All cars are not equal. We turn to consumer experts to find out which automobiles have the best gas mileage and safety features and which vehicles are best for families or have the highest resale value. But consumers often overlook one important factor that might squeeze their wallets down the road: the cost to insure their dream vehicle.
Compare Affordable Car Insurance Rates
Insurance companies charge higher rates to insure some automobiles. It probably comes as no surprise that luxury and sports car owners often end up paying through the nose for coverage. Insurance companies don’t like risk. Sports car owners like to drive fast, car thieves target luxury automobiles and high-end car components cost more money to replace. These factors pose higher risk for insurers, which they mitigate by charging higher rates to the owners of some vehicles.
The top 10 most expensive cars to insure in 2020
The most expensive cars to insure can change every year as new models enter the market and others retire from manufacturing. According to The Zebra, an organization dedicated to researching the insurance industry, the most expensive cars to insure in 2020 include the following.
|Rank||Make and model||Average annual premium||Average monthly premium|
|1||2020 BMW i8||$4,303||$359|
|2||2020 Maserati Quattroporte||$4,062||$339|
|3||2020 Nissan GT-R||$3,864||$322|
|4||2019 Maserati GranTurismo||$3,735||$311|
|5||2020 Mercedes-Benz S-Class||$3,684||$307|
|6||2020 Mercedes-AMG GT||$3,678||$306|
|7||2020 BMW X6||$3,535||$295|
|8||2020 Tesla Model X||$3,514||$293|
|9||2020 BMW 7-Series||$3,492||$291|
|10||2020 Porsche Panamera||$3,386||$282|
2020 BMW i8
With sticker prices ranging from $148,495 for the coupe model to $164,295 for the roadster, it’s no surprise that the hybrid electric BMW i8 is 2020’s most expensive automobile to insure with an average premium of $4,303.
With its powerful 369-hp engine, the BMW i8 can go from 0 mph to 60 mph in just over four seconds, making it a higher risk to insure than more practical vehicles. On the positive side, the BMW i8 comes packed with safety features that can earn you a discount with many insurers, including ABS and driveline traction control, blind spot detection and duel driver and passenger airbags.
2020 Maserati Quattroporte
The 2020 Maserati Quattroporte comes equipped with a 424-hp engine and costs $101,485 to $127,985. The Quattroporte’s V-8 engine can accelerate from 0 mph to 60 mph in 4.2 seconds, a fraction of a second behind the BMW i8.
Besides the high sticker price and powerful engine, the Quattroporte’s luxury fittings, such as Ermenegildo Zegna silk and leather seats, a touchscreen infotainment system and wood accents, also play a role in the automobile’s average annual premium cost of $4,062.
2020 Nissan GT-R
Sticker prices of the 2020 Nissan GT-R start at $115,135 for the Premium version and skyrocket up to $212,335 for the NISMO version. Under the hood, the sports car holds a V-6, 565-hp engine that can propel you from 0 mph to 60 mph in a breathtaking 2.9 seconds.
Nissan decks out the GT-R’s interior with leather and suede seat covers, dual-zone climate control and an infotainment system that features an eight-inch touchscreen with a rotary knob. Insurance companies always charge higher rates for sports car policies, but the combination of price, speed and luxury components drive up the cost of insuring this vehicle to a whopping average annual premium of $3,864.
2019 Maserati GranTurismo
If you’ve set your sights on a 2019 Maserati GranTurismo, you’ll need at least $152,375 or a lender willing to finance it. A V-8, 454-hp engine powers this sporty automobile, which can go from 0 mph to 60 mph in under five seconds. Expect to pay an average monthly insurance rate of $311 if you purchase the GranTurismo.
The vehicle’s lush interior features a cowhide dashboard and a supersized infotainment touchscreen that controls a Harman Kardon sound system with 10 speakers.
2020 Mercedes-Benz S-Class
The 2020 Mercedes-Benz S-Class starts at $95,245 for the S450 version and costs around $139,595 for the top-of-the-line S560 Cabriolet version. Engine size and high-end features combine to drive up the cost of insuring this luxury vehicle to an average of $3,684 per year.
Pop the hood and you’ll find a V-8, 362-hp engine that can deliver speeds from 0 mph to 60 mph in 5.3 seconds. Inside, you can ride in style with an air-perfuming climate control system, leather seats and wood accents. The S-Class’ infotainment system comes packed with features, including onboard WiFi, a charging pad and integrated Android Auto and Apply CarPlay.
2020 Mercedes-AMG GT
The sporty two-seater 2020 Mercedes-AMG GT has a 469-hp engine that delivers quarter-mile speeds of under 12 seconds at 120 mph. It starts at $116,895 and comes equipped with pricey components that justify its average monthly $306 insurance rate, like Nappa leather seats that run $1,900 each.
Customizable components such as carbon-fiber door sills and metallic paint can drive the sticker price up to more than $131,000.
