Lemonade came out with a list of the most expensive cars to insure and the Maserati Quattroporte took the top spot with its $5,024 average annual rate. Learn what other vehicles have the highest insurance costs, as well as strategies for reducing how much you pay for car insurance.
Key Takeaways
- Research shows that the most expensive car to insure is a Maserati Quattroporte at $5,024 per year, followed by the Audi R8 and the BMW i8.
- Luxury vehicles, exotic cars and electric vehicles are some of the most expensive cars for insurance companies to cover.
- In general, the more your vehicle costs to repair or replace if totaled, the more you’ll pay for car insurance.
- You can save on your auto insurance premium by increasing your deductible, maintaining a clean driving record and taking advantage of discounts.
On This Page
- What Are the Most Expensive Cars To Insure?
- What Types of Cars Are the Most Expensive To Insure?
- What Makes a Car Expensive To Insure?
- How Do I Get Low Rates on Car Insurance?
- FAQs
What Are the Most Expensive Cars To Insure?
According to Lemonade Insurance, the Maserati Quattroporte carries the highest annual premium ($5,024) with the Audi R8 ($4,568) trailing behind, followed by the BMW i8 ($4,372).[1] Similar to these three vehicles, the next seven most expensive cars are also luxury models and are often either luxury sports or luxury electric vehicles.
Make | Model | Type | Average Annual Rate |
|---|---|---|---|
Maserati | Quattroporte | Luxury Car | $5,024 |
Audi | R8 | Luxury Sports Car | $4,568 |
BMW | i8 | Hybrid Sports Car | $4,372 |
Mercedes-AMG | GT | Luxury Vehicle | $4,130 |
Nissan | GT-R | Luxury Sports Car | $4,064 |
Maserati | Ghibli | Luxury Vehicle | $4,018 |
Mercedes-Benz | S-Class | Luxury Car | $3,742 |
Porsche | 911 | Luxury Sports Car | $3,734 |
Tesla | Model S | Luxury Electric Vehicle | $3,620 |
BMW | 7-Series | Luxury Car | $3,522 |
Note: The data provided is based on the national average auto insurance rates for the selected vehicles.
What Types of Cars Are the Most Expensive To Insure?
Luxury, sports and exotic cars generally carry the highest average annual premiums, but you may also face higher rates if you drive an electric vehicle or modify your car.
Luxury Vehicles
The cost to repair or replace parts on luxury vehicles is often significantly higher when compared to standard vehicles due to lavish bells and whistles such as massage chairs, seat heaters and built-in entertainment systems. Additionally, luxury vehicles are often equipped with advanced technology and safety features, which, while reducing the likelihood of accidents, can be expensive to repair or replace in the event of a mishap.
Sports Cars
Sports cars are often driven at higher speeds, making them more susceptible to serious accidents. Moreover, their high-performance nature means they're equipped with expensive parts. The combination of a higher likelihood of accidents and expensive repair costs makes sports cars a high-risk, high-premium category in the eyes of insurance providers.
Exotic Cars
Exotic cars, with their limited production runs and sky-high price tags, mean that even minor repairs can command higher prices, sending insurance premiums soaring. Additionally, these cars are often imported, further complicating the repair process and driving up costs. Vehicles from out of the country may need special parts imported into the U.S. in order to be fixed.
Cars With Modifications
Vehicles with modifications, whether for performance, aesthetics or accessibility, present a unique risk to insurers as modified parts may be hard to replace and can significantly alter the vehicle's performance and safety profile. Consequently, insurance providers often charge higher premiums for modified cars, as the risks associated with insuring them are perceived to be higher. If you do make any modifications to your vehicle, notify your insurance company immediately.
EVs
Electric vehicles (EVs) are typically more expensive to insure due to their higher repair and replacement costs, especially when it comes to the battery and other electronic components. For example, the cost of replacing EV can potentially set you back $20,000.[2]
Moreover, the relatively new technology and the need for specialized repair shops contribute to the higher insurance premiums associated with EVs.
What Makes a Car Expensive To Insure?
