Car Insurance Rates for Convertibles

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Joel Ohman
Founder, CFP®

UPDATED: Nov 16, 2016

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Here's what you need to know...
  • The cost to insure a convertible depends greatly on the cost of the specific convertible
  • If your car is valuable, you will want to carry higher insurance limits on it, and that will cost more
  • You can raise your deductible to lower your premiums. Just make sure you have the cash to pay your high deductible if you need to

The cost of convertible car insurance rates varies so much that it would be difficult to tell you directly how much your convertible car insurance rates would be.

Part of the problem is that you don’t have to buy a sports car to get a convertible. For example, the Volkswagen Beetle is available as a convertible but it is not classified as a sports car.

If you are considering buying a sports car convertible, but you are thinking about a lower cost sports car, such as a Mustang, then your insurance rates may increase between $200 and $500 each year.

If you are thinking about a high dollar sports car, such as a Jaguar, you could pay over $1000 more each year for your car insurance. If you aren’t sure the value of your vehicle, you can check the Kelley Blue Book website.

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The truth is that the easiest way for you to find out how much you are going to pay for insurance for your convertible is to get quotes. You can get car insurance quotes for any vehicle, even one you don’t own.

You don’t have to wait until you buy a convertible to learn whether or not you can afford the insurance.

Is a hard- top convertible less expensive to insure than a soft-top convertible?

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In general, you are going to pay less for insurance for your hard-top convertible.

The reason for this is that a soft-top convertible is considered a higher risk for being broken into.

All a would-be thief would have to do is get a sharp knife and cut open the top of your car.

However, it is important to note that, in most cases, the difference between the costs for these two options is minimal, around $50–100 a year.

If you break that down into a monthly payment plan, then you are talking between $4 and $8 a month more for your soft-top convertible.

How does convertible car insurance differ from other types of car insurance?

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The truth is that convertible car insurance does not differ from any other type of car insurance. When you purchase car insurance from an insurance company, you will find that they typically offer specialty insurance for vehicles like:

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However, amongst those specialty insurance options, you will not find an option for convertible cars.

This doesn’t mean that you don’t want to consider a specialty insurance company for your car. For example, a convertible Ferrari, which can cost as much as $200,000, is a car that you might want to insure with a specialty company that insures luxury cars only.

While there are plenty of insurance companies, such as State Farm, Allstate, and so on, that insure high-end cars, often you pay more through such companies because you are risk sharing among other drivers.

Often, specialty companies will choose not to insure high-risk drivers in an effort to keep what will already be high insurance rates down.

Should I keep higher levels of insurance for my convertible car?

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How much insurance you keep on your convertible should be based on the value of your car plus what the requirements are from your lender and the state minimums where you live.

Typically, you will want to carry more insurance than the minimum required by your state. However, you don’t want to pay extra for insurance that you may never use either.

According to the Insurance Information Institute, most people don’t carry enough insurance on their vehicles.

They aren’t talking about the minimums required by each state; they are talking about enough insurance to cover the cost of an accident.

Finding that right balance can be tough, but it is important to do so. Your insurance is designed to protect other drivers financially should you be the cause of an accident.

If your insurance comes up short, then you will be obligated to pay the difference out of pocket or prepare to be sued in court.

It is very important to note that your car insurance does not cover the cost of the items that you carry around in your car.

If you have a high-end media system for your kids when they ride with your or a world-class stereo system, it is your homeowners‘ or renters’ insurance that covers the loss of personal items in your vehicle.

If you want to know the price of carrying different levels of insurance, the easiest way to do this is to get a car insurance quote. Comparing car insurance rates will help you to keep your costs down.

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