No one likes making automobile insurance payments, but they are a necessity, both legally and for the protection of property, driver, and passengers.
Several issues determine insurance rates, and the cost is so important it can influence a buyer’s choice of vehicle. According to State Farm Insurance, the following seven factors are used by many insurance companies to set annual premiums:
(1) The type of vehicle: car safety ratings developed by car insurance companies determine insurance discounts; (2) Policy and deductibles: adding coverage and choosing a lower deductible increase the rate; (3) Distance driven and frequency: drivers who use their car for business or long-distance commuting generally pay a higher rate than those who drive less; (4) Residence: Urban drivers pay more than dwellers of small towns or rural areas due to higher rates of crashes, theft, and vandalism; (5) Driving record: drivers with an accident history generally pay more than accident-free drivers; (6) Driver’s credit history: Many insurance companies use credit history to help determine rates; (7) Age, sex, and marital status: studies show crash rates are higher for single male drivers under age 25. Insurance rates reflect these differences.
Here are twenty of the most expensive cars to insure (and 1 that's insanely cheap).
21 Nissan GT-R: $3,941
The Nissan GT-R tops the Insure.com list of most expensive cars to insure at an average annual rate of $3,941. However, the list does not include exotic supercars that command higher rates primarily due to the cost of repairs.
According to finder.com, the average rate for a Lamborghini Aventador is $6,816 per year, while a Ferrari 488 Spider averages a whopping $10,416 annually!
Compared with those insurance rates alone, the GT-R looks like a good buy!
20 Mercedes Maybach S650: $3,917
Car and Driver describes the luxurious Mercedes Maybach S-class as beyond "sumptuous" and "lavish." The 6.0-liter 621-hp twin-turbo V-12 provides a smooth and effortless trip to 60 mph in just 4.7 seconds.
The 2019 Maybach models place a priority on rear-seat comfort, creating an extra-spacious environment with a wheelbase nearly eight inches longer than the Benz-branded S-class cars.
At a price exceeding $200,000, the insurance costs for the Maybach don’t seem excessive.
19 Porsche Panamera: $3,887
The Porsche Panamera is offered in a variety of models, and all are expensive to insure.
The Panamera 4 employs a turbocharged 3.0-liter V-6 that generates 330-hp, while the 4S is equipped with a twin-turbo 2.9-liter V-6 rated at 440 horsepower. The Panamera 4S keeps the all-wheel-drive powertrain and features a unique dual-exhaust system.
18 Mercedes AMG GT R: $3,751
Prices for the 2019 Mercedes-AMG GT Coupe starts at $112,700. The Roadster’s base price is $124,700, and the average cost for the GT R is $191,440.
The 2019 GT R places in the top half of the cars.usnews.com ratings for luxury sports cars because of its powerful engines, exceptional handling, and elegant cabin design and materials.
With all these attributes, the pathetic fuel economy is irrelevant and the $3,751 cost for insurance immaterial.
17 BMW M760i xDrive: $3,705
With recent trends toward powertrain downsizing and the advent of EV technology, a V-12 is rare, found principally amongst the ranks of super-luxury and exotic supercars. However, the base price of the BMW M760i at $159,000 puts it among the least expensive new 12-cylinder cars on sale in the U.S. today.
The combination of a V-12 with all-wheel-drive in an oversized four-door body delivers a supreme sport sedan. To keep it on the road only requires a mere $3,705 for insurance.
16 BMW M6 Gran Coupe: $3,637
The performance version of the M6 has a sport-tuned chassis, a 560-hp twin-turbo 4.4-liter V-8 engine that produces 500 lb-ft of torque. The buyer has a choice of either a seven-speed dual-clutch automatic or a six-speed manual. It accelerates from 0–100 km/h in a quick 4.2 seconds and an electronically limited top speed of 250 km/h.
However, Car and Driver thinks the back seat of the BMW M6 Gran Coupe is too cramped for adults to ride comfortably. Perhaps, the rear doors permit accessible entrance and exit only by the family dog.
15 BMW I8: $3,603
Evaluating the I8 only by its engine is misleading. It's a 1.5-liter three-cylinder, only capable of delivering a mere 220hp to the rear wheels.
However, the I8 manages the power produced by the electric motor and the internal combustion engine in an efficient manner while driving around town and then kicks in the power when needed for the open road. A combination of electric motor and combustion engine produces 374bhp.
The BMW i8 Roadster convertible starts at $163,300 in the U.S. and insures for $3,603 per year.
14 Mercedes S65 AMG: $3,585
The AMG version of the Mercedes S65 produces 463 kW (630 horsepower) and 1000 Nm of torque. The maximum speed is electronically controlled to 250 km/h (300 km/h with optional AMG Driver's Package)
While the price of the S65 Coupe and cabriolet models start at over $170,400 and $181,000, respectively, the top-of-the-line, V12-powered S65 model prices are significantly higher.
The 2019 Mercedes-AMG S65 sedan costs more than the median price of a U.S. home at $230,400.
13 Mercedes SL63 AMG: $3,549
According to Germany's MB Passion, the production of the Mercedes-AMG SL 63 ended in May 2019.
The model might have been discontinued due to difficulties in making the 5.5-liter twin-turbo V8 compliant with stringent European emissions standards. Mercedes had already reduced the European engine's output 13 hp (10 kilowatts) to 563 hp (420 kW), compared to the output in the U.S. of 577 hp (430 kW).
Owners who purchased the Mercedes before being discontinued still must pay an average of $3,549 yearly for insurance.
12 Mercedes S560 4MATIC: $3,514
4Matic is a Mercedes marketing name for their AWD four-wheel-drive system, designed to improve traction during slippery road conditions.
