Federal law requires all drivers to have car insurance. If you’re like most people, you want to make sure you’re getting the best deal from a car insurance company.
After all, insurance companies have a notorious reputation in society for doing their best to pay as little as possible during auto accidents. Choosing the right insurance provider is important for this very reason.
Though, it’s important to know the most expensive cars to insure before starting your search. In this article, we’ll go over the most and least expensive cars to insure.
What are the Most Expensive Cars to Insure?
With thousands of car models available, giving you a complete rundown on the most expensive cars to insure can be challenging.
Though, after doing some deep research, we’ve compiled a list of 10 of the most expensive cars to insure by vehicle make and model:
- Maserati Quattroporte S GranSport: $4,823
- Maserati Ghibli S Q4 GranSport: $4,208
- Tesla Model S Plaid: $4,143
- Tesla Model X Plaid: $4,025
- BMW M760i xDrive: $3,914
- BMW M8 xDrive: $3,907
- Audi R8 5.2L Spyder Quattro: $3,863
- Nissan GT-R Nismo: $3,829
- Maserati Levante GTS: $3,803
- BMW M5 Competition xDrive: $3,777
As you can see, most of these cars are expensive sports cars or luxury models. Car insurance companies know that these cars attract thieves and can be expensive to repair.
If you own any of these cars, be prepared to pay high insurance costs. There’s no getting around it if you own any of these sports or luxury vehicles.
What are the Least Expensive Cars to Insure?
Every driver’s goal is to pay the smallest insurance rates possible. If you own any of these cars, you’re definitely in luck if you plan to start shopping for car insurance.
Below are 10 of the least expensive cars to insure:
- Chrysler Voyager L: $1,272
- Honda CR-V LX: $1,285
- Mazda CX-3 Sport: $1,294
- Fiat 500X Trekking: $1,301
- Honda HR-V LX: $1,322
- Jeep Compass Sport: $1,324
- Mazda CX-5 Sport: $1,328
- Subaru Outback 2.5I: $1,330
- Subaru Forester 2.5I: $1,333
- Jeep Wrangler JL Sport: $1,339
Except for the Chrysler Voyager L, all of the vehicles on this list are SUVs. There are a few reasons why these cars may be cheap to insure.
One reason may be that these vehicles are cheap to repair. Another reason may be that many insurance companies don’t get a lot of claims for these vehicles.
What Makes a Car Expensive to Insure?
The amount you’re paying for your car insurance will depend largely on the vehicle you drive. Again if your insurance provider has a negative history with a certain car, this can affect your insurance rates if you own the same car.
Expensive repair costs can also impact how much you’ll pay for auto insurance. For example, cars with lane departure warnings and parking assist are usually more difficult and expensive to repair.
Therefore, if your car has any of these advanced safety features, you could be paying more in insurance costs.
It’s also important to mention that the more comprehensive your insurance plan, the higher your insurance rate will be for a sports or luxury car.
For example, let’s say that a nearby tree falls and smashes your car. If you’ve bought collision and comprehensive insurance, your provider will have to cover the value of your car.
Obviously, if your car has a high MSRP, your insurance company is going to raise your rates. This is especially true if your provider has received claims from your vehicle from other drivers.
What are Other Factors That Impact Car Insurance Cost?
Your car’s make and model isn’t the only factor that will impact your insurance cost. Other factors can affect your car insurance cost, such as:
- Driving Record: Insurance companies will always take a look at your driving record before giving you a quote
- Location: The location where you park your car matters to your insurance company for safety reasons
- Vehicle Use: Whether you use your car for business or personal will impact your insurance rate
- Mileage: The more mileage your car has, the more likely it’ll need expensive repairs
- Credit-Based Insurance Score: Insurance companies typically assign scores to people they insure
- Past Claims: If you’ve submitted insurance claims in the past, this could affect your insurance claims, whether they were in your favor or not
- Recent Lapses: If your insurance has lapsed in the past, your provider could raise your rates
- Type of Coverage: How much coverage you purchase will always affect how expensive your rates will be
What Types of Cars Have the Highest Insurance Rates?
