The Most Expensive Types of Cars to Insure
There are several factors that affect the cost of insurance. Aside from personal elements such as driving records and credit scores, the single most influential consideration is the type of car in question. Insurance rates for various cars are decided by much more than the simple dollar value. Some other considerations are theft rates, repair costs, and safety. When purchasing a new vehicle, the cost of insurance may be a deciding factor. Generally speaking, sports cars and large SUVs are the most expensive to insure.
Sports cars and large SUVs take 17 of the slots in the list of 20 most expensive vehicles to insure. These “sexy” cars are more expensive to insure because they:
- Have a high sticker price
- Are prime theft targets
- Usually have lower “safety” ratings
- Cost more, on average, to repair
- May belong to higher-risk drivers
Mid-size SUVs are not rated as high due to a lower sticker price. Some luxury sports cars, such as Ferraris and Lambourghinis, were not included in the survey because there was not enough data available to calculate averages.
The list contains only three vehicles that are not sports cars or SUVs. The Audi S8, and Mercedes-Benz SL-Class are two large passenger cars that are luxurious enough to qualify at ranking numbers six and 20 respectively. Slot number 17 is filled by the only luxury truck to make the list, the Cadillac Escalade EXT.
The survey was done by Insure.com, a consumer information Web site. The company looked at almost 300 vehicles in 2009 basing the driver on a 40-year-old male driver who drives an average of 12 miles a day. They investigated rates for multiple regions and companies. The average premiums of the top 20 vehicles ranged from $1,577 to $2,533.
The twenty highest rated cars were:
- Nissan GT-R – Sports Car
- Dodge Viper – Sports Car
- MW M6 – Sports Car
- Ford Shelby GT500 – Sports Car
- Mercedes-Benz G-Class – Large SUV
- Audi S8 – Large passenger car
- BMW M5 – Sports Car
- Hummer H2 – Sports Car
- Lexus IS F – Sports Car
- Porsche 911 – Sports Car
- Chevrolet Cobalt SS – Sports Car
- Jaguar XK Series – Sports Car
- BMW M3 – Sports Car
- Cadillac XLR – Sports Car
- Audi R8 – Sports Car
- Land Rover Range Rover – Large SUV
- Cadillac Escalade EXT – Truck
- Honda S2000 – Sports car
- BMW X6 – Large SUV
- Mercedes-Benz SL-Class – Large passenger car
Photo via ★Debs★