cars in the $20,000 dollar range.
There are many great Jeeps where the base model runs $10,000 -$15000 cheaper than the Jeep Grand Cherokee. If you are worried about monthly costs, it could be worth looking at these more affordable models. If you are indeed looking for something more affordable than the Jeep Grand Cherokee, the Patriot and the Renegade are both decent options.
You may be asking, “Why is a Jeep Grand Cherokee so expensive to insure?” Well, this all has to do with safety and statistics. Jeeps, in general, have a long history of getting into expensive accidents when it comes to medical payments, even if replacing the vehicle is cheaper.
This is because Jeeps are such a large vehicle that they cause a lot of damage when they are in an accident with another vehicle. Unfortunately, the statistics behind accidents that other Jeep Grand Cherokees are involved in are exactly the kind of information that insurance agents evaluate when making a decision on the cost of your insurance.
What Determines Insurance Costs for a Jeep Grand Cherokee?
We have discussed that the price of a Jeep Grand Cherokee as well as the cost of damage a Jeep Grand Cherokee can potentially cause are the main reasons why it is so expensive to insure.
However, there are other factors that affect the cost of insuring a Jeep Grand Cherokee, as well. Let’s take a look at a few of these key factors:
- Body Type – A Jeep Grand Cherokee is very topheavy, meaning that it can flip more easily than your average vehicle. Even a flip at low speeds will usually result in the insurance company totaling your vehicle, which will be very expensive for them. Thus, they are going to charge a higher rate.
- Theft – A Jeep Grand Cherokee is one of America’s top 10 most stolen vehicles. If your Jeep Grand Cherokee is successfully stolen, your insurance company will have to replace the total value of your vehicle. This rate of theft is a huge reason why your insurance payments will be higher with a Jeep Grand Cherokee more so than with other vehicles.
- Safety – The Jeep Grand Cherokee only has three out of five stars on its front driver side safety rating by NHTSA. Insurance agents take the likelihood of you being severely injured in your vehicle, so anything less than five stars will result in a higher insurance payment for you.
- Cost of Parts – Thankfully, parts for Jeep Grand Cherokees in the United States are not that expensive compared to other vehicles. Insurance agents will keep this in mind, meaning you actually save a bit of money here compared to more rare vehicles in the same price range that have more expensive parts to replace in the case of small accidents.
- Brand Perception – As a Jeep lover, you know that there is a perception that Jeep owners enjoy the rugged outdoors. Unfortunately, insurance agents know this as well. You will pay a premium for the likelihood that you could cause damage to your vehicle off-roading or other adventures, especially if you buy a 4×4.
Other Factors to Consider When Getting Your Jeep Grand Cherokee Insured
While the estimated cost of insurance is double the national average of standard car insurance for the Jeep Grand Cherokee, your personal insurance quote is going to vary depending on many factors based on your personal attributes and driving history.
It is important to evaluate these other key factors to see if there are any areas where you can save on car insurance. Before you purchase your Jeep Grand Cherokee, you should carefully evaluate what factors you can change in your favor in order to save you a lot of money while you own your vehicle. Some of these key factors are:
- Gender and Age – If you are middle-aged, you will get a standard rating in this regard. However, young women and older men will actually stand to save quite a bit of money on their car insurance, and conversely, young men and older women will pay quite a bit more. While this may seem like discrimination, everything is based on statistics with your insurance agent.
- Marital Status – It makes sense that married people are in a more responsible mindset than they were when they were single, or if they are recently divorced and having fun living on the edge. If you are married, you will get a discount on your car insurance due to the decreased likelihood that you will drive recklessly. If you are tying the knot this year, it might be best to wait until after you are married to buy your vehicle. If you can’t wait, make sure to update your insurance company on your change in marital status, and see if they can give you some kind of discount.
- Where You Live – If there are more cars on the road, you are more likely to get in an accident. Additionally, most accidents occur within a few miles of the driver’s home, likely because they are less on-edge and aware as they approach their home. That being said, where you live will make or break the affordability of your insurance. Make sure to use your less-populated address if you live in two homes.
- Credit Score – Responsibility is a big theme when it comes to the affordability of your car insurance, and credit score plays a big role. Even though you qualified for your car loan, insurance agents might see a poor or fair credit score and hike up your rates. Getting your insurance changed before purchasing a car (which causes an initial dip in credit score) is never a bad idea. Additionally, car payments will greatly improve your credit score, so its important to always check with your insurance agency and to get quotes elsewhere to make sure you are consistently getting the best deal.
- Profession – If you use your personal vehicle to drive a lot during the workday, you are more likely to get into an accident. Care insurance companies are going to charge you extra for that. If you use a company vehicle, make sure to let them know even if they don’t ask.
- Driving History – Obviously, your driving history is going to change the cost of your insurance. However, most driving issues cycle off your record in 3-5 years. If you are almost hitting that mark, it may be best to wait and purchase a vehicle so that you can earn a much lower insurance rate.
- Driving Activity – If you can’t improve or change any of the above factors, a little-known trick to getting a lower insurance rate includes allowing your insurance company to install a temporary device that will track your driving activity. If you drive safely and for short distances, you can actually save hundreds of dollars a year on your car insurance.
How to Save Money on Insurance for a Jeep Grand Cherokee
If you think that upgrading to a higher trim is going to be a waste of money and only increase your car insurance payments, you would actually be incorrect.
Many safety and security features on the Jeep Grand Cherokee can actually save you money on your car insurance, which makes the true cost of ownership cheaper over time.
It is important to factor these features while speaking to an insurance agent and budgeting for your new Jeep Grand Cherokee. These features include:
- Anti-Lock Brakes
- Stability Control
- Motorized Seatbelts
- Anti-Theft Devices
An extra initial cost of a few hundred to a couple of thousand dollars could actually be paid for by your car insurance savings over time, while also giving you a more comfortable experience in your new Jeep Grand Cherokee. Not to mention, you and your family will feel more safe and secure, and you can’t put a price on that.
The Bottom Line on Insurance for a Jeep Grand Cherokee
While a Jeep Grand Cherokee can be expensive to insure, there are many ways to save money on your car insurance while also buying the Jeep of your dreams.
Before you buy your vehicle, it is important to speak to your current insurance agent as well as get price quotes from other insurance agents.
Once you have an idea on the cost of your insurance, you can buy the Jeep Grand Cherokee that’s right for you. Remember: a cheaper vehicle will also lower your monthly car insurance payments.
Our final tip: bring the total cost of ownership down while still purchasing a good-as-new vehicle by shopping at your local off-lease-only dealership.