Most expensive cars to insure

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Car insurance liability coverage is a requirement in most states. It protects other parties if you cause an accident with injuries or property damage. There are many factors used to determine the cost of car insurance, including the make and model of the vehicle.

Just because a car is expensive to purchase does not mean it is the most expensive to insure. The best way to find out how expensive car insurance rates are is to get quotes from several companies. We compared rates for various makes and models to determine the cars with the highest insurance rates. We found the following makes and models are among some of the most expensive to insure:

  • Alfa-Romeo Spider
  • Porsche Panamera
  • Nissan GT-R
  • Land Rover Range Rover
  • Tesla Model X

Why do high value vehicles cost more to insure?

Every car insurance company prices its rates differently, which is why the price for car insurance differs when you shop. There are several 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 and available safety features.

Owning a luxury vehicle or sports car usually means paying higher car insurance rates than for smaller, more economical vehicles. Your personal driving profile also factors into the cost of car insurance and how expensive your rate will be. Your age, driving record, credit score 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 to insure based on our sample driver profile.

Vehicle Average annual minimum coverage premium Average annual full coverage premium
Alfa-Romeo Spider $445 $2,720
Porsche Panamera $476 $3,302
Nissan GT-R $478 $3,945
Land Rover Range Rover $514 $2,657
Tesla Model X $537 $3,324

Insuring an Alfa-Romeo Spider

To determine rates for some of the most expensive cars to insure, we compared the best car insurance companies based on market share and Bankrate’s proprietary rating system. For the Alfa-Romeo Spider, the cheapest average annual rate for state minimum liability coverage is $218 with Erie, followed by USAA at $273 and Amica at $342. For full coverage, the cheapest annual rate is with Erie at $1,160 while the most expensive is $2,615 with Geico.

Car insurance company Average annual premium for minimum coverage Average annual premium for full coverage
USAA $273 $1,719
Geico $386 $2,615
State Farm $425 $2,181
Erie $218 $1,160
Amica $342 $1,807

Insuring a Porsche Panamera

When comparing rates for the Porsche Panamera, the highest average annual insurance premium is with State Farm for state minimum liability at $406 and Geico for full coverage at a rate of $3,068. The cheapest rates for state minimum coverage are with Erie and Amica, at $335 and $342 per year, respectively. For full coverage car insurance, the cheapest insurance rate is with Erie at $2,222 per year on average followed closely by Amica at $2,359 per year.

Car insurance company Average annual premium for minimum coverage Average annual premium for full coverage
USAA $365 $2,698
Geico $399 $3,068
State Farm $406 $2,384
Erie $335 $2,222
Amica $342 $2,359

Insuring a Nissan GT-R

When insuring an expensive car like the Nissan GT-R, the highest annual insurance rates are with State Farm for state minimum liability and USAA for full coverage. The average rate with State Farm is $446 for liability and $3,996 for full coverage with USAA. Amica has the cheapest car insurance rates for state minimum liability at only $342 on average per year, with USAA only a few dollars more at $354 annually. Erie offers the cheapest average annual full coverage rates at $2,265 per year followed by State Farm at $2,727 per year.

Car insurance company Average annual premium for minimum coverage Average annual premium for full coverage
USAA $354 $3,996
Geico $399 $3,632
State Farm $446 $2,727
Erie $386 $2,265
Amica $342 $3,025

Insuring a Land Rover Range Rover

For the Land Rover Range Rover, Amica offers the cheapest insurance rates for state minimum liability insurance at an average of $345 per year. The highest rate for minimum liability is with State Farm at $438 annually. The most expensive average annual rate for full coverage is $2,406 per year with Erie while the cheapest rate is with Amica at $1,830 per year.

Car insurance company Average annual premium for minimum coverage Average annual premium for full coverage
USAA $390 $2,008
Geico $394 $2,124
State Farm $438 $2,272
Erie $430 $2,406
Amica $345 $1,830

Insuring a Tesla Model X

For the Tesla Model X, the highest average annual insurance rates for state minimum liability are with State Farm at $467 and Geico for full coverage at $3,557. The best rates for state minimum liability are with USAA for $391 per year and for full coverage, Amica at $2,016 annually. Geico and Erie offer median rates for the Model X with state minimum liability limits and full coverage median rates for this model were found with USAA and Erie.

Car insurance company Average annual premium for minimum coverage Average annual premium for full coverage
USAA $391 $2,190
Geico $420 $3,557
State Farm $467 $2,124
Erie $430 $2,303
Amica $345 $2,016

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 cause 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 coverages 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 coverages 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 get quotes from several companies for the same coverage. This way, you may be able to find the cheapest rate with the same coverage.

Frequently asked questions

Does it cost more to insure an older car?

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.

What makes a car more expensive to insure?

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.

How much should I be paying for car insurance?

The national average cost of car insurance is $1,674 for full coverage. 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 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 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 coverages that meet each state’s requirements. Our base profile drivers own a 2019 vehicle of the following models, commute five days a week and drive 12,000 miles annually:

  • Alfa-Romeo Spider
  • Porsche Panamera
  • Nissan GT-R
  • Land Rover Range Rover
  • Tesla Model X

These are sample rates and should only be used for comparative purposes.

Written by
Mandy Sleight
Insurance Contributor
Mandy Sleight has been a licensed insurance agent since 2005. She has three years of experience writing for insurance websites such as Bankrate.com, MoneyGeek and The Simple Dollar. Mandy writes about auto, homeowners, renters, life insurance, disability and supplemental insurance products.
Edited by
Insurance Editor