Which companies produce the most expensive cars to buy car insurance for?
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UPDATED: Oct 18, 2021
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If the cost of car insurance is a factor in helping you determine which car to buy, you might want to stay away from some manufacturers. The fact is some cars are more expensive to insure than others are. You can find out which companies likely produce the most expensive cars to insure simply by looking at the retail price tags of their vehicles.
Doing vehicle comparisons in this way can help you in the long run; you can still end up with a nice looking car but it won’t cost you an arm and a leg to insure. Especially since insurance is an essential cost when it comes to owning a vehicle.
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It’s reasonable to assume that the most costly cars to insure are also the ones with the highest price tags. That’s because insurance is intrinsically tied to the value of the vehicle it covers. The more that vehicle costs, the higher the loss potential for the insurance company, and the more they will charge you for a policy. That’s why it’s extremely important to include insurance payments in total cost of ownership when assessing how much you can afford.
Do you need liability insurance on expensive cars?
No matter where you live in the United States, you need to provide some proof of financial accountability through an insurance policy or some other option afforded by your state. Most of us choose a simple liability policy because it’s the easiest and most cost-effective method. Yet liability insurance generally doesn’t fluctuate in price depending on the value of the car in question. Rather, the price difference in liability comes by way of a specific vehicle’s safety rating.
To help you understand this, think in terms of a full-size SUV and a compact economy car. Since liability pays for damages you inflict on someone else in an accident you cause, your insurance company will be looking at the potential damage your car could cause the other drivers or personal property.
Being that the SUV is bigger and heavier, it poses a greater potential for causing significant damage than the compact economy car. Therefore, what you pay for liability will probably be higher.
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What is the difference between collision coverage and comprehensive coverage?
The biggest price disparity for insurance policies in terms of car value comes by way of comprehensive and collision coverage. These two types of insurance coverage protect both you and your bank in case your car is seriously damaged. This does mean that their combined costs will be more than just having one or the other, but owning a luxury vehicle means you have to be prepared for this.
Collision covers road accidents while comprehensive covers everything else. Regardless, a more expensive car will be costlier to repair or replace, thus necessitating higher ownership costs for an insurance policy.
With that understanding regarding the cost of ownership gap, it’s easy to start looking at some of the vehicle manufacturers of more expensive vehicles. Forbes Magazine recently came out with their list of the most expensive cars in the world, and it was no surprise to see manufactures like Porsche, Aston Martin, and Bugatti. Clearly there would be a cost difference between the well known, expensive brands and generic models. As far as domestic car manufacturers are concerned, some of the highest priced models come from Cadillac and Chrysler.
How are you able to find data?
Whether you’re planning to purchase a new car, or you’re just curious about your favorite model, you can find the data regarding annual insurance costs by doing an online search for the term, “total cost of car ownership.” Some good resources for this data are organizations like Kelley Blue Book, Intellichoice, and the Highway Loss Data Institute. Both of these would be considered a trusted resource to gather information from. You’ll want to be wary of something such as a cost of ownership tool – sometimes they are less than savory and could end up putting your personal information at risk. Just make sure that if you’re looking at comparisons between vehicles online, you’re getting your data from reputable sources.
By considering insurance costs, you’ll have a good idea of how much will be paying to operate a specific vehicle.
As an example, suppose you are considering purchasing a four-door sedan with a monthly bank payment of $250. If you add in the cost of a $1,000 annual car insurance policy, that adds approximately $80 to your monthly expenditures before gas, maintenance, and repairs.
If $330 per month for your loan and insurance is more than you can afford, you should consider purchasing a car that’s less expensive. You’ll end up with lower bank payments and most likely an affordable car insurance premium at the same time.
The question of which companies make the most expensive cars to insure comes down to this. After taking into account your driving record, the next two big factors the insurance company looks at are the safety of your vehicle, and how much it would cost to repair or replace it. Manufacturers who make cars that are more expensive also tend to produce those that cost the most to insure.
To qualify with the cheapest car insurance companies, your best bet is to go for car with a cheap price tag. However, if you have your heart set on any number of luxury vehicles in existence, you can always plan ahead for such anticipated costs, and create a budget that allows you to do so. This includes insurance, maintenance costs, gas prices, all in addition to the average price of the car itself. Of all the investment decisions you make in your life, owning a vehicle is one of the most expensive.
As long as you’re here, right now is a great time to start looking for car insurance estimates by entering your ZIP code into the FREE search tool on this page! Finding a provider that allows for an affordable cost of insurance online can be a great benefit to your wallet and your busy schedule.