fs5When you’re preparing to purchase a new car, you haggle over the price and work out your budget. You figure out exactly what you can afford and then you take the leap. Many times, consumers bite off more than they can chew when they don’t look into the insurance cost first. By checking the insurance rates before making a purchase, you can avoid having one of the most expensive cars to insure.
Generally speaking, expensive vehicles are the more expensive vehicles to insure. An average car has cheaper insurance because it’s not as exclusive or exotic, and most auto insurance quotes are reflections of what cars cost. Fast and powerful cars that are fun to drive also command higher premiums because of the tendency for drivers to push the limits in them, but there’s more to insurance policy than make and model. In the end, insurance providers look at your individual driving record, your age, and even your zip code before determining what you pay for car insurance. So, just because your mom can insure that Range Rover, it doesn’t mean that you can for the same price!
Since large or mid-size luxury vehicles command the biggest premiums, let’s look at the top high insurance models that truly break the bank. This isn’t a top 10 most expensive list, because we’ve done a few more to give a better representation of the top (and bottom) end of the scale!
The Most Expensive New Car Insurance Quotes!
Dodge Challenger SRT Demon (annual premium $3,299)
It’s no wonder that the Challenger SRT Demon comes with an expensive insurance premium to match the expensive price tag! This monster of a muscle car is a drag-race special. Just think of its name – does “Demon” sound like it should have low car insurance premiums?
The standard model comes with a supercharged 6.2-liter V8 engine that pushes out 808 horsepower. It’s easy to increase that up to 804 horsepower just by adding the Demon Crate package. Just imagine what that will do to your auto insurance costs!
Dodge says their Demon accomplishes a quarter-mile in 9.65 seconds while hitting 140 mph. Thankfully, there are only 3,000 units of this beast or the insurance companies would be made even wealthier. If you’re looking for a new car that’s a little less exclusive that has a more appealing insurance quote, then the Dodge Charger is a fine choice. With the full Hemi V8 engine, a Dodge Charger generates average annual insurance quotes of around $1,385.61 – which much cheaper than the model above!
Tesla Model X P100D (annual premium $3,370)
Not only is the Tesla Model X P100D quite expensive to begin with a $140,000 price tag but it comes complete with expensive car insurance. The equipment on and inside this car is expensive to fix, which is why it boasts such high insurance costs.
This electric vehicle hits 60 mph in just 2.9 seconds which makes this three-row SUV just as quick as the Ferrari 488 GTB. Now, do you really need to wonder why it would cause your insurance premium to rise?
If you’re wondering why the average annual car insurance is so expensive for electric vehicles, it goes back to the equipment on board. There’s a big battery in there and they are costly to repair or replace. Insurance companies always take this into consideration when they factor in the premiums. In addition, neither the Insurance Institute for Highway Safety nor the NHTSA have released any safety ratings on this model. Your insurance company weighs all these things up, from the price tag to the failure ratings and more to gauge your insurance premium. It’s the cost to insure these Tesla Model Xs that make them prohibitively expensive.
Mercedes SL65 AMG (annual premium $3,449)
Launching us into a herd of German cars, we start with the Mercedes SL65 AMG. If you’re in the market for a high performance roadster that packs a powerful punch and features a wide range of excellent driving aids, then this could be the car for you. Powered by a twin turbo V12 that produces a fierce 621 horses that can pull you to 60 mph in 3.7 seconds, it’s clear that the average insurance is going to be astronomical for one of these. And it is. The usual auto insurance quote for the SL65 AMG is a large $3,449.
Curiously, the cost to insure the smaller V8 version, the SL63, doesn’t give you much in the way of savings. The SL63 AMG is four cylinders smaller, short around 50hp, and still costs a king’s ransom to insure, to the tune of $3,369.
BMW I8 (annual premium $3,460)
This car is clearly one of the most stylish on the market right now. It’s an aggressively designed supercar that causes people to turn their heads. Unfortunately, the people on the street aren’t the only ones noticing. Your insurance company has definitely noticed too! Expect your average annual cost to own one jump because of the liability related to this car.
