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Most people know that sports cars are among the costliest vehicles to insure. But what about these four-door versions? How much can I expect to pay for car insurance for a Dodge Charger?
Dodge Charger Specs
The modern Dodge Charger is a four-door sedan that has been produced since 2005. Unlike most modern cars, it is a rear-wheel drive vehicle, though there are options with all-wheel drive. It only comes with an automatic transmission.
However, the Dodge Charger has been around since the mid-1960s. It was a muscle car made during the great age of muscle cars. It too was rear wheel drive, though it was a two-door car. It was known for its sleek body styling and large V8 engine.
The Charger underwent several redesigns and re-launches during the 70s and 80s, including a hatchback version. The present incarnation was introduced in 2005 and is built upon the LX platform, as is the Chrysler 300 and the Dodge Magnum, which is no longer in production.
While the name has stayed the same, and the engine is still a big one, little else remains from the original Chargers. The modern Chargers are five-seaters with your choice of three different engines:
- 3.6L V6, which produces 292 horsepower
- 5.7 V8 hemi, which produces 370 horsepower
- SRT/8, which has a 6.4L V8, producing a whopping 470 horsepower
The V6 gets approximately 21 miles per gallon in town and 27 mpg on the highway. The V8 versions get about 15 mpg in the city and 23 mpg on the highway.
Cost of Insurance
The average cost of insurance for a brand new Dodge Charger is going to run you between $2,400 and $2,600 a year. Keep in mind that this is well above the national average for car insurance.
According to this website for Rocky Mountain Insurance Information Association, the average yearly cost for auto insurance across the nation for one car was $785 in 2009.
This may not accurately reflect the price you pay, as there are many factors that go into how much an insurance company will charge you for insurance. Some of it will depend upon which engine size you have. If you are buying a used car, your insurance should be a bit less as the vehicle won’t be worth quite as much. But why is insurance for this particular car more than double the national average?
Con: Big Engine and Price Tag
First and foremost, you can blame that big engine. The larger than normal engines in the Dodge Chargers, especially the V8 versions, are a large reason why the insurance costs for a Dodge Charger are so much more than you’d pay for most four-door sedans.
They are called four-door sports cars for a reason. Sports cars are built for speed and maneuverability. Speed equals risk to the minds of insurance providers. Risk means more money out of their pocketbooks. In turn, they charge higher premium to make up the expected losses from drivers of these cars.
Another reason for the sky-high insurance costs is the price of the vehicle. The base price for a 2012 Dodge Charger with the smaller V6 engine is over $27,000. For an RT max with all-wheel drive, Car and Driver says the base price for it is almost $40,000.
Cars that are more expensive are more expensive to insure. Since most customers have comprehensive and collision coverage on these vehicles, either because they are required to by their lenders or because they want to protect their investment in them, the cost is high to replace them.
Comp and collision pay to repair or replace these vehicles if they are in an accident that is your fault. Replacing these vehicles won’t be cheap. To help cover these higher costs, insurance companies charge more for the comp and collision portions of the car insurance.
On the plus side, the Dodge Charger has excellent safety ratings. In fact it is an Insurance Institute for Highway Safety Top Safety Pick for 2012 in the large car category.
In National Highway Safety Administration testing the Dodge Charger scored five out of five stars in overall safety for both the 2012 and 2013 model years. It scored five stars in side crashes and rollovers, and four stars in frontal crashes.
These high marks in safety come because, besides the large engine, Dodge has installed many advanced safety features. They all have four-wheel anti-lock disc brakes. However, the braking technology doesn’t end there. The Charger is also equipped with a brake assist system, including a hydraulic assist brake booster. There’s also a special rain brake assist feature.
Electronic stability control helps the driver keep control of the vehicle while the all-wheel traction control helps the tires maintain contact with the road, even in slippery driving conditions.
Perhaps the most impressive safety feature is the airbag system. Not only is there multi-stage airbags in the front seat, but there are front airbags for the backseat passengers as well. There are also side curtain airbags for both the front and the back seats.
What Determines Cost of Insurance
In spite of the great safety scores, the Dodge Charger continues to be among the higher priced cars in insurance. But there are many factors that affect the cost of insurance for any one particular person, so your costs may be far lower or far higher than the national average.
Probably the number one factor, which determines your insurance premiums cost, is your driving record. If you have several tickets or a few accidents on your record, you are going to pay more for insurance on any car than someone with a clean driving record.
Demographics have a great deal to do with it as well. Your age, gender, marital status, and location are all important to insurers. This is because it helps put you in the correct risk category.
Drivers under the age of 25 and over the age of 80 pay higher insurance costs than other age groups, though the highest are paid by the young drivers. Men also pay higher premiums than women do, simply because men have more accidents according to statistics. Married people usually get a bit of a break on their insurance costs because they tend to “settle down” and not take as many risks because they have a family.
Where you live and where your car is stored is also a key factor in your insurance costs. Certain areas of the country have a higher crime and accident rate than others. If you live in one of these areas, your insurance will be more than someone with the same driving record and car that lives in a different area of the country.
Just having a garage or driveway to store your car in at night can help bring your insurance costs down.
Most insurance companies also look at your credit scores to help them determine how big of a risk you are. Not only are they looking to see if you pay your bills on time, but they want to know how responsible you are. People who are responsible with money have been shown to be responsible drivers.
Way to Lower Insurance Costs
No matter what kind of car you drive, there are ways to save some money on your car insurance.
Perhaps the biggest adjustment you can make that has the most impact is to set your deductible at a cost saving amount. The deductible is your share of the repair to your car if you were to cause an accident. The more you agree to pay, the less the insurance company will charge you for the comprehensive and collision parts of your insurance policy.
Raising your deductible to $1,000 can lower your premium by up to 40%.
Just keep in mind that you need to have the $1,000. Since you never know when you might have an accident, set aside that $1,000 in a special savings account and don’t spend it except in case of a car accident.
Insurance companies also offer a slew of discounts to their customers. You may not be eligible for all of them, but having even a couple can make a big dent in your insurance costs. Some of these discounts are:
- Safe driver – no accidents or tickets in the last three to five years
- Good student – a full time student under the age of 25 who makes As and Bs
- Low mileage – A driver who drives less than a certain number of miles a year, often less than 7,500 miles, but check your insurance company for their benchmark.
- Multi-car – having more than one car on the insurance policy. All the cars on the policy enjoy this discount.
If you have an insurance policy for your home with a separate company, get quotes from your auto insurance company. Having different kinds of insurance with the same company can get you a discount on each of them.
Don’t forget to shop around. While one insurance company may charge you a high rate for a Dodge Charger, that doesn’t mean the next one will. Comparing rates between several companies can help you find the best deal on car insurance.
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