Feel like your car insurance premiums are sky-high? The disparity between the least and most expensive vehicles to insure can amount to thousands of dollars annually. And we're not just talking about exotic cars like Ferraris and Bentleys; even models from major automakers can come with hefty insurance costs.
While insurance companies primarily base premiums on a driver's history, location, age, gender, marital status, and credit score, the make and model of the vehicle also play a significant role. Generally, more expensive cars tend to have higher insurance rates compared to more affordable models. This is because pricier cars often cost more to repair, especially when they use exotic materials like aluminum and carbon fiber. According to Terrence Cahill, Director of Communications for Progressive Insurance, these materials can significantly drive up repair costs.
Based on data from Insurance.net, we've compiled a list of the top 20 most expensive cars to insure. These figures are based on a theoretical 40-year-old male driver with a clean record, driving 12 miles to work daily, and using standard insurance limits. Note that actual premiums can vary significantly based on individual circumstances.
| Rank | Car Model | Average Annual Premium |
|---|---|---|
| 1 | Mercedes-Benz S65 AMG | $3,835 |
| 2 | Audi R8 | $3,725 |
| 3 | BMW i8 | $3,601 |
| 4 | Tesla Model S | $3,441 |
| 5 | Porsche Panamera | $3,400 |
| 6 | Mercedes-Benz S63 AMG | $3,355 |
| 7 | Jaguar F-Type | $3,300 |
| 8 | BMW M6 | $3,271 |
| 9 | Land Rover Range Rover | $3,245 |
| 10 | Maserati Quattroporte | $3,200 |
| 11 | Lexus LS 600h | $3,150 |
| 12 | Mercedes-Benz G-Class | $3,100 |
| 13 | Audi S8 | $3,075 |
| 14 | BMW 7 Series | $3,050 |
| 15 | Cadillac Escalade | $3,025 |
| 16 | Infiniti QX80 | $3,000 |
| 17 | Lincoln Navigator | $2,975 |
| 18 | Volvo XC90 | $2,950 |
| 19 | Acura NSX | $2,925 |
| 20 | Alfa Romeo Giulia Quadrifoglio | $2,900 |
Source: Insurance.net
A recent study found that a single moving violation can increase car insurance premiums by 14% to 21%, depending on the infraction. For example, a comprehensive ZIP code analysis by CarInsurance.com revealed that a driver in Park, Michigan, would pay approximately 577% more for car insurance compared to a similar driver in Bullhead City, Arizona.
Not all vehicles are easy to insure. Some insurance companies may refuse to cover specific high-performance cars altogether. Additionally, drivers with multiple infractions on their records may find it challenging to get coverage, especially for high-risk models.
The data for this analysis was gathered a few months ago by Quadrant Information Services, based on rates from 900 model-year 2023 vehicle designs from major carriers in 10 ZIP codes per state. The quotes pertain to a single 40-year-old male driver with no accidents or moving violations, driving 10 miles to work daily.
For more detailed information on car insurance rates and factors affecting them, you can visit Progressive Insurance and CarInsurance.com.
This article provides a comprehensive overview of the factors influencing car insurance premiums and highlights the most expensive cars to insure in 2023. Whether you're driving a luxury vehicle or a more affordable model, understanding these factors can help you make informed decisions about your car insurance.
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