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Protecting Your Investment
Owning your dream car isn’t just all about making the payments. The cost of insuring some of the world’s most extravagant sports cars could punch another hole in your wallet each month.
A study conducted by Insure.com that calculated averages from six large insurance carriers (Allstate, Geico, Farmers, Nationwide, Progressive and State Farm) to determine the most expensive cars to insure. Unfortunately, data wasn’t available for some of the more high-end exotics, such as Ferraris and Lamborghinis, which is why they’re noticeably missing from this list.
The averages for the yearly premiums are based on full coverage for a 40-year-old male with a clean driving record and good credit while commuting 12 miles to work daily. The rates are based on $100,000 injury liability for one person, $300,000 for all injuries and $50,000 for property damage with a $500 deductible on collision and comprehensive coverage.
The bills are starting to trickle in from the holidays and you’re all out of cash – so now’s the time to spring the most and least expensive cars to insure in 2011 (we know, we’re good like that).
Insure.com has just released their annual list of the most expensive cars to insure, as well as the ones that won’t break your budget, based on a study commissioned from Quadrant Information Services. This survey takes into account six top U.S. insurance carriers and offers us a list of 40 vehicles that take top spots in each category.
The most expensive vehicle to insure in 2011 is the Mercedes SL65 AMG roadster that boasts an average annual national premium of $3,629.11 (that’s the price if you’ve been a squeaky clean driver with no speeding tickets or previous car insurance claims). On the bottom of the list is the Chrysler Town & Country LX that comes in at a much more affordable annual national premium of $1,091.80.
So why is the Town & Country only a third of what the SL65 AMG comes in at? “Family vehicles driven by soccer moms aren’t as likely to get into crashes as flashier sporty models,” says Russ Rader, a spokesperson for the Insurance Institute for Highway Safety’s Highway Loss Data Institute.”Soccer-mom vehicles are driven by people who are generally not driving aggressively, aren’t speeding and often aren’t driving during peak commuting hours.”
You can check out the list of the top 10 most and least expensive cars to insure after the jump.