Either way, no one can deny that this car looks like it jumped straight out of a video game. The plug-in powertrain pushes out 369 horsepower. Unfortunately, it only gets 18 miles while running on full electric power. That’s just not going to cut it when compared to the competitors. If you want this car strictly for its curb appeal then maybe the added expense of high insurance is worth it to you.
Surprisingly, the auto insurance on this is higher than on the likes of the BMW Alpina B6 XDrive Grand, which has an average average annual insurance quote of $3,351. The same goes for the BMW Alpina B7 XDrive too; they’re both lower than this one. Still, that’s a lot more money than most people want to pay on auto insurance. That’ the price you pay for driving these luxury cars!
Just don’t come to us and ask, “Why is my car insurance so expensive?”
BMW M6 Gran Coupe (annual premium $3,493)
Our list consists of another BMW that isn’t cheap to own. If the “M” stands for “more,” you surely will be turning over a lot of it to the auto insurance company. Maybe it stands for “money” instead? Your insurance company will seem to think so!
Either way, this car might be worth the added expense. It comes with a 4.4-liter twin-turbocharged V8 engine that produces 560 horsepower. The torque peaks at 500 pound-feet and you can choose from a six-speed manual or seven-speed dual-clutch automatic transmission.
Power isn’t all this car has going for it. The exterior is simply stunning and the interior screams of luxury. Just don’t try to put any adults into the backseat. All those factors combined make fora hefty average annual premium! Again, this one gets a higher average insurance premium than the Alpina B6 XDrive models, but not by much!
Porsche Panamera S (annual premium $3,500)
It’s simple to understand why you’ll pay more to own the Panamera S; it’s faster than many other sports cars. In fact, it gets to 60 mph in just 5.2 seconds despite its larger size. With the launch-control system as part of the Sport Chrono package, it’s possible to go even faster.
Even though it’s considered an executive car, it’s natural to drive this beauty as if you were on the race track. That’s what adds the additional liability and causes annual average premiums to increase.
Mercedes S560 (annual premium $3,502)
These sedans are coveted by everyone that desires excellence from the German automaker. This luxury sedan car isn’t your typical ride, but it’s serious and one of the best. With that in mind, it’s also expensive to insure.
I know what you’re thinking. If someone can drop 100k on their car, they shouldn’t have trouble insuring it. It’s still fair for people to make informed decisions and most people wouldn’t expect this car to cost so much for insurance.
There also isn’t much of a price difference between the S560 or the S560 4matic, so you might as well opt for the all-wheel-drive version. As you sit back and relax in the plush interior, you might even forget how much the insurance premiums are running you. Surely the 4.0-liter V8 engine and the fact that it goes from 0 to 60 mph in just 4.6 seconds will help.
Maserati Quattroporte GTS (annual premium $3,547)
While the German automakers know how to manufacturer a well-built car, the Italians are who you look to if you want sleek and sexy styles. Italy is home to Lamborghini and Ferrari, plus it’s where the Quattroporte comes from.
This Italian luxury vehicle doesn’t just come with a high price tag; it’s also one of the most expensive as far as insurance in the United States. The good news is that even though it looks like a Maserati sports car, it isn’t nearly as expensive. At about $150,000 you can own this beauty. Just make sure you factor in the extras and that insurance premium.
Considering that there’s a powerful 3.8-liter V8 engine located underneath the hood, and it hits 190 mph, we think it’s worth every penny – no doubt your insurance company will think it’s worth even more!
Mercedes Maybach S650 (annual premium $3,558)
The Mercedes Maybach S650 is the epitome of luxury. It boasts every bell and whistle in the luxury accoutrements catalog, from massaging leather seats to an onboard atomizer that releases pleasant fragrances into the cabin. It’s over the top, and naturally, it’s expensive. In fact, the Mercedes Maybach S650 has a starting price of around $170,000 but you get a lot more for your money than nice smells and comfy chairs. This beautiful car also boasts a potent 6.0 liter twin-turbo V12 engine that shoots out a staggering 621 horses. It’s fast and luxurious – and as such, it has a hefty insurance bill, to the tune of $3,558. We actually thought that this model would have a higher premium.
