10 Most Expensive American Cars to Insure (And Some Low-Cost Options)
If you’re in the market for an American car, you’ll want to know which cost the most to insure.
Published October 24, 2018
Before you head to your local dealership, you want to factor in some additional costs with that new car purchase. The first thing you might think about is the gas expense, but we’re talking about the insurance premiums. Some American cars are cheap to insure, but there are also many that make the rate skyrocket. That’s why we’ve put together this list of the 10 most expensive American cars to insure.
When you go into a new car purchase prepared, you have a better chance of saving money and getting exactly what you want. Your first step would be to check out our guide on car insurance. Then, enjoy our list of the most expensive American cars to insure.
10. Ford Mustang Shelby GT350R
If you were planning to have a mid-life crisis, this would be the hot rod to buy. This turbo-charged muscle car comes as a two-door coupe with a V8 engine and is going to cost you a pretty penny to insure. In fact, the average premium is about $2,500 per year! That’s just the average cost. Depending on where you live and your record, it could be even more.
Most people would expect for this to make the list of the most expensive American cars to insure, so it should come as no surprise when you get that bill. The thing is, most people won’t care. They buy this car to look cool and turn heads, not to save money.
9. Cadillac ATS-V
If you plan to purchase a Cadillac ATS-V, you might want to factor in the total cost of ownership first. Between the gas fill-ups, car payments, and insurance premiums, it might be more than you thought at first.
What’s interesting is that the two-door coupe is going to cost you $69,000 before any options. Of course, this does come with a 3.6-liter twin-turbocharged V6 engine that’s quite impressive, but the standard transmission is a six-speed manual. If you want to get the eight-speed automatic option, be prepared to pay even more.
The good news is that most young drivers aren’t planning to drive this car. If you are part of the younger generation, expect to pay more behind the wheel of this luxury coupe.
8. Cadillac CT6 Plug-In
This Cadillac looks like it shouldn’t be ranked in the same field as the last, but it’s going to cost you just as much to insure. This car isn’t cheap to own and runs almost 70k just to buy. Of course, you’ll save some money on the gasoline thanks to the 2.0-liter 4-cylinder engine paired with an advanced EVT that uses two electric motors.
The reason the insurance rate jumps higher involves two factors. First, it’s a luxury car which costs more to replace if anything should happen. Second, it features EV components that are expensive to replace and repair.
As electric vehicles become more popular, the components might go down in price. In addition, more shops are getting trained in fixing these vehicles, which will help to bring down insurance premiums over time.
7. Dodge Challenger SRT 392
One of the best ways to determine if a car’s going to cost a lot to insure is to look at the name. If the model name goes beyond just the simple two words of the brand and model itself, you know you’re in for trouble. Adding the SRT 392 to this vehicle raises the insurance premium an extra $300 per year.
Of course, most drivers won’t mind paying the premium for a 6.4-liter V8 engine that produces 485 horsepower. Power isn’t the only thing going for this muscle car. It also features a roomy cabin that holds four adults and offers plenty of opportunity for customization.
6. Ford GT
If a vehicle is an exclusive model, you can almost bet it will be one of the most expensive American cars to insure. If that car also features a stripe down the middle and looks like something that just came off the race track, you better get your wallet ready.
There aren’t many insurance companies that desire giving low prices to anything with the “GT” in its name. They understand that GT simply means fast. Since the Ford GT has a 5.4-liter V8 engine and produces 550 horsepower, they aren’t the least bit wrong either. We don’t think you’re looking at buying a Ford GT for a leisurely drive to church on Sunday, so expect your premiums to go up.
5. Dodge Challenger SRT Hellcat
Earlier we told you about the Dodge Challenger SRT 392, but now we’ve kicked things up a notch. With the SRT Hellcat, you can expect you’ll have one of the most expensive American cars to insure. It’s not only the most expensive in the lineup, but this supercharged coupe is only made to go fast.
Owners of the SRT Hellcat must try out the 6.2-liter V8 engine that produces anywhere from 717 to 797 horsepower. It’s simply a requirement of ownership. Insurance companies know what you plan to do with this car, and they want you to pay for it. The trick will be not getting caught speeding. When no one is looking, we also recommend some handbrake turns. Just don’t tell your insurance provider.
4. Dodge Viper GT
Another Dodge to make the list of the most expensive American cars to insure includes this Viper GT. With a 645-horsepower 8.4-liter V10 engine, it’s no wonder the insurance companies require you pay more. They don’t want to be responsible for the accidents that are bound to happen. In fact, many companies will demand you spend more than $3,000 a year to insure this beast.
In all fairness, they’re going to look at more than just the model of the car you purchase. However, it isn’t normally grandma that’s driving the Viper GT; let’s just be honest. If you want the speed, be prepared to pay the price for it.
3. Tesla Model S
You probably didn’t expect to see this one on the list of most expensive American cars to insure, but here it is. Considering all the tax breaks and push to move to electric vehicles, most people unfortunately assume that the insurance rate is lower for this car. Then, they receive the shocking insurance premium.
