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The most and least expensive cars to insure: Part I

May 12, 2016
Sports cars tend to be more expensive to insure, as they are associated with extremely fast driving.

Believe it or not, there are a host of factors beyond your driving record that affects the cost of your auto insurance premium. Things like marital status, credit score and where you park your car can have a substantial effect on what you pay per month. One significant factor in determining your rate is the type of car you drive. The make and model of your car could result in a several thousand dollar difference in your premium.

"The likelihood you will file a claim is partly based on the make and model of your care.”

Why the car you drive matters

An insurance company bases the cost of your premium on how likely you will be to file a claim. The likelihood you will file a claim is partly based on the make and model of your car, as certain vehicles have a higher track record of accidents than others.

According to The Nest, insurance companies look at three main components of the type of car you drive to judge the likelihood you will file a claim:  safety features, driving habits and theft rates.

Cars with more advanced safety features mean fewer accidents, so insurance companies offer lower premiums on cars that have them. Insurers also look at the typical driving habits of someone who drives each type of car. Minivans, for example, tend to be driven by parents, so insurers know drivers of these vehicles will be more careful than drivers of sleek sports cars. Thus, minivan drivers tend to receive lower premiums.

There are also certain kinds of cars that are stolen more often than others. The more likely your car is to be stolen, the more likely your insurance company will have to pay to replace it. This results in a higher premium for you.

These factors are relevant regardless of your personal driving record. A driver with a spotless record who buys a sports car will still have to pay higher rates than if he or she drove a minivan.

The most expensive cars to insure

Every year, Insure.com releases a list of the most and least expensive cars to insure. For 2016, here are the top 10 most expensive vehicles, along with their average annual premiums:

  1. Dodge GT Viper—$4,048
  2. Mercedes SL65 AMG—$3,797
  3. Mercedes S600 BI-T—$3,539
  4. Mercedes S63 AMG 4Matic—$3,513
  5. Porsche Panamera S Executive—$3,484
  6. Nissan GT-R Nismo—$3,476
  7. BMW M6 Gran Coupe—$3,309
  8. Land Rover Range Rover SV Autobiography Black LWB—$3,245
  9. Audi RS7 Quattro Prestige—$3,229
  10. Porsche 911 Carrera GT3 RS—$3,212

Interestingly, of these 10 vehicles the Dodge GT Viper is actually the cheapest. The reason it may be the most expensive to insure is companies have found those who purchase the Viper have a specific intent:  speed.

“The Viper is a car you buy because you love to drive fast,” Penny Gusner, consumer analyst at Insure.com explained. “The SL65 likely skews toward those seeking luxury – not speed. That's reflected in the rates.”

Purchase price, Gusner explained, is only one of many factors insurance companies will use to determine your premium. Still, this list is made up of luxurious cars that people tend to drive fast. There is certainly a pattern as to what kinds of cars cost most to insure.