When buying a car, there are many factors to take into account. From its aesthetic, make, model and speed to reliability and eco-friendliness, affordability – finding the ideal vehicle for you can be tricky. Unfortunately, we often neglect to factor in insurance when planning our purchases – only to be shocked when we receive our papers! It is essential that you remember to factor in insurance rates when looking into purchasing a vehicle.
So what are the most Expensive Cars to Insure in the United States? well, keep reading to find out.
Car insurance is an essential expense for all drivers, yet for some it can be a costly burden. In this post, we’ll look at the top 10 most expensive cars to insure in America based on the US average insurance cost of $1,764 annually. It’s important to remember that your premiums may differ significantly based on your location and driving profile; residents of Detroit, Michigan or Miami, Florida may pay significantly more than average due to higher accident rates and theft rates in those regions.
Here are the 10 most expensive cars to insure in America:
1. Maserati Quattroporte
The Maserati Quattroporte is a luxurious sedan that costs $2,500 every six months to insure, making it the most expensive car to insure in America. Owners of this car may not be concerned about insurance costs since it comes with an MSRP of $102,190; however, you’ll pay almost five percent of its MSRP annually in insurance costs – close to what you could gain from investing in a 401k account!
2. Audi R8
The Audi R8 is the second most expensive car to insure, averaging around $4,68 per year. This luxury model comes at a cost of $142,000 but you’ll only pay 3.2 percent of its value in insurance costs. Alliance offers the cheapest coverage while AAA provides the most expensive. If you’re fortunate enough to own this vehicle, Alliance will be your most cost-effective insurer.
3. BMW i8
The BMW i8 is a hybrid sports car that typically costs $4,372 in insurance premiums per year. With an MSRP of $147,500 and rates just shy of three percent nationwide, Infinity Insurance offers the cheapest coverage while Auto Owners provides the most expensive coverage.
4.Mercedes AMG GT
Insuring the Mercedes AMG GT costs approximately $4,130 annually – that’s 4.59 percent of its MSRP ($90,000). Given this car’s high price tag of $90,000, insurance costs become a significant factor to consider. Nationwide is the cheapest insurance provider while Infinity comes out as the most expensive.
The Nissan GTR is one of the most affordable cars on this list, averaging $4,064 in insurance premiums annually. Prices for these models start from $120,160 depending on model and insurance costs make up only 3.58 percent of their cost. State Farm provides the cheapest coverage while Infinity charges the most.
The Maserati Ghibli is a luxury sedan that costs $4,018 annually to insure – 5.57 percent of the MSRP. With an MSRP of $72,000, this vehicle’s insurance costs come out to just over $5,000 with Auto Owners as the most cost-effective insurer and Allstate as the most costly.
7. Mercedes-Benz S Class
Insuring a Mercedes-Benz S Class costs $3,742 annually – that’s only 3.41 percent of its cost. You may not be able to afford its $110,000 price tag, but you may be able to cover its insurance expenses. Auto Owners is currently the cheapest insurance company while Infinity charges the most.
The Porsche 911 is a legendary sports car that costs $3,734 annually to insure – that’s 3.76 percent of its purchase price!
9. Chevrolet Corvette Z06
At number 9, the Chevrolet Corvette Z06 ranks 9th, costing an average of $3,315 annually to insure. Due to its powerful engine and high-performance capabilities, this car carries a higher risk for accidents which makes it more expensive to insure.
Nationwide offers the cheapest insurance rates for Corvette Z06 owners, while Allstate provides the most expensive coverage. It’s worth noting that even with these lower premiums, insuring a Corvette Z06 remains more budget friendly than other high-end sports cars on this list.
Owning a high-end luxury or sports car can come with an expensive price tag, both in terms of the purchase price and insurance premiums. While the average cost of car insurance in the US is approximately $1,764 annually, insurance premiums for some models could easily surpass five times or even double it!
It is essential to shop around and compare rates from multiple providers when searching for insurance, as rates can differ based on your location, driving history and other factors. When selecting an insurer it’s essential to take into account all these elements.
Finally, when considering purchasing one of these high-end vehicles, it’s essential to factor in all costs associated with ownership – insurance, maintenance and fuel – before making a purchasing decision. While these cars may be luxurious and performance oriented, they come with an associated significant financial responsibility.