It’s not enough to know about the cars with the highest insurance rates. Insurance companies typically classify a select few of vehicles they’ll insure for higher costs.
These vehicles are:
It goes without saying that sports vehicles carry the highest car insurance rates. This isn’t just because these cars are built to maintain high speeds.
It’s also because younger drivers usually handle these cars and tend to be more accident-prone. All of these factors usually lead to higher car insurance costs.
Luxury cars are delicate vehicles. When they need repair, it can be expensive for owners and insurance companies alike.
Insurance companies consider luxury vehicles to be high-risk because they’ll have to pay their full value during a serious car accident.
Electric vehicles often need to be repaired by manufacturers instead of a local auto mechanic. This can drive up repair costs, which is considered to be a red flag by insurance companies.
In fact, replacing an EV battery can cost thousands of dollars by itself.
Comprehensive insurance covers your vehicle if it’s been damaged due to flood, fire, and vandalism. It will also cover your car if it’s been stolen.
As you can imagine, you will have to pay more money in insurance costs for a vehicle that’s flashy and likely to be targeted by thieves.
Best Tips for Choosing the Cheapest Insurance Rates
As you can see, the car you drive and other factors can influence the amount you’ll spend on insurance costs. The good news is that there are several ways you can choose the best rates.
Below are some excellent ways you can save on car insurance:
Don’t Make Any Assumptions:
It’s no secret that major insurance companies will spend a lot of money on TV commercials to convince you they have the lowest insurance rates.
One of the biggest mistakes people make is taking these commercials at face value. It’s important to do your research before making any decision.
For example, insurance companies have different rates for drivers in different states. To avoid making a mistake, you should field quotes from multiple different insurance companies before making a final choice.
Don’t Ignore Local Companies:
An average person knows about the most popular, national insurance companies. It’s important to note that these companies aren’t ideal for everyone.
There are tons of local insurance companies that can better serve your needs. Many of these companies have excellent online reviews and a highly-satisfied customer base.
Ask About Discounts:
Don’t assume that an insurance company doesn’t provide discounts. Many of them do, but will only offer them to you if you ask. For example, here are some scenarios where you can qualify for a discount:
- Bundle your car insurance with homeowner’s insurance
- Insure numerous cars under one policy
- Have a spotless driving record
- Pay your annual premium right away
- Own a car with anti-theft or other safety features
- Are members of a special organization, such as the US Armed Forces
Improve Your Credit Score:
Believe it or not, but your credit score can impact your car insurance rate. Only a few states like Hawaii, California, Michigan, and Massachusetts don’t allow car insurance companies to look at credit when providing insurance.
Having poor credit can increase your car insurance rates by hundreds of dollars every year. If you take the time to work on your credit, you’ll be in a great position to receive the best car insurance rates.
Avoid Comprehensive Coverage for an Older Vehicle
If you want to lower your car insurance rate by any means necessary, you should avoid buying comprehensive coverage.
Your insurance company will have to raise your rate in case you need future repairs that cost more than what the car is worth.
Also, older cars are prone to breaking down and need expensive repairs from time to time. Most insurance companies won’t have a problem insuring your car.
They will raise your rate if you want to purchase more insurance for an older car model.
Be a Safe Driver:
One of the easiest ways to take advantage of the lowest car insurance rates is to become a safe driver. Insurance companies will consider you a high risk if your driving record is full of speeding tickets and citations.
If you have been involved in a car accident in the past and have an SR-22 form, your insurance rates will almost always be higher.
Browse More Expensive Cars to Insure
Finding some expensive cars to insure is half the battle if you want to pay as little as possible for car insurance. Following the tips above will help you receive the best rates for your vehicle.
Do you want to learn more about car insurance? If so, check out more of our blog articles.