Because you have a more valuable vehicle, you should expect to pay higher insurance premiums than you would for a regular car. Do you drive a luxury vehicle? Expect to pay more for insurance. Luxury, high-performance vehicles cost more to insure because they will have higher repair costs. If you have an accident, it costs the insurance company more to repair your car.
Cars with high-end safety and performance features, and with luxurious interiors, cost more to repair. And, if the car is wrecked in an accident, it costs more to replace it. You'll pay more for car insurance if you drive a luxury vehicle, such as a BMW or Mercedes Benz—that's how car insurance works. Luxury cars, sports cars like the Porsche 911 and Mazda MX-5, and high-end electric vehicles like Teslas are generally the most expensive cars to insure.
The most expensive cars to insure are often the most expensive to repair or replace if you have a total loss. If your car is stolen or destroyed in an accident, the insurance company will issue you a check to replace it, and the larger that check, the higher your insurance rates will be. They can also look at the car you're driving. In general, if a specific make, model and model cost the company more in claims, that vehicle will have higher rates.
Family cars and SUVs generally cost less to insure than higher-horsepower high-performance vehicles, Hands says. Of the most popular cars, trucks and SUVs in the country, the cheapest cars to insure are the Ford F-150, the Honda CR-V and the Toyota Tacoma. Most car owners prefer cheap car insurance because, yes, you might not want to drive a Dodge to get it. So before you put yourself on the waiting list to buy a Tesla Model X, learn more about car insurance rates and the most expensive cars to insure.
Insurance companies determine how much you pay for car insurance based on a number of factors, with the make and model of the vehicle weighing the most. In general, a cheaper new vehicle means that your insurance will cost less than if you buy a more expensive car. Electric cars are also often more expensive than their gasoline alternatives, meaning that the insurance company will have to pay more money to replace one due to a total loss. We collect insurance quotes from seven of the major insurance companies and calculate the average premiums to give you an accurate idea of what you can expect to shell out for car insurance depending on particular makes and models.
Three of the most expensive cars to insure this year are the Maserati Quattroporte, the Porsche Panamera Turbo S E-Hybrid Executive and the Audi RS e-Tron GT, for example. For example, if your auto insurance company has paid high-liability car insurance claims for your specific model for injuries to other people, this may affect your car insurance rate. Meanwhile, the Subaru Forester 2.5I Wilderness, the Hyundai Venue SE and the Honda CR-V LX were the cheapest cars to insure. This allows companies to better compare insurance premiums with the risk that an insured person might represent, helping to prevent major risks from being subsidized by serious risks, Friedlander says.
You compare the cost of insurance for up to 10 different vehicles, so you can narrow down your options before making a final decision about a car. Other factors can affect your car insurance rates more than the vehicle, such as your driving history and even your credit.