It isn’t just the high price of the Model S that causes premiums to rise; it’s more about the cost of equipment included. The components of the Tesla cost a lot. If something goes wrong or you get into an accident, your policy needs to cover these additional expenses. Of course, the fact that it produces more than 500 horsepower doesn’t help your situation either.
2. Chevrolet Corvette
For people that desire a supercar, but want to purchase American and save some money, it’s natural to turn to a Corvette. The trouble with that is these are some of the most expensive American cars to insure.
This classic-looking car does come in various formats, some of which are cheaper than others. Purchasing a model that outputs 455 horsepower is going to cost significantly less than the 755 horsepower model. Of course, the cost of ownership, including the insurance premiums will still be less than driving a Ferrari or Lamborghini. We might be biased, but we think it might be just as fun to drive too.
1. Dodge Viper GTS
At first glance, you might be wondering why this is listed along with the Dodge Viper GT. Yes, they have the same engine and the same amount of horsepower, but there’s a $20,000 price difference for the extra options. That makes the premium skyrocket to about $4,000 a year. That’s how it tops our list of the most expensive American cars to insure. Some imports go higher on the scale of most expensive cars to insure, but nothing American-made.
If you’re spending the money to purchase a speed demon powered by an 8.4-liter V10 engine and 645 horsepower, then we hope you’ve set enough money aside to pay the insurance.
Least Expensive American Cars to Insure
If you aren’t prepared to invest in one of the most expensive American cars to insure, then we have a better list for you. These American models cost the least for insurance and are better for the budget-conscious.
Jeep Renegade Sport
This is one of the cheapest American cars to insure as well as one of the cheapest worldwide. The average annual cost is slightly more than $1,100, which most people can afford. Not only has the Jeep brand been a fan favorite for years, but they continue to blow the competition away for the cost of ownership.
If you want to save money, but still drive a smooth ride, the Jeep Renegade Sport might just be right for you.
Let’s be honest for a moment. The same person looking for a Dodge GTS Viper will never be the same consumer looking at a Buick Encore. Insurance companies know this and are happy to offer a lower premium. This subcompact SUV offers great maneuverability, plenty of cargo space, and a lower cost to own.
Of course, you won’t want this to transport a larger family, but for just two to four people, it’s ideal. Thankfully, you’ll still be able to afford your groceries after you pay your insurance premium.
Dodge Grand Caravan
Despite Dodge being listed on our most expensive American cars to insure list four times, there is an option that cost less. The Grand Caravan might not be everyone’s choice when it comes to a spirited drive, but it’s worth looking into for a family.
You’ll pay less than many other minivans on the market and your insurance premiums will be super low. It’s also been rated well during crash tests and offers plenty of standard equipment. Insurers like that the parts are low-cost, because they won’t be expensive to repair. On top of that, you can effectively carpool with all the room you’ll get.
Ford Edge SE
Once you’re done with the phase in your life when driving the Ford muscle cars is over, the Edge SE is a suitable option. It’s sedate and safe, which makes the insurance companies happy. It might also please your wife!
You won’t find yourself speeding down the carpool lane in this vehicle, but there is plenty of room for a small group. If you can’t afford one of the most expensive American cars to insure, this is a viable option. It looks good and costs less to own overall.
Jeep Cherokee Sport
To conclude our list, we’ll finish off with another option from Jeep. These American-made vehicles are versatile, robust, and cheap to insure. Insurance companies know you can be pretty rough on a Jeep Cherokee Sport without causing too much damage.
That’s why this Jeep continues to be popular with families watching their budget. You can opt of the four-wheel-drive model for good off-roading ability, or stick to the tamer two-wheel-drive model as well. This is good enough for most families or commuters. In fact, if you’ve just had a baby, you need all the money you can get, which makes this an attractive option. There’s room for five, so your family can even grow a little during ownership.
What Makes Them the Most Expensive American Cars to Insure?
It isn’t just the model of a vehicle that makes them the most expensive American cars to insure, although that does play a factor in costs. Overall, the insurance companies examine multiple aspects to determine the final premium price.
- Your personal data and insurance rating
- The overall cost to replace your vehicle if totaled
- The cost of repairs if you get into an accident
- How many claims are made with those vehicles
- The amount of damage you’ll cause to other people during a crash
- Who the target driver is and how they typically drive
The more a car costs and the higher the expense to repair it, the more you can expect to pay for insurance. It’s that simple to figure out. That’s why a lot of electric cars feature higher insurance premiums. They tend to cost more for repairs because of the parts needed and the small number of technicians available to work on them.
If you’re preparing to purchase a new vehicle, it makes sense to evaluate your insurance premiums before heading to the dealership. We figure that most people looking to buy one of the most expensive American cars to insure won’t care about the monthly insurance cost anyway. Let’s face it; if you want a speed demon, nothing’s going to stop you from getting one.
On the other hand, if you have a family and don’t mind driving a tame vehicle, you could save a lot of money by evaluating your options. Then, maybe by the time you reach your mid-life crisis, you can afford one of the most expensive American cars to insure for yourself.
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