The vehicle you drive is one of the biggest factors in determining how much you pay for car insurance. Certain cars are more likely to drive up your insurance prices: Cars that are more expensive to repair or replace, cars that have a higher statistical likelihood of accidents, or cars that can cause more damage during an accident. If you’re in the market for a new or new-to-you vehicle, getting familiar with average insurance costs for different models can help you make a more informed car-buying decision. Based on Bankrate’s analysis of August 2024 car insurance rates, these are the most expensive cars to insure:
- Audi R8 Quattro Performance
- Tesla Model S Performance
- Tesla Model X
- Dodge Charger
- Lexus RC F
Why do high-value vehicles cost more to insure?
The cost of car insurance varies between insurance companies because each insurer has its own unique rating model. This means that, even for the same vehicle, your car insurance quote will vary based on the company you choose. There are several other factors used to determine a specific base rate for a make and model, including the base price of the vehicle, cost to repair, likelihood of being stolen, available safety features and how much damage your car can cause to another car in an accident. Broadly speaking, the more expensive a potential insurance claim is, the higher your premium will be.
Owning a luxury vehicle or sports car usually means paying higher car insurance rates than for smaller, more economical vehicles. Replacement parts for these vehicles could be more expensive to source compared to more commonly driven makes. Your personal driving profile also factors into the cost of car insurance and how expensive your rate is. Your age and credit score (in most states), as well as your driving history and location also determine how much you will pay for auto insurance.
Insuring high-value vehicles
Owning a high-value vehicle may mean paying the highest insurance rates, depending on your personal history, the insurance carrier and the make and model you drive. We found these five makes and models are among the most expensive cars to insure based on our sample driver profile.
| Audi R8 Quattro Performance | $611 | $5,947 | +$3,618 |
| Tesla Model S Performance | $714 | $5,115 | +$2,786 |
| Tesla Model X | $796 | $4,934 | $2,605 |
| Dodge Charger | $831 | $4,738 | +$2,409 |
| Lexus RC F | $723 | $4,291 | +$1,962 |
Insuring an Audi R8 Quattro Performance
Starting off with the most expensive car to insure, we have the Audi R8 Quattro Performance, the German auto manufacturer’s take on a supercar. Souped-up sports cars typically cost more to insure, partially because of the kind of driving behavior they inspire. Some insurance companies view drivers of sports cars as more likely to speed and engage in other dangerous driving behaviors, and could charge them higher rates because of it.
| Selective | $420 | $2,420 |
| NJM | $697 | $2,707 |
| AAA | $574 | $3,036 |
| Progressive | $656 | $3,088 |
| Auto-Owners | $449 | $3,277 |
| Amica | $342 | $1,807 |
Insuring a Tesla Model S Performance
Next on the list is the Tesla Model S Performance, a high-end electric vehicle. Make and model are important factors that affect the cost of car insurance, but trim is another part of the equation. Tesla already markets itself as a luxury brand, and higher trim models like the Performance tend to cost more in insurance to account for the extra bells and whistles.
| Selective | $435 | $2,366 |
| NJM | $732 | $2,568 |
| Nationwide | $631 | $2,862 |
| Auto-Owners | $483 | $2,980 |
| The Hartford | $840 | $3,105 |
Insuring a Tesla Model X
The Model X is one of the largest in Tesla’s lineup. Finding cheap car insurance for an EV can be a challenge; according to the J.D. Power 2024 Insurance Shopping Study, auto insurance satisfaction for EV owners was lower than it is compared to gasoline vehicles. Largely, this was due to higher premiums for EVs.
| Selective | $417 | $2,390 |
| NJM | $713 | $2,529 |
| The Hartford | $787 | $2,877 |
| Auto-Owners | $488 | $3,354 |
| Progressive | $737 | $3,453 |
Insuring a Dodge Charger
Dodge isn’t a luxury car brand, but the Charger came in fourth on our list of cars with the highest insurance premiums. Its expensive rates can largely be attributed to its lower safety ratings and powerful engine. Compared to other sedans, the Charger didn’t receive the highest marks from the Insurance Institute for Highway Safety (IIHS).
| Selective | $413 | $2,273 |
| NJM | $674 | $2,482 |
| Erie | $695 | $2,506 |
| The Hartford | $795 | $2,743 |
| Auto-Owners | $468 | $2,863 |
Insuring a Lexus RC F
Last on our list of the most expensive cars to insure is the Lexus RC F. Its high insurance costs can largely be attributed to its luxury fixings and ultra-powerful engine. Similar to the Audi R8 Quattro, the RC F’s 467 horsepower, V8 engine may raise some insurers’ eyebrows.
| Selective | $455 | $2,233 |
| NJM | $722 | $2,265 |
| Erie | $499 | $2,808 |
| The Hartford | $772 | $2,840 |
| Auto-Owners | $459 | $2,907 |
Other car insurance coverage for high-value vehicles
If you can afford to purchase an expensive car, consider the cost of repairs when shopping for car insurance. Most insurance experts recommend purchasing as much liability as you can afford, since it protects you financially if you are at fault for an accident. If you total another high-value vehicle, having the highest liability limits make it easier for the insurance company to pay for damages in full.
Also consider full coverage benefits like comprehensive and collision. Both these coverage types offer physical damage insurance to pay to repair your luxury vehicle. Gap insurance is another option that will pay any difference between the book value of the car and your loan or lease payoff if the car is totaled. Roadside assistance and rental car reimbursement are add-on coverage types that could be useful if you do not have access to another vehicle or need assistance if the car breaks down.
Saving money on high-value vehicle insurance
Even if you buy an expensive car, you can still find ways to save on car insurance. Here are some things to consider when trying to save money on auto insurance rates:
- Bundle policies: If you own a home or rent, consider bundling your home insurance with your car insurance. Often, the multi-policy discount is one of the highest percentage discounts, which may offset the rate on an expensive car.
- Higher deductibles: By choosing the highest deductible you can afford to pay out of pocket, you may save money on your monthly or annual car insurance premium.
- Maintain a clean driving record: By avoiding at-fault accidents and tickets, you may save on the cost of car insurance plus be eligible for other discounts and benefits like a good driving discount and accident forgiveness.
- Shop around: One of the best ways to save is to compare quotes from several companies for the same coverage.
Frequently asked questions
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While an older car may not have as many safety features as a newer car, it may be cheaper to insure. Some drivers may only need liability only, so can save on insurance by not taking full coverage. However, the rate you pay for car insurance will depend on other factors, including where you live and your personal driving characteristics.
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The cost of claims is a big indicator on the cost of car insurance. Owning a foreign brand may cause you to pay higher car insurance if parts are not readily available in your area. The more it costs to repair a car, including having to source parts, the more expensive car insurance may be.
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The national average cost of car insurance is $2,329 for full coverage, as of August 2024. Your rate is determined by where you live, your driving history, the make and model of your car and the coverage you choose. Getting multiple quotes can help you find the best rate for car insurance based on your specific situation.
Methodology
Bankrate utilizes Quadrant Information Services to analyze August 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a single, 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Model: To determine cost by vehicle type, we evaluated our base profile with the following vehicles applied: Audi R8 Quattro Performance, Tesla Model S Performance, Tesla Model X, Dodge Charger and Lexus RC F. For new vs used vehicles, we also included the following years in our calculations: 2016, 2017, 2018, 2019 (base) and 2020.
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