Most Expensive Cars to Insure

The most expensive cars to insure may be surprising. The type of car, cost and even the color can influence your costs (red car costs more to insure!) But the biggest factor is still your driving history.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jan 29, 2021

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Here's what you need to know...

  • The type of car you want to insure will impact your premiums
  • The color of your car plays a role in what you will pay for car insurance coverage
  • The cost of car is used when determining your payments
  • Though unrelated to your car, your driving history is a big factor in your car insurance rates

Lowering the cost of car insurance is on everyone’s mind and the question what type of car matters for the cost of car insurance is a good starting place.

In fact, the type of car, the color of car, and the cost of car all matter when determining the cost of car insurance.

If you are considering purchasing a car and want to buy one that will keep your car insurance premiums low, then read the following article which offers additional information about the types of cars that affect car insurance rates.

To get a free and instant online car insurance rate quotes on your dream ride just insert your zip code above!

Color of Cars

Ford GT Superfast Sports Car

Believe it or not, the color of a vehicle affects car insurance rates. What color car is the most expensive to insure? Red vehicles have higher incidences of both theft and speeding tickets; therefore, insuring a red vehicle costs more than insuring another color vehicle.

Drivers in red vehicles also have higher incidences of driving without a seat belt and are involved in more car accidents than other colored vehicles. Some people believe this is just because there are more red vehicles on the road, but actually blue vehicles are the most popular.

Besides color, type of vehicle is also an issue when determining car insurance rates. Sports Utility Vehicles (SUVs) are the most costly type of vehicle to insure.

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Types of Cars

Sports Utility Vehicles (SUVs) are the most costly type of vehicle to insure.

SUVs are not involved in more car accidents than other types of vehicles, but when they are involved in car accidents, the damage and death toll is much higher than with other types of vehicles. SUVs can roll when driven at high speeds.

They can cause extensive damage to smaller vehicles when involved in an accident, therefore insurance rates are increased for drivers of SUVs.

Are luxury cars more expensive to insure? The cost of your vehicle has a major impact on insurance rates as well. When developing a car insurance quote for you, insurance companies are interested in how much it will cost them to both repair and replace your vehicle.

Because of this risk, the more expensive your car is, the more it costs to insure. If you get financing for your vehicle through a bank, the dealership, or a finance company, your premium rate will be higher because you will need to carry full coverage.

Paying for a vehicle in full, no matter what the cost, is the best way to reduce your overall car insurance rates.

Other Factors that Affect Your Overall Insurance Rates

In addition to vehicle type, vehicle color, and vehicle cost, there are other factors that affect your overall insurance rates. The type of driver that you are will also affect your rates.

Your insurance rates will increase with each incident if you have a negative driving history including any of the following:

  • violations
  • accidents where you are at fault
  • DUIs

Eventually, your insurance company may drop your coverage or a new company may deny your coverage altogether.

Keeping a clean driving record is one of the best ways to receive lower rates on your insurance premiums and keep yourself and others safe.

Where you live is another factor that affects your insurance premium. If you live in a highly populated area or a high crime area, your car insurance rates will be higher because the possibility of theft of damage to your vehicle is greater when you live in these types of areas.

The good news is that by adding simple anti-theft devices such as a car alarm or a steering wheel lock will reduce your rates.

So even if you can’t change where you live, you can still add some protection to your vehicle.

Something that you can’t change but it also has an affect on your car insurance rates is gender and age. Teenagers have higher insurance rates because they are involved in more accidents and more acts of reckless driving than adults.

Teenagers also wear their seat belts less and have more incidences of texting while driving. All of these combined, make for higher insurance rates.

Males also have higher rates until the age of 25 because they too have higher incidences of reckless driving.

Finding an insurance company that can offer you adequate coverage while still saving you money is important. Try using an online comparison tool to find an insurance company that will fit your driving needs.

An online comparison tool compares rates and quotes side by side, so your decision is easy. Enter your zip code to get the most competitive car insurance quotes on any type car now!

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