Most Expensive Car Insurance
10 Most Expensive Cars To Insure by Make and Model
- Mercedes AMG GTR – The Mercedes AMG GT R is at the top of this list, with an average annual insurance cost of $4,082. Its high-performance characteristics make it a higher risk for insurance companies.
- Nissan GT-R – The Nissan GT-R is notoriously expensive to insure, with an average yearly premium of $3,941. The GT-R’s impressive speed adds to its insurance cost.
- BMW M8 Competition – Next on the list is the BMW M8 Competition with an average annual insurance cost of $3,907. Its powerful engine and high repair costs contribute to its high insurance rates.
- Porsche 911 GT3 RS – The Porsche 911 GT3 RS comes with an annual insurance cost of $3,785. Its high-performance attributes make it one of the costliest cars to insure.
- Audi R8 – The average yearly insurance cost for the Audi R8 is $3,603. The R8’s high-speed capabilities and expensive parts drive up its insurance cost.
- Lamborghini Aventador – The Lamborghini Aventador could set you back about $3,425 per year in insurance costs. Its high-value and expensive repair costs contribute to this expense.
- Aston Martin DB11 – The Aston Martin DB11 has an average annual insurance cost of $3,301. Its high value and repair costs contribute to its high insurance rates.
- Bentley Continental GT – The Bentley Continental GT comes with an annual insurance cost of $3,154. Its high value and repair costs add to its insurance expense.
- Ferrari 488 – The yearly insurance cost for the Ferrari 488 averages around $3,027. Its high-speed capabilities and costly parts make it an Most Expensive Car Insurance.
- Maserati Quattroporte – Rounding up the list is the Maserati Quattroporte with an average annual insurance cost of $2,890. Its high cost and luxury status make it a pricy option for insurance.
10 Most Expensive States for Full-Coverage Insurance
Michigan
Michigan tops the list as the most expensive state for full-coverage insurance, with an average annual premium of $2,693.
Louisiana
Louisiana follows closely with an average annual premium for full coverage at $2,339.
Nevada
In Nevada, residents can expect to pay an average of $2,402 per year for full-coverage insurance.
Kentucky
Kentucky ranks fourth on the list with an average annual full-coverage insurance cost of $2,368.
Florida
In the Sunshine State, the average annual premium for full-coverage insurance is $2,162.
New York
New Yorkers pay an average annual premium of $2,062 for full-coverage insurance.
Delaware
In Delaware, the average annual premium for full-coverage insurance is $1,921.
Rhode Island
Rhode Island ranks eighth with an average annual full-coverage insurance cost of $1,918.
Connecticut
Connecticut residents can expect to pay an average of $1,897 per year for full-coverage insurance.
Colorado
Rounding out the list is Colorado, where the average annual premium for full-coverage insurance is $1,846.
What Types of Vehicles are Most Expensive Car Insurance?
Vehicles deemed more expensive to insure typically fall into a few categories. Luxury vehicles, such as those manufactured by Rolls Royce, Aston Martin, and Bentley, are often pricier to insure due to their high cost and expensive parts.
Additionally, sports cars and high-performance vehicles, like the Porsche 911 or Ferrari 488, often carry higher insurance premiums because they are statistically more likely to be involved in high-speed accidents. Electric and hybrid vehicles can also be more costly to insure, partly due to the higher repair and replacement costs associated with their sophisticated battery technology.
Lastly, SUVs and trucks may carry higher insurance premiums as well, due to their size and weight which can cause more damage in accidents. It’s always recommended to check with multiple insurance providers to get the best rate for your specific vehicle and needs.
How Can you Lower your Auto Insurance Rates?
There are several ways to lower your auto insurance rates. First, maintaining a clean driving record can significantly reduce your premiums, as insurers often reward safe and responsible drivers with lower rates. Second, bundling multiple insurance policies, like auto and home insurance, with the same company can lead to discounts.
Third, increasing your deductible, the amount you pay out-of-pocket before insurance kicks in can decrease your premium. However, ensure you can afford the higher deductible in case of an accident. Fourth, taking a defensive driving course can sometimes lower rates, as it shows your commitment to safe driving.
Fifth, regularly reviewing and comparing insurance quotes from different companies can help you find the best rate. Lastly, some insurers offer discounts for vehicles equipped with certain safety features or for low annual mileage. Remember, it’s important to discuss these strategies with your insurance provider to understand what discounts or rate reductions may be available to you.
Also Read: Top 8 Most Expensive BMW Cars 2024
