Which Cars Cost the Most to Insure?

A small single-story house is going to be less expensive to insure than a grand home with multiple stories, additions, and amenities. This same concept applies to any vehicles you may need insured—and keep in mind certain coverage is required. All this brings us to the topic of the most expensive cars to insure, a subject we explore below.

Car Insurance Rates by Specific Models

According to a survey of leading insurers published in Car and Driver, the Maserati Quattroporte, a four-door luxury sports sedan, tops the list of most expensive cars to insure. If this is the car you have, insurance averages around $5,000 per year. The Audi R8, a popular mid-engine two-seater sports car, comes in second with an annual insurance rate of around $4,500. The BMW i8, Mercedes-AMG GT, Nissan GT-R, and Maserati Ghibli all fall within the $4,000 to $4,400 range for car insurance coverage. Other vehicles making the list of most expensive cars to insure include:

• Mercedes-Benz S-Class
• Porsche 911
• Tesla Model S
• BMW 7-Series

Car Insurance Rates by General Types of Vehicles

NerdWallet points out certain types of vehicles tend to have higher insurance rates than others. If you take a closer look at the list above, you’ll notice the vehicles mentioned are mainly luxury, performance, and sports cars. Not so coincidentally, these are the types of cars that typically have higher insurance premiums due to factors such as average costs for repair or replacement. NerdWallet considers the following types of vehicles to be more expensive to insure:

• Sports cars – Because sports cars are designed with speed in mind, drivers tend to be more tempted to drive at higher speeds when it’s possible to do so. Also, sports car owners are often younger drivers, an age group generally considered to be more of an insurance risk.
• Higher-end luxury vehicles – Cars within this category tend to have parts that are more expensive to replace. Also, by nature of the many design features common on higher-end luxury vehicles, thieves are more likely to target these cars.
• Electric cars – While more efficient in terms of operation, electric vehicles have unique parts that are often costly to replace. For instance, a damaged EV battery can cost around $5,000 to replace, according to Truecar.com. The higher replacement cost for parts is the main reason EVs are on this list.

Determining Car Insurance Rates

The rates mentioned above are only averages, since there are many other factors that will determine what insurance rates apply to you and your vehicle. The most common ones include your age and driving record. Lastly, if you own a car that costs a lot to insure, the personal finance group Value Penguin recommends considering a policy with the following types of coverage:

• Liability coverage, which is required in most states
• Collision and comprehensive coverage
• Personal injury protection, which is mandated in some states
• Gap and new car replacement coverage—covers any potential coverage gaps to reduce out-of-pocket expenses

It’s always critical to make sure you have reliable insurance for your vehicle. If you need affordable, high-quality auto or motorcycle insurance, trust the experienced team at Altra Insurance Services. For a free quote, reach out to us today at (800) 719-9972.