When buying a vehicle, whether new or used, are you thinking about the insurance costs?  We can get wrapped up in negotiating the purchase price, but can often overlook the monthly costs in ownership.  Let’s have a brief look at what may cost you more.

Which Vehicles Have the Most Expensive Insurance?

1. Luxury Cars:  Examples: BMW, Mercedes-Benz, Audi, Lexus
• These vehicles typically have the highest premiums because they are expensive to repair, replace, and require specialized services.
2. Sports Cars:  Examples: Porsche, Corvette, Mustang, Ferrari
• Sports cars are high-performance vehicles that can reach high speeds, leading to a higher risk of accidents and theft. Insurance for these types of cars tends to be pricey.
3. Exotic and Classic Cars:  Examples: Lamborghini, Ferrari, classic muscle cars
• Exotic and classic cars often cost more to insure because they are rare, expensive to repair, and more likely to be targeted by thieves.
4. Pick-up Trucks:  Examples: Ford F-150, Chevrolet Silverado, Ram 1500 (high-end models)
• Some high-end or off-road models of pickup trucks may come with higher insurance premiums due to their size, weight, and the cost of repairs.

Which Vehicles Have More Economical Insurance?

1. Compact Cars:  Examples: Honda Civic, Toyota Corolla, Hyundai Elantra
• Compact cars are known for being fuel-efficient and affordable to repair, which often leads to lower insurance premiums.
2. Sedans:  Examples: Toyota Camry, Honda Accord, Nissan Altima
• Standard sedans are some of the most economical vehicles to insure due to their reasonable repair costs and lower risk of accidents.
3. Minivans:  Examples: Honda Odyssey, Toyota Sienna, Chrysler Pacifica
• Minivans are typically seen as family-friendly vehicles and are less likely to be involved in accidents. Their moderate value and repair costs keep premiums on the lower side.
4. Hybrid or Electric Vehicles:   Examples: Toyota Prius, Honda Insight, Nissan Leaf
• While hybrid and electric vehicles can be expensive upfront, they often have lower insurance premiums because they’re less likely to be involved in accidents, and many insurers offer discounts for eco-friendly cars.
5. Small SUVs/Crossovers: Examples: Subaru Forester, Mazda CX-5, Honda CR-V
• Small SUVs and crossovers are a happy medium in terms of safety and repair costs. These vehicles often have affordable premiums due to their popularity and less complex systems than larger luxury models.

Conclusion

The most expensive cars to insure are typically high-performance sports cars, luxury vehicles, exotic cars, and large trucks with expensive repair parts. On the other hand, economical vehicles like compact cars, sedans, and hybrid cars tend to have lower insurance premiums due to their affordable repair costs, safety features, and lower likelihood of theft or high-speed accidents.

Next time you are vehicle shopping, and have a car in mind, ask the dealer for the VIN# to get an more accurate quote to see if it is a manageable expense for you.

When shopping for car insurance, there are other factors that affect your premium, ie: driving habits, safety features, and the overall value of the vehicle. By selecting a vehicle with lower insurance risk, you can save big on premiums while still getting a reliable one.