A car’s make and model play a major role in how much drivers pay for auto insurance. Certain vehicles are deemed more of a risk to insure, which can raise the cost of the insurance policy.
The Guides Auto Team recently determined the 10 most expensive car makes to insure along with why they have high average premiums, as well as the cheapest car makes to insure.
Does Make and Model Affect Car Insurance Rates?
While auto insurers consider many factors when setting auto insurance rates, a car’s make and model are some of the most important. From typical repair costs to the number of liability claims filed, it may be surprising how much car choice affects auto insurance costs.
What Makes a Car Expensive To Insure?
There are various factors that can make a vehicle expensive to insure. For example, auto insurance providers might consider drivers more likely to get into an accident or receive a speeding ticket if they have a car with a powerful engine.
The chosen trim level can also have a major effect on how much a driver gets charged for car insurance. A new car with high-tech features will cost more to repair or replace, so auto insurers may require higher rates to cover these potential expenses.
In addition, drivers will likely face a hefty insurance bill if they own a luxury or high-performance car like the Porsche Panamera, Maserati Quattroporte, Audi R8 or Mercedes-Benz AMG GT.
10 Most Expensive Car Brands To Insure
The Guides Auto Team ranked the 10 most expensive cars to insure using data from Quadrant Information Services.
1. Dodge
While Dodge is one of America’s oldest automakers, it’s mainly known today for offering cars packed with power and speed. Partly due to this, the Insurance Institute for Highway Safety (IIHS) found the Dodge Charger’s insurance losses are about 110% higher than average, with other Dodge models following closely behind. When taken together, Dodge models are the most expensive cars to insure among the leading brands in the U.S.
The average cost to insure a 2022 Dodge model is $354 per month or $4,242 per year. That’s about 145% higher than the national average for a full-coverage auto policy, currently $144 per month or $1,730 per year.
2. Tesla
Tesla is one of the most well-known electric vehicle (EV) manufacturers on the market today. However, the IIHS found models such as the Tesla Model X are expensive to repair after collisions, which partly explains why they’re pricey to insure. Since EV models use parts that are tough to find and often expensive, it’s not surprising Teslas have high insurance rates.
The national average cost to insure a 2022 Tesla model is $251 per month or $3,007 per year. That’s almost a 74% increase from the national average cost for full-coverage auto insurance.
3. BMW
The average cost to insure a BMW is $195 per month or $2,337 per year, which is 35% higher than the national average. BMW is known as a luxury car brand, so this high insurance cost may come as little surprise. Higher-end models and luxury vehicles cost more to insure overall.
4. Lexus
Lexus ranks as the fourth most expensive make to insure. While both the Lexus ES 350 and the Lexus IS were 2022 Top Safety Pick+ winners from the IIHS, this luxury brand’s car insurance rates aren’t cheap. The average cost to insure a Lexus is $189 per month or $2,273 per year.
5. GMC
GMC is a division of General Motors (GM) that manufactures trucks and other utility vehicles. As the fifth most expensive vehicle make to insure, the average cost for auto insurance on a 2022 GMC model is $184 per month or $2,207 per year.
6. Ram
A subset of Fiat Chrysler Automobiles (FCA), Ram is well-known for its heavy-duty pickup trucks. The IIHS found pickup trucks and SUVs are proportionally more likely than cars to be involved in fatal single-vehicle crashes such as rollovers.
The risks associated with protecting pickup trucks could factor into the cost of auto insurance for Ram models, which is $175 per month or $2,101 per year.
7. Nissan
Nissan is the seventh most expensive automotive brand to insure. With models like the speedy Nissan GT-R and the all-electric Nissan Leaf, the average cost of auto insurance for a 2022 Nissan is around $167 per month or $2,004 per year.
8. Hyundai
Hyundai is a well-known and popular South Korean automaker. Unfortunately, the Highway Loss Data Institute (HLDI) found vehicles built by Hyundai and Kia are often top targets of car thieves, with theft claims twice as common as with all other manufacturers combined. The average cost of auto insurance for a 2022 Hyundai is $164 per month or $1,973 per year.
9. Kia
Another leading car brand from South Korea, the HLDI found Kia models are top targets of auto theft as well. Many 2015 to 2019 Hyundai and Kia models lack electronic immobilizers, which prevent thieves from starting a car without the proper key. Average costs for auto insurance for 2022 Kia models amount to $164 per month or $1,968 per year.
10. Toyota
Toyota comes in as the 10th most expensive car make to insure, with an annual average cost of $164 per month or $1,964 per year for 2022 models. This is about 13% higher than the national average.
5 Cheapest Car Brands To Insure
While some car makes are typically more expensive to insure, others are generally cheaper than the national average.
1. Mazda
According to Quadrant Information Services, Mazda ranks as the least expensive car to insure. Mazda’s 2022 models have an average annual insurance rate of $138 per month or $1,658 per year for full-coverage policies, coming in at around 4% less than the national average.
2. Volkswagen
Volkswagen is the second cheapest car make to insure, with 2022 models seeing an average annual rate of $142 per month of $1,707 per year. While this is only about 1% less than the national average, top providers’ average rates for Volkswagen are significantly lower.
3. Subaru
On average, car insurance premium costs for 2022 Subaru models are around $146 per month or $1,752 each year. However, it’s relatively easy to compare quotes and get reduced rates on Subaru insurance coverage.
4. Jeep
While it’s the fourth cheapest car brand to insure, the average cost for Jeep insurance still sits at $153 per month or $1,833 per year. Drivers may find significantly different rates for models such as the Wrangler than for the Jeep Grand Cherokee or Compass.
5. Honda
On average, it costs $156 per month or $1,869 each year to insure a 2022 Honda model. While this is higher than the national average, there are many reputable insurance companies that offer cheaper prices for full-coverage auto insurance.
What Affects Car Insurance Rates?
A vehicle’s make and model aren’t the only factors that can change car insurance cost. Providers also consider the following factors when setting premiums:
- Location: Car insurance rates vary widely based on where drivers live. Population density, climate and even the number of claims processed nearby can influence insurance costs.
- Age: Younger and less experienced motorists are seen as riskier to insure, so they can expect to pay more for insurance than those with a long driving history.
- Credit history: A high credit score is seen as a mark of financial responsibility and reliability, which often equates to lower insurance rates. A poor credit score can result in much more costly insurance premiums.
- Driving record: If a driver has a speeding ticket, a recent at-fault accident or a driving under the influence (DUI) charge on their driving record, they'll get charged more for insurance than someone with a clean record.
- Marital status: Those who are married typically pay less for auto insurance than single drivers.
- Gender: Men, especially young men, usually pay more for car insurance than women.
- Chosen deductible: Drivers can expect to pay higher premiums if they choose a low or nonexistent deductible when filing claims.
Source: Guides Auto Team
