Bankrate Reveals Most Expensive Cars to Insure – And Tips To Bring The Insurance Cost Down
21 Jul 2021Car insurance is a must. Not only is insuring your car the responsible thing to do but it is also required by law. However, car insurance rates vary wildly depending on make and model. According to Bankrate, five cars are more expensive than all the rest. Not so surprisingly, these are all high-dollar vehicles. It seems that, with great value, comes great liability.
The five most expensive cars to insure are the Nissan GT-R, the Tesla Model X, the Porsche Panamera, the Alfa-Romeo Spider, and the Land Rover Range Rover. Premiums vary depending on the car insurance provider as well as the type of insurance coverage, but these five cars rank highest among average premium prices.
It makes sense that luxury vehicles cost more to insure. When an expensive vehicle is totaled, a car insurance company has to pay out a lot more money. Therefore, premiums are higher to make up for that fact.
How Much Are the Most Expensive Car Insurance Premiums?
If a driver owns their car outright, they are only required to pay for liability insurance. However, someone leasing a vehicle from a dealership usually has to purchase the most comprehensive full coverage insurance, which raises insurance prices even more.
While different insurance companies differ slightly on price, the average costs are as follows:
- Nissan GT-R: Annual minimum coverage premium of $478 and annual full coverage premium of $3,945
- Tesla Model X: Annual minimum coverage premium of $537 and annual full coverage premium of $3,324
- Porsche Panamera: Annual minimum coverage premium of $476 and annual full coverage premium of $3,302
- Alfa-Romeo Spider: Annual minimum coverage premium of $445 and annual full coverage premium of $2,720
- Land Rover Range Rover: Annual minimum coverage premium of $514 and annual full coverage premium of $2,657
Still, most car owners want to find ways to save money where they can. Fortunately, there are ways to lower even the most expensive car insurance premiums.
How to Lower Expensive Car Insurance Premiums
Many insurance companies offer policy discounts. These usually stack and can become quite lucrative if drivers utilize them effectively.
For example, car insurance companies offer discounts to drivers who agree to install GPS trackers on their cars. These trackers are designed to help the insurance company work with the police to find the expensive vehicles should they get stolen. It is a lot cheaper for an insurance company to recover a stolen vehicle than to pay out for a new one.
Other ways to reduce high insurance premiums include:
- Requesting higher deductibles
- Asking about safe-driver discounts
- Bundling auto insurance with other types of insurance
- Taking advantage of low mileage discounts
While the five cars listed here have seemingly excessive insurance premiums, there are ways to save when it comes to covering luxury vehicles. Additionally, it is always smart to shop around for insurance coverage.
If you’re looking to reduce your auto insurance premium, talk to us (1-888-544-0494) here at LiveViewGPS, as well as your insurance company, about GPS tracking for your car.
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