Who doesn't dream of owning a luxurious sports cars with lots of horsepower?
Well, for many, the dream dies when they realize higher insurance premiums are part of the extra costs associated with any high-end vehicle.
If you haven't considered auto insurance costs, you could be missing a big part of your vehicle's total ownership costs. Insure.com rankings of the top 10 most expensive 2016 model vehicles to insure are all about horsepower and opulence.
Not surprisingly, a vehicle's manufacturer's suggested retail price weighs heavily on the overall cost to insure it. For most insurance companies, the cost of the vehicle is the first and primary consideration when setting the price of the policy, according to Kelley Blue Book. And as a general rule, more expensive cars cost more to insure because of the increased costs associated with repairing them, replacing parts or replacing the vehicle in the event of a total loss.
Of course, average rates are for comparative purposes only. Your own rate will depend on personal factors including age, how much you drive, where you live and your driving record.
About the rankings
Insure.com commissioned Quadrant Information Services to calculate average auto insurance rates for 2016 models. Averages were calculated using data from six large carriers (Allstate, Farmers, Geico, Nationwide, Progressive and State Farm) in 10 ZIP codes per state. More than 2,300 models are included in the 2016 study.
The most expensive rankings were determined by the worst-performing trim line of each model. In addition, averages are based on full coverage for a single 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/50 ($100,000 for injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident), and a $500 deductible on collision and comprehensive coverage. This hypothetical driver has a clean record and good credit. The rate includes uninsured motorist coverage.
Keeping our cars longer
It's interesting to note that Americans are keeping their cars longer than ever before — averaging just over 11 years, according to Insure.com. So, when buying a car, don't forget to consider the price of insurance since that's a cost that you'll have for as long as you own the vehicle.
Here are the top 10 most expensive 2016 model year autos to insure, according to Insure.com's annual rankings:
(Photo: LandRover.com)
|8. LandRover Range Rover SV Autobiography Black LWP
Average annual premium: $3,245
Related: 48 safest vehicles for 2016
The Nissan GT-R Nismo has held the No. 1 spot for the past two years, but it fell substantially in the ranking this year.
The Mercedes’ SL65 AMG, is the most expensive vehicle to purchase in the rankings with an MSRP of $217,550 and the average annual insurance premium represents 1.7% of the purchase price.
Dodge’s iconic Viper takes the number one spot this year, but it is the “cheapest” car to buy in the top 10 expensive vehicles to insure list with a manufacturer suggested retail price of $97,995. The annual insurance premium represents 4.1% of the Viper’s purchase price.
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Jayleen R. Heft
Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].
