From the car’s make and model to its safety features, engine power, and repair costs, insurers carefully assess the level of risk associated with insuring a particular car. While insurance rates can vary widely, certain factors make some vehicles more expensive to insure than others. Factors such as powerful engines, high-tech features, and the luxury or high-performance status of a car can all contribute to inflated insurance premiums. A few of those performance cars can reach 60 mph in a split second. They don’t need much encouragement to run fast with their powerful engines. These are usually the most expensive automobiles to insure.
It’s important to note that the information about specific car models being the most expensive to insure may vary depending on factors such as the insurance company, location, driver profile, and other variables. The list provided is based on insure.com’s findings;
Here are the top 10 most expensive cars to insure
- Maserati Quattroporte
- BMW M8 Competition Gran coupe
- Porsche Panamera Turbo S
- Audi RS e-tron GT
- Tesla Model S Plaid
- BMW M760i xDrive
- Alfa-Romeo Giulia Quadrifoglio
- Acura NSX Type S
- Dodge Charger SRT Hellcat
- Porsche 911 Carrera Targa 4 GTS
Even though these lists change often, the main characteristics of the automobiles attracting higher insurance rates remain largely unchanged. Underwriters take them into account when calculating car insurance rates, and it can result in higher premiums for specific types of vehicles. Here are some typical attributes associated with cars that often have higher insurance costs:
- High value: Expensive luxury vehicles, high-performance sports cars, and exotic cars often come with higher insurance rates. The cost of repairing or replacing these vehicles is usually higher because underwriters have to make sure they collect enough premiums to pay for anticipated claims.
- Powerful engines: Cars with powerful engines, especially those designed for high speeds and acceleration, are more likely to be involved in accidents. These cars tend to attract more aggressive driving behavior. High speed collisions can be very expensive with destruction of property and serious injuries to people. As a result, insurance rates for these vehicles are typically higher.
- Expensive repairs: Cars that require costly repairs due to specialized parts, limited availability of spare parts, or complex systems can result in higher insurance rates. Luxury vehicles or those with unique features may fall into this category.
- High theft rates: Certain car models are more prone to theft, which can increase insurance premiums. If a vehicle is popular among thieves or lacks effective anti-theft features, this needs to be reflected on premiums charged.
- Bad claim records: If a car model has a history of higher accident rates, or a higher likelihood of causing or being involved in accidents, owners have to pay more to insure them.
It’s important to note that insurance rates are also influenced by other factors such as driving record, location, age, gender, and credit history. Additionally, insurance premiums can vary significantly between companies, so it’s always advisable to shop around and compare quotes from multiple providers.
Here are some concerns related to insuring the aforementioned vehicles:
- Age restrictions: These cars are generally not suitable for teenagers or younger drivers. Before including a youngster as the owner or listing them on the policy, it is crucial to check with the carrier. In most cases, many insurers may not even consider insuring them.
- Specialized brokers not always required: While some people believe that finding a performance car specialist or broker is necessary, the truth is that most traditional insurance carriers can provide coverage for these vehicles. In fact, they might even offer more affordable rates.
- Impact of poor driving records: Having a history of bad driving records can further escalate the already high premiums for cars with expensive insurance rates . It’s important to keep this in mind when considering insurance options.
- Get quotes before making a purchase: The advantage of getting insurance quotes for a car you’re considering buying is that it allows you to assess the associated costs beforehand. This is particularly important if you are concerned about affordability.
- Being a low-risk driver helps a lot: By being a good driver, having a clean claims history, maintaining a good credit score, and residing in a zip code with lower insurance rates, you can find more affordable prices for high-risk automobiles.
It’s important to note that insurance rates and policies can vary among providers, so it’s always recommended to gather multiple quotes and compare them to make an informed decision.