Most expensive cars to insure
Fact-checked with HomeInsurance.com
Car insurance rates vary based on a number of factors, one of which is the type of car you’re driving. If you can afford to purchase a luxury sedan, SUV or sports car, it’s important to know how it can affect the monthly insurance payments. Generally speaking, the cost of the car is directly proportional to the cost of car insurance.
While it’s fun to drive a luxury vehicle around, calculating higher insurance costs is a critical part of determining whether or not that type of car is a fit for your budget. Keep reading to see which cars have the highest insurance rate.
Most expensive cars to insure in 2021
There are a few reasons why some cars are more expensive to insure than others. The first factor is the sticker price. Cars that cost a lot of money represent a higher replacement cost to insurance providers and therefore pose a higher risk to insure. If you drove a Ferrari, and it was totaled in an accident, it would be an enormous expense for the insurance company to reimburse you for a replacement. As a result, premiums are higher to cover the potential losses down the road.
Another factor is the components of the car. Vehicles with complex engines or specialty parts are usually expensive to insure because of the higher value repair costs associated. The same goes for cars that come with high-end features and technology, like an infotainment system. From an insurance perspective, it costs significantly more money to repair or a replace a car that has leather seats, wood finishes, and a built-in GPS.
A common misconception with safety-conscious vehicles is that they are cheaper to insure, because the risk of an accident is theoretically lower. However, State Farm explains that safer cars can actually be more expensive to insure simply because of the advanced technology inside. Features that can help prevent an accident, like lane departure alerts and backup cameras, can be costly to fix. While the risk of accidents may be lower, risk of financial loss in the course of repairs or replacement can lead to higher premiums.
So, which cars cost the most to insure? In the chart below, we’ve compared a few examples of cars that can be significantly cheaper or more expensive to insure based on factors that impact premium calculations.
|Mazda CX-3 Sport||BMW i8|
|Honda CR-V LX||Maserati Quattroporte|
|Subaru Outback 2.51||Audi R8|
|Honda Odyssey LX||Nissan GT-R|
|Fiat 500X Pop||Mercedes S65 AMG|
|Jeep Renegade Sport||Tesla Model X Performance|
The BMW i8 is one of the most expensive cars to insure. The vehicle retails for $147,500, and comes with a slew of impressive features, like Apple CarPlay and Harman Kardon speakers, and even a luggage compartment. Custom features like this can translate to a hefty premium compared to insuring other vehicles.
The Maserati Quattroporte retails for just over $100,000. Depending on the model, this car has either a V6 and V8 engine, with up to 523 horsepower. The Maserati website claims that the Quattroporte is “Redefining Luxury, Stitch by Stitch,” so you know the interior is made with the highest quality materials that would be difficult (and costly) to replace, in addition to a more complex, high-end engine.
The Audi R8 is another sports car that is very expensive to insure. The price for a new model starts at around $169,900, and comes with a variety of high-performance features, like 562 horsepower, 406 lbs of torque, and boasting acceleration from 0-60mph in under 3.5 seconds. After an accident, replacing the import parts such as the engine and those top of the line components would cost your insurer a fortune.
The 2020 Nissan GT-R goes for just under $115,000. Specialty features included in this vehicle include a Bose sound system, sport seats, an 8” touch-screen display, Apple CarPlay, and an acoustic windshield that keeps the cabin quiet. Even with depreciation factored in, replacing or repairing a GT-R is a significant cost for insurers to take into account.
Mercedes S65 AMG
The Mercedes S65 AMG is the most expensive car on our list, which starts at a whopping $230,400. It comes with a V8 bi-turbo engine and 612 horsepower. On top of that, the interior is all leather, with performance steering and sport seats. The enormous price tag, combined with high-level craftsmanship, means insurance for this car will be significantly higher than a standard economy sedan.
Tesla Model X Performance
The Tesla Model X Performance is one of the most innovative cars on the road. The car starts at $99,000, and is built with technology that is unique to Tesla. The car is also fully electric and has autonomous driving capabilities. Repairing a Tesla after an accident is costly and may require specialty mechanics. As a result, Model X owners can expect to pay a premium for their insurance.
How to save money on car insurance
If you have your heart set on a car that is expensive to insure, it doesn’t mean you need to give up on your dream car. There are alternative ways that you can save money on your auto insurance.
Raise your deductible
The simplest way to lower your insurance premium is to increase your deductible. When you agree to pay more out-of-pocket towards a covered loss, you’ll get a lower monthly rate. Just make sure you can afford to pay the higher deductible if you do have to file a claim.
Improve your credit score
Your credit score is one factor that can significantly impact your car insurance rate. People with poor credit are considered higher-risk drivers and must pay more for insurance because of the risk posed to insurers. If you can raise your credit score, even by a few points, you will typically see a reduction in your premium.
Take advantage of discounts
Do you qualify for discounts? Most companies offer discounts for people who practice good driving habits, take a defensive driving course, pay their premium in full, or have an anti-theft device in their car. Ask your provider about these or other discounts you may qualify for to save on your premium.
By far the best way to get the best rate on insurance is to compare rates from multiple providers. You might even qualify for a discount just for switching from another company. With a high-end car, it is especially important to shop around and ensure you’re getting the best rate for your preferred level of coverage.
- Luxury cars are more typically more expensive to insure than standard economy makes and models.
- Luxury cars and sports cars tend to have the highest insurance premiums due to custom or import parts and features.
- If your car is expensive to insure, there are ways to lower your rate without getting a cheaper vehicle.
Car insurance can be costly to begin with and when you drive a luxury vehicle, you may be facing an even more expensive premium. Before you purchase a new car, look into the average cost of insurance for the make and model. At the very least, factor the insurance rate into your budget so you are financially prepared. Even with your high-end dream car, there are many ways to lower your premium.