There are a lot of factors to keep in mind when purchasing a vehicle, and one question you may be asking is: “what kind of cars are more expensive to insure?”
Some cars are more expensive to insure than others and there are a variety of reasons for that. More expensive cars tend to attract a higher premium price for insurance as well. The size of a car’s engine can also lead to higher prices when you look for insurance.
Older, discontinued cars or cars with parts that are hard to source can also lead to increased costs for insurance. This is because repairing them tends to be more expensive so insurers need to increase prices to account for this. It basically boils down to if the car costs more, then the insurance might cost more as well.
The Most Expensive Cars to Insure
The most expensive cars to insure are luxury supercars. The kind of car that’s made with cutting edge technology. A car that’s not made for the casual driver, but for people who want speed and power. Cars like the Mercedes AMG GT R and the Audi R8 5.2L V10 will cost a lot of money to insure.
In comparison to the price of the cars, however, the insurance prices aren’t likely to turn peoples’ heads. When someone is paying for a 6 figure car, the insurance price is only going to be a few thousand extra. People who purchase cars like the Tesla Model X, Nissan GT-R, or the BMW M8 likely have the money to pay the premiums and won’t mind that these cars are more expensive to insure.
What Drives the Price Up?
It’s to do with the repair costs that could potentially be involved. Luxury vehicles are usually made with more expensive materials when compared to a normal commuter car. When you take out insurance, you’re looking to cover for accidents. If the insurer has to pay out on an accident involving a luxury vehicle, the costs involved are going to be greater.
The more powerful the engine, the higher the price will be as well. Consider the Audi R8 which can reach top speeds of over 200 miles per hour. Combined with the 602 horsepower, that’s a serious engine and any accidents will be equally as serious.
Tesla owners will need to pay a little more as well because of the battery that’s in the car. Electric cars are definitely the future of automobiles but their batteries are very expensive if they need to be repaired or replaced which is why these cars are more expensive to insure.
Considering Costs: Some Cars Are More Expensive to Insure
It’s always important to consider the costs of your insurance with any new car purchase. There are a wide range of things that can affect the price of your policy. The higher premiums attached to luxury vehicles can make the idea of owning one becomes unrealistic for many.
If the insurance price sounds unaffordable then it likely means the car is unaffordable. It’s important to remember that your car insurance cover may have limits, so you will be responsible for any costs above that. An expensive car like the Dodge Challenger SRT Hellcat Red Eye is going to demand a higher price than a Honda Civic.
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Buying car insurance can be confusing at times, especially when it is your first time finding coverage. The first question you should be asking yourself before starting the process is, What Should I Know Before Getting Car Insurance?