In most states, car insurance liability coverage must be taken into account. This covers other people if you cause injury or property damage in an accident. There are many factors used to determine the cost of car insurance, including the make and model of the vehicle.
It doesn’t necessarily mean that a car is more expensive to buy, but it does not necessarily mean that it is the most expensive insurance to insure. The best way to find out how expensive car insurance rates are is to get quotes from several companies. To determine which cars have the highest insurance rates, we compared rates for different makes and models. These models and makes are the most costly to insure.
- Alfa-Romeo Spider
- Porsche Panamera
- Nissan GT-R
- Land Rover Range Rover
- Tesla Model X
Why is it that high-value vehicles are more expensive to insure.
Each car insurance company rates its rates differently. This is why car insurance prices vary depending on where you shop. There are several factors used to determine a specific base rate for a make and model, including the base price of the vehicle, cost to repair, likelihood of being stolen and available safety features.
A luxury or sports vehicle will usually result in higher insurance rates than smaller, more affordable vehicles. How expensive your car insurance will be depends on how safe you are driving. Auto insurance costs will be determined by your location, driving record, credit score, and age.
High-value vehicles insured
A high-value vehicle can mean higher insurance rates. This is dependent on your personal history, the insurer you choose, and the make and type of the vehicle. Based on our sample driver profile, these five models and makes are the most costly to insure.
Assuring the Alfa-Romeo Spider
To determine rates for some of the most expensive cars to insure, we compared the best car insurance companies based on market share and Bankrate’s proprietary rating system. The average annual rate of state minimum liability coverage for the Alfa-Romeo Spider is $218 with Erie. Amica’s $342 is next at $273, and USAA at $273. The cheapest annual rate for full coverage is $1,160 with Erie, while $2,615 is the most expensive with Geico.
Insuring a Porsche Panamera
The Porsche Panamera’s insurance rates are compared with State Farm, which has a $406 annual average premium, and Geico, which offers full coverage for $3,068. Erie and Amica offer state minimum coverage at the lowest rates, $335 and $342, respectively. Erie is the most affordable insurance rate for full coverage car insurance at $2222 per annum, followed closely by Amica, which averages $2,359 per annum.
Nissan GT-R Insurance
The highest annual insurance rates for a high-end car such as the Nissan GT-R are with State Farm, which covers state minimum liability, and USAA, which covers full coverage. For liability coverage, the average rate at State Farm is $446 and for full coverage with USAA it’s $3,996. Amica offers the lowest car insurance rates for minimum state liability, at $342 per year. USAA is only a few bucks more at $354 per annum. Erie has the lowest average annual full coverage rate at $2,265 per annum, followed by State Farm at 2,727 per annum.
Land Rover Range Rover Insurance
Amica provides the lowest insurance rates for minimum liability insurance for Land Rover Range Rover at an average $345 per year. State Farm charges $438 per year for minimum liability. Erie has the highest annual average rate for full coverage at $2,406 per annum. Amica, however, is the lowest rate at $1,830 annually.
Tesla Model X insurance
The Tesla Model X has the highest annual insurance rates, with State Farm at $467, and Geico at $3,557 for full coverage. USAA offers the best rate for state minimum liability at $391 per annum, while Amica is available at $2,016 annually for full coverage. Geico and Erie offer the Model X median rate with state minimum liability limits. Full coverage median rates were also found at USAA and Erie.
Additional car insurance coverage available for vehicles with high-value assets
When shopping for car insurance, make sure to consider the cost of repairs if you are able to afford a more expensive vehicle. Insurance experts recommend that you purchase as much liability coverage as you can afford. This will protect you financially in the event of an accident. The insurance company will pay you the full amount if your vehicle is totaled by another high-value vehicle.
Consider full coverage benefits such as collision and comprehensive. These coverages provide physical damage insurance that will pay for the repair of your luxury vehicle. Gap insurance is another option that will pay any difference between the book value of the car and your loan or lease payoff if the car is totaled. Roadside assistance and rental car reimbursement are add-on coverages that could be useful if you do not have access to another vehicle or need assistance if the car breaks down.
High-value vehicle insurance can be a savings opportunity
You can still save money on your car insurance, even if you own a high-end vehicle. These are some tips to help you save money on your auto insurance rates.
- Bundle policies: If your home is rented or you own it, bundle your home and car insurance. Multi-policy discounts are often one of the largest percentage discounts. This may offset the higher rate for a more expensive car.
- Higher deductibles: You can save money on your monthly and annual car insurance premium by choosing the highest deductible that you are able to afford.
- Keep a clean driving record. You can save money on car insurance by avoiding tickets and at-fault incidents.
- Compare rates: It is a great way to save money by getting quotes from multiple companies for the same coverage. You may find the lowest rate for the same coverage by doing this.
Questions frequently asked
Is it more expensive to insure an older vehicle?
While an older car may not have as many safety features as a newer car, it may be cheaper to insure. Some drivers only require liability coverage. This allows them to save money on insurance. The rate that you pay for car insurance depends on many factors such as where you live and what your driving habits are.
Why is a car more costly to insure?
Cost of claims is an indicator of the cost of car insurance. If parts aren’t readily available in your region, buying a foreign brand could lead to higher car insurance. Car insurance can be more expensive if you have to find parts or repair the car yourself.
What should I pay for car insurance?
For full coverage, the national average cost for car insurance is $1674. The factors that determine your rate include where you live, how you drive, what you have done in the past, and the type of coverage you select. Multiple quotes will help you get the best car insurance rate based on your particular situation.