What are the most expensive cars to buy car insurance for?

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Joel Ohman
Founder, CFP®https://res.cloudinary.com/quotellc/image/upload/insurance-site-images/ciccom-live/41b5e36b-joel-ohman.jpg

UPDATED: Aug 1, 2019

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Here's what you need to know...
  • Expensive cars are expensive to buy insurance for
  • Older cars without safety features cost more to insure than newer cars
  • Cars in which people tend to drive recklessly are most costly to insure than family sedans

Today’s high-priced, $100,000 cars are obviously going to be the most expensive cars to buy insurance for. This is because these cars are built for power and speed and are often ridiculously overpriced.

However, there is more than just the value of the car that determines your insurance premium.

One of the things car insurance companies look at is how expensive parts are for a vehicle. For example, you may drive a late model Honda Accord, but these cars are among the most frequently stolen vehicles in America.

This makes the parts extremely expensive and causes insurance companies to charge more to insure a Honda Accord than a different vehicle.

This is why high-end sports cars that are made in low numbers are often so expensive to insure. The vehicle has a high price tag to it, and even a mild ding is extremely expensive to repair.

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What are the most expensive cars to buy car insurance for in America?

While everyday Americans are not buying high-end sports cars like those mentioned above, there are everyday vehicles that do carry a heftier price tag to insure than others.

There are many reasons why vehicles differ so much in insurance price including:

Also, companies that rate vehicles look at safety features, how much damage the car is likely to cause in different accidents and what type of individuals drive the vehicle.

For example, an individual who drives a sports car might be more likely to speed in it, than an individual who drives a four-door Ford Taurus.

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What factors make a car more expensive to insure?

Generally, the most expensive cars to buy insurance are going to be those that:

  • Have few safety options
  • Are most susceptible to theft
  • Have expensive replacement parts
  • Have low safety rating
  • Are larger vehicles that can cause more damage

There are other factors that go into buying insurance for a vehicle. High priced expensive sports cars are built for speed and less built for safety.

People who roll or wreck these vehicles are more likely to suffer severe injuries or death.

Also, these fast little sports cars have high-performance parts that are expensive to replace. This drives up the price.

It is always best to you make sure you figure the cost of insuring a vehicle before you actually buy it.

Sometimes the insurance cost can drive up the total cost of the automobile beyond the price that you can afford.

To get an accurate figure of how much insurance will run on the vehicle you wish to purchase it is always best to contact your insurance agent and run a mock quote.

This is a quote that gives an estimated price of insurance if you were to purchase the vehicle. Again, this is only an estimate and when you give the insurance company the actual VIN, it may cause the price to go up.

Drivers should always be knowledgeable about the price of insurance and the vehicles they are purchasing. It is best to consider all cost including monthly payments, insurance, and maintenance before deciding on a new vehicle.

Should I buy a less expensive car to save on car insurance rates?

Not necessarily. Just because your car is less expensive does not automatically mean you will save money on the car’s insurance rates.

Older cars often have more problems than newer ones, and drivers of older cars tend to be more reckless when they are driving.

This often leads to more accidents with older cars and, in turn, makes it more expensive for the insurance company to insure.

Older cars also tend to have less in the way of safety features. Today, many safety features in cars help you qualify for additional savings and discounts.

Older cars don’t have many of today’s up-to-date safety features, so you don’t receive additional discounts. This keeps your overall car insurance premium higher and makes it ultimately more expensive to insure an old car.

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