2020 BMW X6
BMW markets the third-generation 2020 X6 as a “SUV coupe”, a style car owners must like because it’s sold more than 440,000 units. Although the X6 costs much less than the 2020 BMW i8 — $65,295 for the 40i version and $86,945 for the M50i — it still costs an average of $3,535 per year to insure.
The X6 M50i comes equipped with a V-8, 335-hp engine that can go from 0 mph to 60 mph in an impressive 3.8 seconds. Its high-tech dashboard features two 12.3-inch digital displays and an infotainment system, which integrates with Apple CarPlay only, includes gesture control functionality to raise and lower the volume of the Harman Kardon stereo system. The X6 also offers fantastic safety features, like automated emergency braking, blind-spot monitoring, forward-collision warning and rear cross-traffic alert.
2020 Tesla Model X
If you can afford 2020 Tesla Model X’s $86,190 to $106,190 sticker price, get ready to pay an annual average of $3,514 to insure it. The electric Model X can go from 0 mph to 60 mph in 4.4 seconds and has a 325-mile range on a full charge. Besides its electric motor, Model X also has other components that drive up its insurance rates, including a windshield that wraps over part of the roof to form a sunroof above the front seats.
The futuristic vehicle also offers the optional autopilot, which uses cameras and sensors for navigation and a “Summon” feature that delivers the SUV to you like a robotic valet.
2020 BMW 7-Series
BMW’s luxury 7-Series starts at $87,445 for the 740i version and tops off at $158,695 for the M760i. Engine sizes vary, from 320-hp in the 740i to 601-hp in the 760i, but all include an eight-speed automatic transmission. The powerful 750i can accelerate from 0 mph to 60 mph in four seconds.
The 7-Series’ lofty sticker price and luxury creature comforts drive up this car’s insurance rate to an average of $3,492 per year. Standard features include Dakota leather upholstery, wood trimmed interior and a Harman Kardon surround sound system.
2020 Porsche Panamera
The 2020 Porsche Panamera ranges in price from $88,550 for the base model to $130,650 for the GTS. The base model comes equipped with a 330-hp engine, while a 453-hp engine powers the GTS version. The Panamera 4 version can deliver speeds from 0 mph to 60 mph in just over five seconds. Porsche also offers the Panamera 4 E-Hybrid version, which can travel up to 31 miles on battery alone. On average, Panameras cost about $3,386 per year to insure, due to their speed and sticker price.
All Panamera versions come loaded with high-end features. The GTS comes with black leather seats, brushed aluminum door sill guards and Porsche Connect, an onboard digital system that features voice activated navigational tools, satellite maps and built-in Apple Music streaming.
Factors that can increase your car insurance premiums
If your heart’s set on buying a luxury or sports car, you’re going to pay higher insurance rates than folks who buy cheaper, more practical vehicles. Nonetheless, you can control many rating factors to keep your premium from increasing.
- Avoid accidents and traffic violations: Insurance providers charge high rates for sports cars because they’re fast and insurers know people buy them because they want to put the pedal to the medal. Avoid accidents when possible, and keep your speed under control.
- Drive less: Insurers consider your annual mileage when setting your insurance rate. To reduce the cost of your coverage, reduce the number of miles you drive.
- Maintain a good credit score: Many carriers use credit-based insurance scoring to determine your insurance rate. Most states allow credit-based scoring because, statistically, motorists with poor credit file more insurance claims.
- Buy another car: While you’re paying $4,303 annually to insure your BMW i8, Honda Odyssey LX owners are paying an average annual premium of $1,298. If the high cost of insuring your luxury or sports car leaves you blue, trade it in and use the savings for something more practical, like redecorating your home.
How and where to save money
The prices we quote here do not accurately represent the rate you’ll pay for auto insurance. Besides the factors we previously mentioned, insurance companies also consider your age, location and gender to determine your premium. For the most accurate rate, contact several insurance companies and request quotes. Many carrier websites feature a quote app, which delivers a quote after you answer a few questions.
If you don’t know which companies you should call, start by reviewing J.D. Power’s U.S. Auto Insurance Study. The yearly survey rates and ranks companies based on how well they perform in areas such as billing, claims, customer service, policy offerings and price. Within the study, Power produces regional rankings, providing you with the best companies in your area of the country. It’s an invaluable tool when beginning and auto insurance search.
Compare Affordable Car Insurance Rates
When speaking with insurance agents, always ask about discounts. Discount programs are the best, and often easiest, way for you to save on car insurance. Providers offer all types of rates for things like bundling home and car insurance, maintaining a good driving record, taking a defensive driving course and owning a home.
If you always drive safely, a usage-based discount program can help you save money on auto insurance. For example, Progressive’s Snapshot program uses a mobile app that you install on your smartphone, which tracks your driving habits each time you get behind the wheel. The app records data about your driving during one policy period and, if you maintain good driving habits, applies a discount during your next policy term.
A fancy car might cost more to insure, but that doesn’t mean it’s not worth getting if that car is your dream. Just know how much you can expect to pay for insurance so you don’t get any unpleasant surprises.
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