A vehicle’s price tag and repair costs can make a car expensive to insure. Let’s take the Quattroporte listed above. The starting price is $157,000, meaning it costs a lot for an insurance company to replace if it is totaled.[3] It’s also an Italian vehicle, meaning it may require a mechanic specializing in foreign vehicles in order to make any repairs, not to mention the cost of potentially importing the necessary parts. Niche mechanics such as this can drive a high price for their expertise, which insurance companies would have to pay.
Besides the price and specs of your vehicle, your driving history and background also have an impact on your insurance rate:
- Driving record: A bad record often leads to higher premiums.
- Usage: More mileage increases accident chances and hence, higher premiums. Less frequent use, dubbed "pleasure use," might reduce your rate.
- Location: Urban areas with higher vandalism, theft and accident rates often incur higher insurance costs. Secure parking and anti-theft features can help lower the rate.
- Regional variations: Local factors like litigation costs, medical and repair expenses, insurance fraud prevalence and weather trends can affect rates.
- Age: Drivers under 25, especially teenagers, may pay more for car insurance.[4]
- Gender: Men, statistically having more fatal accidents, often face higher rates than women.[5][6]
- Credit: Having a low credit score will often cause higher insurance rates depending on your state.[6]
- Coverage type and amount: Your insurance limits, deductible and selected coverage options will also determine what you pay for coverage.
How Do I Get Low Rates on Car Insurance?
Lowering your car insurance costs can be achieved through several strategies. Here are some of the most effective ones:
- Increase your deductible: By increasing your deductible, you can lower your premium. However, ensure that you can afford the higher deductible in the event of a claim.
- Maintain a clean driving record: Avoiding accidents and traffic violations will demonstrate to insurers that you are a low-risk driver, possibly leading to lower premiums. It may also qualify you for a safe driver discount.
- Take advantage of discounts: Ask your insurer about any available discounts like good student discounts, bundling discounts, military discounts or discounts for being a member of certain organizations.
- Maintain continuous coverage: Avoiding lapses in your coverage ensures you do not risk a rate hike when you buy insurance again.
- Opt for usage-based or pay-per-mile insurance: These types of insurance base your premium on your actual driving habits or the number of miles you drive, which can lead to lower rates if you are a good driver or drive less.
Of course, shopping around is often the best way to get the most affordable auto policy. You should get three to five quotes from different carriers to ensure a wise choice when shopping for auto coverage. Carriers will inquire about personal details such as your driving history, date of birth and driver's license number, as well as specifics about your vehicle including its year, make and model. However, this repetitive information sharing can be monotonous.
Here’s where platforms like SmartFinancial come to the rescue. By filling out a one-time questionnaire encompassing your coverage desires and financial means, you can connect with an auto insurance policy, sometimes in just a matter of minutes. Go ahead and input your zip code below to retrieve your no-cost insurance quote.
Shop Around for a Cheaper Auto Policy
FAQs
Does car make and model affect insurance rates?
Yes, your car’s make and model significantly affects insurance rates. Insurers consider factors such as the vehicle’s safety record, repair costs and likelihood of theft when determining premiums.
Do car modifications increase insurance rates?
Your insurance company will likely give you higher rates if you modify your vehicle, mainly because mods can be expensive to repair or replace. You may even need to buy a customized auto policy to fully insure the changes you make to your vehicle.
Are new cars more expensive to insure?
New cars tend to cost more to insure because they are more expensive to repair or replace if they are damaged or totaled.
What is the cheapest car insurance group?
Since each car insurance group uses different underwriting methods, one company may be cheaper than another for a certain driver. As a result, you should shop around and compare quotes from at least three carriers to ensure you’re getting the most affordable policy.
Will my car’s color affect my insurance rates?
The color of your vehicle is not used as a factor when calculating your insurance costs. Instead, your provider will look at the type of car, your driving record and a number of other elements.
Sources
- Lemonade. “The Most Expensive Cars To Insure.” Accessed October 27, 2023.
- JD Power. “How Much Do EV Batteries Cost?” Accessed November 3, 2023.
- Maserati. “Quattroporte.” Accessed October 27, 2023.
- Acceptance Insurance. “Why Is Car Insurance So Expensive for Young Drivers.” Accessed October 27, 2023.
- National Highway Traffic Safety Administration. “Fatality Analysis Reporting System.” Accessed October 27, 2023.
- Insurance Information Institute. “What Determines the Price of an Auto Insurance Policy?” Accessed November 1, 2023.
