When shopping for a new car and comparing prices, it’s important to get a quote for the cost of insurance before you make your purchase. Some cars are much more expensive to insure than others because collision damage may be higher in certain types of vehicles. In most cases, higher-price cars will cost more to fix, and may demand higher-than-average insurance coverage as a result. Other factors that hike up insurance rates include likelihood of theft, safety ratings and safety features.
The Highway Data Institute, in conjunction with the Insurance Institute for Highway Safety, have developed a list of cars that account for the highest dollar amount of losses for insurance companies – and are typically much more expensive to insure than others.
Most Expensive Cars to Insure
Sports cars, large SUVs and large passenger cars make the Top 10 list of most expensive cars to insure in 2009 vehicles. Studies show that the Top 10 most expensive 2009 vehicles to insure are:
1. Nissan GT-R – Sports car with an average annual premium of $2,533
2. Dodge Viper – Sports car with an average annual insurance premium of $2,446
3. BMW M6 – Sports car with an average annual premium of $2,236
4. Ford Shelby GT500 – Sports car with an average annual insurance premium of $2,186
5. Mercedes-Benz G-Class – Large SUV with an average annual premium of $2,088
6. Audi S8 – Large passenger car with an average annual insurance premium of $2,071
7. BMW M5 – Sports car with an average annual premium of $2,020
8. Hummer H2 – Large SUV with an average annual insurance premium of $1,912
9. Lexus IS F – Sports car with an average annual premium of $1,881
10. Porsche 911 – Sports car with an average annual insurance premium of $1,819
Saving Money on Car Insurance
If you do decide to purchase one of the most expensive cars to insure, you can keep premiums low by speaking with your insurance agent about discounts and preferred pricing. In some cases, insurance providers extend a discounted rate to existing customers, or for drivers who have good track record. Your lifestyle and driving record will have an impact on your premium, and your insurance company will analyze your credit history when determining your total insurance costs.
When shopping for a new car, take the vehicle’s crash test results, rollover ratings, performance ratings and safety features into account so that you can make the most informed decision – and even lower your annual insurance premium.