2018 List of Most Expensive Cars to Insure: Is Yours One of These?
Spending Twice as Much on a Car and Paying Less Insurance Can Happen
When you're shopping around for a car, you might think that the budget for your car insurance premium will be relative to the price of the car, but the price of a car isn't always a good indicator on the cost of car insurance. There are all kinds of lists you can look at, but as you will see by the end of our article, the best way to find affordable insurance is really to use your personal information and insurance credit scoring to get the best price. We've got the most recent list of the most expensive cars to insure, and some of the cars on this list just may surprise you, we'll also explain why.
Do Cheaper Cars Cost Less in Insurance?
An affordable car purchase doesn't always mean affordable insurance. The Insurance Institute for Highway Safety Highway Loss Data Institute (IIHS HLDI) collects data on claims payments, crash data, safety ratings and other important information about driving habits, accident causes and distracted driving statistics. One of the things this data is used for is to look at the cost of car insurance and frequency of claims and claims payouts for car parts or damages on different cars.
24/7 Wallstreet used this data to come up with the most expensive cars to insure in 2018, but there could be correlations between the costs of insurance and the profile of driver who normally purchase these cars. These are the cars that made the list of the cars that will cost the most on insurance based on current (IIHS HLDI) statistics.
List of the Most Expensive Cars to Insure
The average cost of car insurance for half of the cars in the 25 most expensive cars to insure based on 24/7 Wallstreet's information range between $1150 and $1200 per year.
Our list below includes:
- the annual average price of insurance paid on these models according to the (IIHS HLDI)
- the approximate retail value of the car
Cheaper cars don't always mean cheap car insurance, but they may indicate profiles of the average driver for these cars as well, as we explain below.
- Kia Forte: $1,155.82 average insurance cost / $16,800 retail
- Mercedes-Benz C class four-door 2WD: $1,157.34 average insurance cost / $40,250 retail
- Nissan Versa: $1,157.59 / $12,110
- Nissan Sentra: $1,165.05 / $16,990
- Lexus IS 350 four-door 2WD: $1,167.11 / $38,210
- Audi A4 four-door 2WD: $1,169.13 / $36,000
- Land Rover Range Rover Sport four-door 4WD: $1,173.05 / $66,750
- Infiniti Q50 2D 4WD: $1,182.32 / $66,750
- Dodge Dart: $1,187.55 / $16,995
- Kia Rio: $1,191.26 / $13,900
- Nissan Maxima: $1,237.68 / $33,270
- Scion tC: $1,237.74 / $19,385
- Chrysler 200 2WD / $1,261.87 / $22,115
- Scion iA: $1,274.51 / $15,700
- Ford Mustang 2D: $1,291.53 / $25,680
- Lexus GS 350 4D 2WD: $1,295.44 / $46,310
- BMW 4 series 2D 2WD: $1,306.51 / $43,300
- Audi A7 4D 4WD: $1,322.51 / $69,700
- Dodge Challenger: $1,335.79 / $27,295
- Kia Optima hybrid: $1,355.13 / $25,995
- Dodge Charger 2WD: $1,385.61 / $28,995
- Scion FR-S: $1,403.67 / $25,305
- Mitsubishi Lancer 2WD: $1,458.48 / $17,795
- Mercedes-Benz S class four-door LWB 2WD: $1,540.63 / $89,900
- Tesla Model S four-door electric 4WD: $1,789.48 / $74,500
What Factors Makes Some Expensive Cars Have Better Insurance Pricing?
Before we get into differences on driver profiles for various cars, it is worth understanding that when cars have more safety features, they may be more expensive to buy, but less expensive to insure. When a car is using technology to prevent damage or avoid accidents it may be a more expensive model of car, but the insurance may be less because it is less likely to cost the insurance company as much in claims payments as the cheaper cars with fewer safety features, provided all other factors are the same (age, location, driving history, etc.)
Your Personal Information Will Impact The Cost of Insurance
Depending on the source of information, and how data is calculated, there are going to be high variations in which cars make different lists. So these lists should be taken as indicators, but ultimately pricing cars using your personal information will give you the best estimates.
Different Insurance Price Lists Use Different Criteria
A great example in seeing how personal information, your choice of insurance company and even your location can impact the cost of insurance can be found when you look at the list of least expensive cars to insure, and Insure.com's most expensive car list and compare it to the list above. Insure.com uses data from six insurance companies in 10 zip codes per state but are based on a 40-year-old male profile. This significantly impacts the rates being used to make a list. As a result, the cars on the lists change.
The list above using data from IIHS HLDI's accidents, claims payouts, crash testing and average premiums across the USA and is also not isolated to a specific age but rather on actual claims data.
For example: the Land Rover Range Rover Sport 4D 4WD is probably not being driven on average by a 19-year-old as primary driver across the country, it is probably being driven by someone with age discounts, professional discounts, strong insurance credit scoring and possibly more driving experience because it isn't the kind of car most people get as their first car, or when they are students. So using actual data from the Institute would account for this. However, if you take Nissan or Kia, there is likely more diversity in the profile of driver and this could be part of what puts both these cars in the same price range of insurance in the list above.
The price of insurance for you on these two cars, may not be the same at all, even though they are almost the same in the list.
The Best Way to Find Out The Most Expensive Car to Insure?
The best way to find out what the most expensive cars to insure or the least expensive for you is:
- Come up with your wish list of cars.
- Get a quote keeping all your personal information the same.
- Switch up the car models and compare.
Repeat with different insurance companies because one company may be better suited to your profile than another, and these companies will give you a better price on insurance.
This way you are will get the real picture of your expected cost, and its the best way to work on your car insurance budget and not end up with unexpected surprises.