Imagine your car insurance premiums are already high. The difference between insuring the least and most expensive vehicles can be several thousand dollars annually. We're not talking about exotic cars like Ferraris or Bentleys, where every aspect of ownership screams luxury. Instead, we're discussing models from major car manufacturers.
While insurance companies base premiums on a driver's record, address, age, gender, marital status, and credit history, the make and model of the car also play a significant role. Generally, more expensive cars come with higher insurance costs. This is because they are pricier to repair, especially when unique materials like aluminum and graphite are involved. According to Terrence Cahill, Director of Communications for Progressive Insurance, insurance rates also depend on claims histories, including the extent of damage a particular model incurs in a typical crash, the severity of injuries to occupants, and the likelihood of the car being stolen.
We have compiled a list of the top 10 most expensive cars to insure based on data from Insurance.com. The average expected premium costs are based on a theoretical 40-year-old male with a clean driving record, commuting 14 miles to work daily, and having standard insurance limits. Note that individuals living in large cities or having multiple accidents and moving violations on their records can expect to pay significantly higher premiums.
A recent study found that even a single moving violation can increase car insurance rates by 12% to 25%, depending on the severity of the offense. A detailed ZIP code analysis by CarInsurance.com revealed that, all else being equal, a driver in Highland Park, Michigan, would pay significantly more than one in Bullhead City, Arizona.
Not all cars can get coverage easily. Some insurance companies may refuse to cover certain high-performance vehicles altogether. Additionally, many insurers prefer to avoid drivers with multiple infractions, especially if they drive what is considered a high-risk model.
The study was conducted earlier this year by Quadrant Information Services, based on rates using data from 700 model-year 2021 car versions from six major carriers in 13 ZIP codes per state. The data assumes a single 40-year-old male driver with no accidents or moving violations, driving 10 miles to work daily.
Insuring a high-end vehicle can be significantly more expensive than insuring a more affordable model. Factors such as repair costs, claims histories, and the likelihood of theft all contribute to the higher premiums. Understanding these factors can help you make more informed decisions when purchasing a vehicle.
For more detailed information on car insurance rates and factors affecting them, you can visit Progressive Insurance and CarInsurance.com.
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