Imagine your car insurance premiums are high. The difference between the cheapest and most expensive vehicles to insure can be several thousand dollars annually. We're talking about models from mainstream car manufacturers, not exotic cars like Ferraris and Bentleys, where every aspect of ownership is a luxury.
Car insurance premiums can vary dramatically based on the vehicle you drive. While factors like driving record, location, age, gender, marital status, and credit history play significant roles, the make and model of your car are also crucial. This article delves into the most expensive cars to insure, backed by data and expert insights.
Insurance companies primarily base rates on a driver's record, address, age, gender, marital status, and credit history. However, the make and model of the car you drive is another critical factor. Generally, more expensive cars tend to have higher premiums compared to more affordable models. The higher the car's price, the more it typically costs to repair, especially when exotic materials like aluminum and carbon fiber are involved.
"Insurance companies base their rates on claims histories, including the extent of damage a particular model incurs in a typical collision, the severity of injuries to occupants and other parties, the cost of damage to other vehicles and property, and which models are more or less likely to be stolen," explains Terrence Cahill, Director of Communications for Progressive Insurance.
Insurance providers also consider claims histories. For instance, how much damage a specific model incurs in a typical collision, the extent of injuries to occupants and other parties, the cost of damage to other vehicles and property, and which models are more or less likely to be stolen.
A recent survey found that even a single moving violation can increase car insurance premiums by 15-25%. Moreover, a driver in Highland Park, Michigan, will pay around 577% more for car insurance than a similar driver in Bullhead City, Arizona (Source: Insurance Information Institute).
We have compiled a list of the top 30 most expensive cars to insure, as determined by CarInsurance.net, along with their average estimated premium costs. Note that these rates are perfect-world averages based on a theoretical 40-year-old male with a clean driving record, driving 15 miles to work daily, with standard coverage limits. Most drivers, especially those living in major cities or having a few accidents or moving violations on their records, should expect to pay higher premiums, sometimes significantly more.
| Rank | Car Model | Average Annual Premium |
|---|---|---|
| 1 | Mercedes-Benz S65 AMG | $3,835 |
| 2 | Audi R8 | $3,725 |
| 3 | BMW i8 | $3,601 |
| 4 | Mercedes-Benz S63 AMG | $3,518 |
| 5 | Porsche Panamera Turbo | $3,484 |
| 6 | Tesla Model S Performance | $3,447 |
| 7 | BMW M760i xDrive | $3,399 |
| 8 | Nissan GT-R | $3,313 |
| 9 | Mercedes-Benz AMG GT | $3,282 |
| 10 | Audi RS7 | $3,229 |
(Source: CarInsurance.net)
The cost of insuring a vehicle can vary widely based on several factors, including the make and model of the car, the driver's record, and location. High-performance and luxury vehicles often come with higher insurance premiums due to their expensive repair costs and higher likelihood of being stolen. It's essential to consider these factors when purchasing a vehicle to understand the full cost of ownership.
For more detailed information on car insurance rates and factors affecting them, visit the Insurance Information Institute.
This article provides a comprehensive look at the factors influencing car insurance premiums and highlights the most expensive cars to insure. By understanding these elements, you can make more informed decisions when purchasing a vehicle.
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