Feel like your car insurance premiums are sky-high? The disparity between the cheapest and most expensive cars to insure can amount to several thousand dollars annually. We're not talking about exotic vehicles like Ferraris or Bentleys, but mainstream models from well-known manufacturers.
Car insurance premiums can vary significantly based on the make and model of the vehicle. While factors like driving history, location, age, gender, marital status, and credit score play a role, the type of car you drive is also crucial. Expensive cars generally come with higher insurance costs due to their repair expenses and the materials used in their construction. This article delves into the most expensive cars to insure in 2023, backed by data and statistics.
Insurance companies base premiums on various factors, including the car's driving record, location, age, gender, marital status, and credit score. However, the make and model of the vehicle are also significant determinants. Expensive cars usually have higher premiums because they cost more to repair, especially when exotic materials like carbon fiber are involved. According to Terrence Cahill, Director of Communications at Progressive Insurance, the more expensive the car, the higher the repair costs.
Insurance companies also consider the car's claims history, including the extent of damage in typical accidents, the severity of injuries to passengers and other parties, and the cost of damage to other vehicles and property. Some models are more likely to be involved in accidents or stolen, which can also drive up insurance costs.
We have compiled a list of the top 30 most expensive cars to insure, based on data from Insurance.com. The average estimated premium costs are based on a hypothetical 40-year-old male driver with a clean record, commuting 16 miles to work daily, and having standard coverage limits.
| 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 | Tesla Model S Performance | $3,447 |
Note: These figures are idealized estimates. Drivers in urban areas or those with a history of accidents or traffic violations can expect to pay significantly higher premiums.
A recent survey found that even a single moving violation can significantly impact insurance rates. A detailed ZIP code analysis by CarInsurance.com revealed that, all else being equal, a driver in Highland Park, Michigan, could pay around 577% more for car insurance than someone in Bullhead City, Arizona.
Some insurance providers may refuse to cover certain high-performance cars altogether. Many will also decline to insure drivers with multiple infractions, especially if they drive what is considered a high-risk model.
The data for this article was collected by Quadrant Information Services and is based on premiums for 800 model-year 2023 vehicles from major carriers in 10 ZIP codes per state. The rates apply to a single 40-year-old male driver with no accidents or moving violations, driving 12 miles to work each day.
While many factors influence car insurance premiums, the make and model of your vehicle play a crucial role. Expensive cars generally come with higher insurance costs due to their repair expenses and the materials used in their construction. Understanding these factors can help you make more informed decisions when purchasing a vehicle.
For more detailed information, you can visit Insurance.com and CarInsurance.com.
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