Insuring a Mitsubishi

With a history that stretches back well into the 1800s, Mitsubishi is sort of like the Ford Motor Company of Japan. Although the brand only made its debut in the U.S. in the 1980s, it has carved out a fairly impressive niche for itself in the meantime. The auto manufacturer's vehicles offer nice blends of performance and style, and they aren't saddled by excessively high price tags. During tough economic times, they tend to become exceptionally popular. While you won't pay a whole lot for a brand-new one, you may pay more than you'd expect to protect it. While the brand's cars aren't at the top of the list in terms of insurance expense, they aren't near the bottom either. The average annual cost to insure a Mitsubishi is $1,556.32, and the brand ranks 22nd on a list of 36 vehicles. Discover a few of the main factors behind the price to protect one below.

Model Statistics

ECLIPSE

What type of Coverage do Eclipse Owners Choose?

$892

Average Annual Cost to Insure

GALANT

What type of Coverage do Galant Owners Choose?

$633

Average Annual Cost to Insure

LANCER

What type of Coverage do Lancer Owners Choose?

$935

Average Annual Cost to Insure

MONTERO

What type of Coverage do Montero Owners Choose?

N/A

Average Annual Cost to Insure

OUTLANDER

What type of Coverage do Outlander Owners Choose?

$1,203

Average Annual Cost to Insure

MIRAGE

What type of Coverage do Mirage Owners Choose?

$379

Average Annual Cost to Insure

ENDEAVOR

What type of Coverage do Endeavor Owners Choose?

$615

Average Annual Cost to Insure

DIAMANTE

What type of Coverage do Diamante Owners Choose?

$750

Average Annual Cost to Insure

3000 GT

What type of Coverage do 3000 Gt Owners Choose?

N/A

Average Annual Cost to Insure

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Brief History of the Mitsubishi Motor Company

One thing's for sure: the automaker's history is anything but brief. The name of the company is derived from a word that means "three diamonds," and that is also reflected by the company's symbol. It was originally founded in the 1870s in Japan by a man named Yataro Iwasaki. However, the company didn't start out as an automaker. In the beginning, the company was involved in mining, shipping, ship building and other random pursuits. It produced its first vehicle in 1917, but large-scale production didn't begin until the 1960s. The brand made its first appearance in the U.S. in 1982. Chrysler bought a 15-percent stake in the company not long before that. The heyday for the automaker was in the 1990s, and the company continues to struggle to regain its former glory.

Decent Safety Ratings have Impact on Insurance Expenses

No one would ever classify the manufacturer's cars as unsafe vehicles. However, the automaker seems to have a few issues when it comes to roof strength. In tests by the Insurance Institute for Highway Safety, models like the Galant and the Outlander received top scores of "Good" practically across the board. The one category in which they didn't excel was roof strength. The Lancer, on the other hand, has generally received pretty solid safety ratings in all categories.

Low Theft Rates Help to Keep Rates Low

These cars aren't popular with thieves, and that's a good thing for many reasons. This matters to car insurance companies. After all, they may have to fork over the money to replace a stolen vehicle. Thanks to the low theft rates that are reported by the National Insurance Crime Bureau, Mitsubishi vehicles have insurance premiums that are relatively low. None of their cars show up on any of the lists that are maintained by the NICB.

Fairly Low MSRPs Keep Expenses Manageable

If you're looking for a true economy car, you probably shouldn't buy a Mitsubishi. However, these cars aren't exactly expensive either. The Lancer has a very low starting MSRP of $15,695, and the Galant has a reasonable starting price of $21,899. Even the Outlander, which is a fairly large SUV, has a starting MSRP of just $22,345. These cars aren't going to put a huge dent in your pocketbook, but there are cheaper options out there too.

The average yearly cost to insure the brand's various cars is as follows:

• Galant 4-Cylinder Sedan - $1,372.00
• Lancer 4-Cylinder Sedan - $1,406.00
• Outlander 6-Cylinder SUV - $1,307.00