Car type can play a big role in annual insurance costs: A list of the most expensive and least expensive cars to insure.
If you drive a car, you need car insurance. A number of factors about you and your driving and credit history have a strong impact on your monthly insurance premiums, but the car you drive is also a significant factor.
Although the myth that fast, red cars are the most expensive cars to insure is not true, insurance companies do weigh several other features of a car when determining your premium. If they increase the likelihood of a claim or the total cost of that claim, then your price goes up. Here are a few of the most expensive cars to insure and the least expensive cars to insure, so you can make more informed purchasing decisions the next time you need a new vehicle.
Most expensive by a long shot: Exotics
It’s difficult to find compiled information about the actual most expensive options from groups like the Insurance Institute for Highway Safety, because they don’t pay attention to the rarest cars or even have much opportunity to get data about these. So if you can afford a rare vehicle like a McLaren F1, a Bugatti, or a Lamborghini that costs one million dollars or more, you already know to expect incredible insurance rates. These are because the car will be such a target for everything, theft and damage, if you ever use it for errands, which I recommend you do not.
Common, most expensive cars to insure
The Mercedes-Benz CL600 had the highest average annual premium in 2013, at $3,357, according to Insure.com, followed by the Benz CL65 AMG at just a few dollars less. CL class Benzes accounted for the fourth highest dollar amount of losses for insurance companies in years past, according to the Insurance Institute for Highway Safety, which certainly makes them among the most expensive cars to insure. In fact, Insure.com’s list for 2013 has the top 20 most expensive, and every car is either a Mercedes-Benz, Porsche, Jaguar, or BMW. Clearly, these cars cost insurance companies a lot of money.
Interestingly, according to the Bankrate list compiled from data provided by Insurance Institute for Highway Safety, the vehicle that cost insurance companies most was the Subaru Impreza WRX 4WD. This vehicle certainly is expensive to insure as a result, although the cause in this case is probably just that a turbocharged 4WD vehicle with a reasonable price tag gets driven recklessly more often and thus has more collisions. This proves that performance is just as influential as price tag when it comes to the most expensive cars to insure.
Least expensive cars to insure
The Ford Edge SE tops most lists as the least expensive car to insure, with an estimated yearly premium of just $1,128 for the common profile. This data comes from a commissioned survey conducted with the six largest carriers.
What makes the Ford Edge one of the least expensivecars to insure? It’s a boring, affordable, safe vehicle without any sporty bells or whistles. So people don’t target it for theft, it isn’t expensive for insurance companies when one has a collision, and its drivers don’t tend to be risky; in other words, fewer crashes with lower repair costs.
Another way to think of it is that “when ‘good’ drivers gravitate toward different vehicles…” the list of inexpensive vehicles to insure changes, according to Amy Danise, Insure.com’s editorial Director. Minivans still tend to be among the least expensive cars to insure for the same reasons. The Dodge Grand Caravan, for example, has been one of the top ten most affordable vehicles to insure for years.
As a new car buyer concerned about mitigating insurance costs, the important thing to remember is that vehicles high on the list of stolen vehicles may be among the most expensive cars to insure, and vehicles that “good” drivers prefer are the least expensive cars to insure.
The range of affordable options is quite large, and as long as you choose from one of those cars, your own insurance profile will be the much larger factor. Whether you want the cheapest insurance you can get or you don't mind paying a little extra to go with something sporty, use Reply! to find the lowest price quotes in your area for whichever car you choose!