The Mercedes audio system costs $6,400. However, the system has 24 speakers, located everywhere including the roof, attached to 24 separate amplifier channels. Generating a total output of 1,540 watts, the sound clarity is exceptional.
The 2019 Mercedes-Benz S560 4Matic Coupe offers a fantastic blend of comfort, technology, power, and exclusivity for an average price of just over $120,000.
11 Porsche 911 Carrera GT3 RS: $3,458
Although the naturally aspirated DOHC 24-valve flat-6 accelerates the GT3 RS from 0 to 60 mph in 2.9 seconds, it's the handling that makes the biggest impression on the driver of this exceptional performance machine.
Car and Driver says: “Pretty much the only rubber in the chassis is the tires…as the softer suspension connections that help isolate and coddle lesser 911s have been replaced by ball joints to cinch up the RS's responses… remember to hit the button for the optional ($3,490) nose-lift feature to keep the front air dam from scraping on sloping driveways.”
10 Mercedes Maybach S560 4MATIC: $3,393
The insurance rates for the Maybach version of the Mercedes S560 4MATIC at $3,393 are only slightly less than the rates for the standard S560 4MATIC at $3,514.
It’s uncertain why insurance companies charge less for the Maybach; perhaps the crash history data shows the Maybach is less likely to be involved in an accident. A buyer’s decision to opt for the Maybach version would not be based on a low insurance rate, but more likely the spacious and comfortable back seats.
9 Land Rover Range Rover SV AUTOBIO Dynamic: $3,356
The “SV” moniker in the Land Rover Range Rover SV AUTOBIO Dynamic name stands for “Special Vehicle.” Land Rover claims the SVAutobiography, with its 550hp supercharged V8 engine, “is the most luxurious and powerful series-production Range Rover in the model's successful 45-year history.”
Not only does the buyer have to pay more for the SVAutobiography at the showroom, but every year to insure the luxury SUV at an average rate of $3,356.
8 Jaguar F-Type SVR: $3,350
The base model Jaguar F-type is a 296-hp turbo four-cylinder coupe that sends power to the rear wheels. Its sibling is the 380-hp supercharged V-6 that includes exclusive interior and exterior features. Both versions employ an eight-speed automatic transmission.
With a starting price of $79,990 for the base model, the 2019 Jaguar F-Pace SVR is reasonably priced compared to other sports cars in its class. However, the insurance rates might be a bit heftier at $3,350 annually.
7 Tesla Model S 75D: $3,300
Although Tesla no longer offers the 75D version of the Model S (or Model X), the vehicle still makes our list of most expensive cars to insure and current owners are liable.
The result is an increase in the base price for the Model S by $18,000 from $77,200 to $95,200, and the Model X increases from $83,200 to $98,200. The new starting point is the 100D model with a 100-kWh battery pack.
6 BMW M5: $3,275
Car and Driver tested the 2019 BMW M5, and their results are nothing short of amazing. Equipped with a twin-turbo 4.4-liter V-8 that produces 600 hp and 553 lb-ft of torque, perhaps the “M” should stand for “Mighty” quick. At the Car and Driver test track, the BMW accelerated from 0 to 60 mph in a mere 2.8 seconds. The mighty machine reached the quarter-mile in 10.9 seconds and maxed out at a top speed of 163 mph.
5 Jaguar XJ R575: $3,257
Although Jaguar has not refreshed its flagship model, the XJ, in over a decade, it places among the top handling vehicles in its class. The XJ rides a bit firmer than most, but it is a small sacrifice to make for the excellent handling characteristics. The XJR575's 5.0-liter supercharged V8 is responsive and sounds like a high-performance sports car.
Even though it is an aging model, the insurance rate at $3,257 is not much less than more contemporary designs.
4 Mercedes SL550: $3,218
The new SL550 for 2019 borrows the longitudinally mounted engine layout and rear-mounted transaxle (from the GT) to achieve optimum weight distribution.
The car also gets a carbon-fiber torque tube from the GT and features an aluminum body structure. Both help to improve performance and economy, while significantly reducing weight.
The SL jettisons the ten-year-old folding aluminum roof in favor of a folding fabric roof. More weight savings means better performance, but the insurance rates remain high.
3 BMW 750I XDrive: $3,216
Edmunds says the BMW 750I XDrive, which is part of the sixth generation 7 Series, offers several excellent features. The engine options include a turbo V-12 and a plug-in hybrid. The adaptive air suspension provides a comfortable and controlled ride. The interior has exceptional rear passenger space. The car is also equipped with ample standard equipment, including the latest in safety tech.
The insurance rate of $3,216 annually is slightly less than the $3,705 rate for the 760I.
2 Jaguar XF Sport Brake Prestige: $3,199
British skiers have had little luck breaking Olympic records of late, so one ski stalwart, Graham Bell, decided there must be a better way. Towed behind a Jaguar XF Sport Brake, he set a speed record of 117 mph. Not only did he go very fast, but he demonstrated the effectiveness of the Jaguar’s "Adaptive Surface Response" AWD drivetrain on all surfaces, even with snow and ice.
Had the insurance company known of Bell’s feat, no doubt, the rate of $3,199 would have more than doubled!
1 Insanely Cheap - Honda Odyssey LX: $1,298
The Honda Odyssey is an insanely cheap car to insure compared to many others, especially to vehicles on the “most expensive to insure” list.
Insure.com consumer analyst, Penny Gusner says, “Vehicles on the least expensive list tend to be driven by families, which means more mature driving and perhaps because the inside may be a bit of a locker room for their kids the car owner isn’t worried about small exterior scuffs and doesn’t make claims for minor items.”
Sources: cnet.com, thedrive.com, caranddriver.com, compareautoinsurance.com