Tesla-Model-S

Each year USA Today publishes a list of the most expensive cars to insure and each year we like to share it with our clients.  This year we thought we would add a bit of insight as to how the cost of an insurance policy is determined.

Determining the cost of insurance has many factors.  There are several items that carriers will look at when it comes to putting a cost to your automobile insurance.  They will look at where you live, the type of vehicle being insured, and the type of coverage you are seeking.

There is also personal information that plays a big role in determining your insurance rate.  The specific factors include your age, gender and driving record.  You also have an insurance credit-based score which helps carriers place their clients in tiers which determine the price of your insurance (rules around the use of auto scores vary by state).  This is similar to your normal credit score, but is not the same as each carrier bases it on their own criteria.  Since the early 1990s the use of certain elements of credit history has been used to predict how likely the consumer is to have an insurance loss.  Over 95% of all auto insurers use credit-based scores in states where allowed.

Where you live can also greatly affect your insurance.  Things like the Population Density, Crime Rate, Weather, Road Conditions and Frequency of Claims made where you live all contribute to how much you will be paying for your automobile insurance.

The specifics of the vehicle you are insuring play a part in your insurance premium.  Your car’s Safety Rating, the Cost of Repairs, the Number of Claims attributed to the make /model, its Typical Use and the Damage that it could do to another vehicle are each factors that help determine the cost of your insurance.

Finally, the type of coverage you choose will make a difference in the amount of your insurance premium.  Not all policies are the same and it is important to know the specifics of coverage you are receiving if you are really going to compare policies.  In creating this list, USA Today’s average cost of insurance included:  collision, property damage, comprehensive, personal injury, medical payments, and bodily injury.

The 2018 list of 25 vehicles that are the most expensive to insure*

  1. Telsa Model S
  2. Mercedes S Class
  3. Mitsubishi Lancer
  4. Scion FR-S
  5. Dodge Charger
  6. Kia Optima Hybrid
  7. Dodge Challenger
  8. Audi A4 AWD
  9. BMW 4 Series
  10. Lexus GS 350
  11. Ford Mustang
  12. Scion iA
  13. Chrysler 200
  14. Scion tC
  15. Nissan Maxima
  16. Kia Rio
  17. Dodge Dart
  18. Infinity Q50
  19. Land Rover Range Rover Sport
  20. Audi A4 2WD
  21. Lexus IS 350
  22. Nissan Sentra
  23. Nissan Versa
  24. Mercedes C Class
  25. Kia Forte

*We would also like to mention that high-performance vehicles with sticker prices of $85,000 and more will also be expensive to insure.  Any Porsche with a turbo engine and any Maserati will also fall into the category of most expensive cars to insure.

If you have questions about automobile insurance in general or how Advocate Brokerage can help you better understand your coverage, give us a call. We can review your current coverage, with no cost or obligation and help you to determine if the policies are best suited to your needs. If not, we would be happy to come up with a solution and answer any questions so that you are able to make an educated decision.

 

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