Mercedes-Benz S63 AMG (annual premium $3,624)
And, we are back to the German companies yet again, this time with the Mercedes S63 AMG. At first glance, you would think that this car is all about remaining respectful. It looks like something your neighborhood dentist might drive. Once you’re behind the wheel, however, you find out how much of a beast this car truly is.
This is anything but your serene sedan. It’s powerful and accelerates to 60 mph in just 3.4 seconds. That might be terrifying if you aren’t prepared for it. The quick response is due to the 4.0-liter V8 engine that produces 603 horsepower.
Of course, you are going to pay at least $150,000 just to get the base model of this car in your driveway. As the old saying goes – you surely get what you pay for. Just don’t forget to budget in that insurance cost.
Dodge Viper GTS (annual premium $3,779)
We’ve made it to the first American auto that’s comes with the highest insurance premiums. This classic car brings back some American nostalgia. The aggressive and sleek style combines perfectly with the throaty, powerful engine.
This two-seater roadster comes with an 8.4-liter V10 engine that generates 645 horsepower and features a top speed of 208 mph. It’s hard to achieve this kind of power off the race track, but this power doesn’t come at a low cost.
Not only are you going to pay a small fortune to own a Viper, then you have to invest almost $4,000 a year just to insure it. Is that worth the cost? We think so.
Mercedes-Benz S65 AMG (annual premium $3,835)
We arrive back in Germany for this final car. The Mercedes S65 AMG is not just expensive to insure; it’s going to run you the most on our list. This car is good enough for a Kardashian, so I guess it’s normal to expect high fees associated with it.
First, you’ll spend more than 200k just to drive the car, then another $3,800 to insure it. Hopefully, money isn’t an issue for you and there’s no budget you need to stick to. If you have money to spare, this is the sedan to own. It goes from 0 to 60 in just four seconds because of its powerful 6.0-liter V12 engine. Not only will this luxury car beat most out there, but it also offers lots of legroom and plush interior. If you are going to do it; you might as well go all the way!
Least Expensive Cars to Insure
Now that we’ve reviewed the higher-priced vehicles, it’s time to see which ones are budget-friendly. This is the place to look if you aren’t wanting the most expensive cars to insure for teenage drivers in the United States. After all, their rates are high enough to begin with.
Here are five of the least costly cars to insure.
5. Honda CR-V (annual premium $1,753)
This sedate, practical family vehicle is ranked among the best SUVs. Customers love how fun it is to drive and how much cargo room it offers. We’re sure they’re also quite pleased with the low insurance rates. On top of that, it gets 25 mpg in the city and 31 on the highway. There’s not much to complain about there.
With a starting price of just $24,000, it’s also not an expensive vehicle to buy. Then, you can expect to pay just over $100 a month to keep in insured. It’s no wonder people love this Honda SUV. Of course, when you buy a Honda, you also have the reliability factor, so you’ll probably save money on repairs and maintenance as well.
4. Toyota RAV4 (annual premium $1,750)
Coming in even better with insurance premiums is the Toyota RAV4. Since America is SUV crazy, it makes sense that there’s another one to choose from. The Toyota RAV4 is a great family vehicle that starts at about 25k as well.
It’s one of the largest in its segment and offers a versatile cargo area. Maybe one of the reasons that the insurance rate is lower is because of all the driver aids and safety equipment that comes standard on this vehicle. No matter where you drive, you’ll find that it rides smoothly. As you drive down the road, you can think about how much money you’re saving.
3. Chevrolet Equinox (annual premium $1,710)
And yet, here we are with yet another SUV. The Equinox isn’t just one of the least expensive cars to insure, but it also has a lot of features that set it apart. The price runs about $25,000 which seems to be about the average of these low-cost cars to insure.
There’s plenty of cargo and passenger room inside, plus numerous standard features. The interior is attractive and ride quality is good. Even though it’s a compact SUV, you’ll still have everything you need. There are even some engine options including a powerful turbocharged motor or fuel-saving turbodiesel as well. Overall, you’ll be amazed at the comfortable ride and smooth handling.
