5 Most Expensive Cars to Insure
What Are The Most Expensive Cars To Insure?
Updated October 22, 2018
When 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 rates first. By checking the insurance rates before making a purchase, you can avoid having one of the most expensive cars to insure.
The most expensive cars to insure tend to be large or mid-size luxury vehicles. Let’s look at five models that truly break the bank.
5. Mercedes S560 (annual premium $3,502)
These sedans are coveted by everyone that desires excellence from the German automaker. This luxury car isn’t your typical ride, but it’s serious and one of the best. With that in mind, it’s also one of the most expensive cars 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 is 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.
4. 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 cars to insure. 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.
3. Mercedes-Benz S63 AMG (annual premium $3,624)
And, we are back to the German companies yet again. 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.
2. Dodge Viper GTS (annual premium $3,779)
We’ve made it to the first American auto that’s one of the most expensive cars to insure. 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.
1. Mercedes-Benz S65 AMG (annual premium $3,835)
We arrive back in Germany for this final car. It’s not just one of the most expensive cars 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.
Least Expensive Cars to Insure
Now that we’ve reviewed the most expensive cars to insure, it’s time to see which ones are budget-friendly. Here are five of the least expensive 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 rate. 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 rates 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.
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 most expensive 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 if it’s one of the most expensive cars 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 expensive cars to insure. 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.
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