There a number of different factors that come into play when your insurer calculates the rate that you will be charged for your auto insurance. Your geographical location, credit score, sex, age, driving record, and even your occupation have a lot to do with how high your car insurance premium will be. Many of these factors you cannot control, but one important one you can: what kind of car you drive. One of the most important factors in determining your auto insurance rates is the type of car you are insuring. This is because some cars are more expensive than others when it comes to repairs and body work, and some cars cost more to maintain. Moreover, there are certain cars that are targeted by thieves and that are thus more likely to be stolen.
Obviously, high-dollar cars like Jaguars, BMWs, Mercedes, and Ferraris cost a lot to insure, mainly because they cost a lot to repair, there are other cars that regular, middle-class drivers own that are more expensive to insure than the car in their neighbor’s driveway. By buying a car not on this list of most expensive cars to insure, you can cut your premiums and save a bundle. You’ll need a bigger cash outlay to insure the vehicles on this Forbes list of most expensive cars to insure.
The top offenders and their annual premiums on average:
- Audi R8 Spyder Quattro, $3,384
- Mercedes-Benz CL600, $3,307
- Mercedes-Benz S600, $2,948
- Audi R8 4.2 Quattro Coupe $2,903
- Porsche Panamera Turbo, $2,738
- BMW ActiveHybrid 7, $2,701
- BMW 750i, $2,403
- Jaguar XKR Supercharged Convertible, $2,585
These figures represent 2012 premiums for an average, single, 40-year-old man who drives 12 miles daily to work and who has a clean driving history. Those who live in large metropolitan cities, who have accidents on their record, or who have received a ticket in the previous three years can plan on paying a substantially higher amount for insurance on the vehicles on this list.
Lowering Your Insurance Costs
No matter what type of vehicle you drive, you can reduce your yearly insurance premiums by taking advantage of the many discounts that are available for drivers and by shopping around and requesting multiple quotes from different insurers. For instance, if you bundle your home and car insurance with the same insurer, you can sometimes be rewarded with a heft rate decrease. Attending a driver’s education class and maintaining a sterling driving record can also help you get a lower rate, as can maintaining good credit.