2. Ford Escape (annual premium $1,656)
Here we are with another 25k SUV – noticing a trend yet? I think it’s clear by now what kind of car the insurance companies favor. With the optional 2.0-liter turbocharged engine, you’ll accelerate quickly. There’s also plenty of tech features including Android Auto and Apple CarPlay.
The handling and steering of this SUV feel more like a car, which makes it a popular choice for people that don’t necessarily like the drive of a bigger vehicle. Despite its small size, there’s plenty of room for all your gear and they even include some additional power plugs to keep you connected on the go.
1. Subaru Outback (annual premium $1,566)
How much do you think this vehicle costs? If you said around $25,000 you are right! This Outback, just like all the Subarus, comes with all-wheel-drive standard. Owners love the exceptional cargo capacity, making it ideal for family vacations.
That’s not all this car offers; it also has superior fuel economy for its class. With the ability to get 32 mpg on the highway, you’ll be saving money on insurance and at the fuel pump. If you want to get things on the roof rack, you’ll also find that this car sits lower than an SUV, making it easier to load and unload.
What Determines the Most Expensive Cars to Insure?
The insurance companies base their pricing on a perceived risk per vehicle. To determine your cost, they’re going to evaluate your claim history. This includes theft and accidents as well. Then, they also factor in the claims on a particular model and the cost of repair. The more claims a vehicle has, and the more costly it is to repair, the higher the insurance rate goes.
On the other hand, if you pick a cheaper car that doesn’t have extravagant claims, you can expect a lower insurance rate.
Here are the five main factors that influence your car insurance price:
- Personal data and insurance rating
- The cost to repair or replace the vehicle
- The frequency of claims on the car model
- Cost of damage the car causes to other people
- Target client and vehicle profiles
Most Expensive Cars to Insure – Avoid these Models
If you don’t want to drive one of the most expensive cars to insure, then you’ll want to avoid these types of vehicles.
Sports cars – these come with the highest insurance rates because they’re built for performance and speed. On top of that, most of the drivers are young and prone to accidents. Despite what most people believe, the color of your sports car isn’t going to matter much. Even if they are lower priced, these will still be the most expensive cars to insure under 30k.
High-end luxury cars – repairing these vehicles is pricey and they normally cost a lot to replace if totaled. Because the insurance company needs to cover this additional cost, they will pass that bill on to you through your premiums.
Electric vehicles – these also feature higher price tags and aren’t cheap to repair. To replace an EV battery, you’re looking at thousands of dollars. It also requires a certain mechanic who’s familiar with repairing these cars; not everyone knows how to work on them yet.
You also want to think about the most popular cars to thieves. If a car is subject to theft, the insurance premium rises as well.
Finding the Lowest Cost Car to Insure
If you don’t want to drive one of the higher priced cars to insure, then it’s imperative that you look for something insurance companies like. For older cars, insurance companies use their history of claims on that model to determine a price. For newer vehicles without a track record, they turn to safety ratings for the perceived cost. They’ll also evaluate it based on the cost of parts, anti-collision features, and the system set up to deter theft.
Then, they look at your profile. For example, why do you think so many family sedans and SUVs are listed as the lowest to insure? That’s because they tend to be driven by family-focused people that use caution on the road. It’s not typical to see a careless young person behind the wheel.
The cheapest cars to insure include these models at this time:
- CrewMax Cab
- Station Wagon
- Double Cab
- King Cab
If you’re dead set on purchasing a certain model vehicle, you aren’t going to care how much it costs to insure. Not only do the majority of them cost more to purchase in the first place, but money isn’t generally the focus for those who desire the style.
On the other hand, if insurance premiums are on your mind, then you don’t want one of the top five vehicles listed above. Instead, opt for a model that’s proven to cost less with most insurers. Driving a family-style vehicle like a sedan or SUV might be your best option, even if you’re young.
Once you’ve picked out your perfect vehicle, it doesn’t hurt to do some insurance shopping. Not everyone will offer the same rate, and you might be able to get a better deal from a different company than you normally use. Even if you saved a hundred dollars a year, you could buy yourself some extra coffee for the daily commute.