The Most Expensive Cars to Insure in 2023
Published March 29, 2023
A car’s make and model play a major role in how much drivers pay for auto insurance. Certain vehicles are deemed more of a risk to insure, which can raise the cost of the insurance policy.
The Guides Auto Team recently determined the 10 most expensive car makes to insure along with why they have high average premiums, as well as the cheapest car makes to insure.
Does Make and Model Affect Car Insurance Rates?
While auto insurers consider many factors when setting auto insurance rates, a car’s make and model are some of the most important. From typical repair costs to the number of liability claims filed, it may be surprising how much car choice affects auto insurance costs.
What Makes a Car Expensive To Insure?
There are various factors that can make a vehicle expensive to insure. For example, auto insurance providers might consider drivers more likely to get into an accident or receive a speeding ticket if they have a car with a powerful engine.
The chosen trim level can also have a major effect on how much a driver gets charged for car insurance. A new car with high-tech features will cost more to repair or replace, so auto insurers may require higher rates to cover these potential expenses.
In addition, drivers will likely face a hefty insurance bill if they own a luxury or high-performance car like the Porsche Panamera, Maserati Quattroporte, Audi R8 or Mercedes-Benz AMG GT.
10 Most Expensive Car Brands To Insure
The Guides Auto Team ranked the 10 most expensive cars to insure using data from Quadrant Information Services.
While Dodge is one of America’s oldest automakers, it’s mainly known today for offering cars packed with power and speed. Partly due to this, the Insurance Institute for Highway Safety (IIHS) found the Dodge Charger’s insurance losses are about 110% higher than average, with other Dodge models following closely behind. When taken together, Dodge models are the most expensive cars to insure among the leading brands in the U.S.
The average cost to insure a 2022 Dodge model is $354 per month or $4,242 per year. That’s about 145% higher than the national average for a full-coverage auto policy, currently $144 per month or $1,730 per year.
Tesla is one of the most well-known electric vehicle (EV) manufacturers on the market today. However, the IIHS found models such as the Tesla Model X are expensive to repair after collisions, which partly explains why they’re pricey to insure. Since EV models use parts that are tough to find and often expensive, it’s not surprising Teslas have high insurance rates.
The national average cost to insure a 2022 Tesla model is $251 per month or $3,007 per year. That’s almost a 74% increase from the national average cost for full-coverage auto insurance.
The average cost to insure a BMW is $195 per month or $2,337 per year, which is 35% higher than the national average. BMW is known as a luxury car brand, so this high insurance cost may come as little surprise. Higher-end models and luxury vehicles cost more to insure overall.
Lexus ranks as the fourth most expensive make to insure. While both the Lexus ES 350 and the Lexus IS were 2022 Top Safety Pick+ winners from the IIHS, this luxury brand’s car insurance rates aren’t cheap. The average cost to insure a Lexus is $189 per month or $2,273 per year.
GMC is a division of General Motors (GM) that manufactures trucks and other utility vehicles. As the fifth most expensive vehicle make to insure, the average cost for auto insurance on a 2022 GMC model is $184 per month or $2,207 per year.
A subset of Fiat Chrysler Automobiles (FCA), Ram is well-known for its heavy-duty pickup trucks. The IIHS found pickup trucks and SUVs are proportionally more likely than cars to be involved in fatal single-vehicle crashes such as rollovers.
The risks associated with protecting pickup trucks could factor into the cost of auto insurance for Ram models, which is $175 per month or $2,101 per year.