Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Reviewed by Jeffrey Johnson
Insurance Lawyer

UPDATED: Jul 14, 2021

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In a nutshell...

  • Expensive cars usually equal more expensive insurance premiums
  • Newer cars and cars with large motors are usually the highest
  • But by shopping and comparing companies, you may save lots of money and still have the peace of mind you need

Do you have an expensive car that you need to insure? One of the most significant concerns about having an expensive car is that you could lose your investment in an auto accident.

It’s an essential truth that, if you spend a lot of money on a vehicle, you want to protect it from damage or loss.

The other issue is the fact that if you have just purchased a new car, chances are it is not yours yet.

If you are paying for your car in installments, you are likely going to be required to carry both collision and comprehensive insurance to satisfy the finance company’s expectations.

Get the coverage you need in place today. Compare car insurers with our FREE rate tool! Enter your zip code above to get started now!

The Cost of Insuring Expensive Cars

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One thing to keep in mind when insuring a more expensive car is the fact that the premiums are much higher on new cars because they cost much more to replace.

There is also a greater risk to the lease company or finance company that you purchased the car from, which causes you to have to insure it for higher amounts.

The ideal situation is always to consider the worst thing that can happen. What if your car was a total loss? How much would it cost to replace it?

Investopedia offers some tips for finding the best, cheapest insurance for your needs on their site. Their tips have helped many car owners avoid enormous costs for insurance when they purchase a car, especially if the car is new.

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What determines the cost of my auto insurance?

There are many different factors that determine the cost of your auto insurance. These factors range from your age and risk factors to your geographic location or place of employment.

One of the factors that are figured into the premium is the make and model of your car. If your car is new, it will cost more to replace or repair it in the event of damage, so you will have to estimate the cost of repair and get enough coverage to handle that amount of coverage.

Kelley Blue Book has information on what type of cars are the most expensive to insure.

They categorize them into the following groups:

  • High-end Cars  High-end cars are more expensive to insure, as expected, according to Kelley Blue Book, so it’s important to look into a variety of coverage options to make sure you have the coverage you need.
  • Bigger Motors  Horsepower and bigger engines can also affect the price of insurance. If you are looking to have lower premiums, you won’t usually find them with the vehicles with the bigger motors.
  • Likelihood of Theft  Another thing you can do is to look into how likely your car is of being a victim of theft. There is a list of the most frequently stolen vehicles on the Kelley site as well. The more likely your car is to be stolen, the more expensive it is to insure.

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How to Find the Best Deal

Now that you know the newer and bigger cars are more expensive to insure, what should you do to protect your investment?

Here are a few tips to get the best deal:

  • Find an insurance company who specializes in more expensive cars
  • See if you qualify for a new car discount.
  • Compare several offers to see which one is the best one

By shopping around and looking at the fine print with various policies and companies, you will have a better idea of where you are likely to get the best deal.

Ask questions when you shop online and find out if there are discounts for your insurance deal before signing for the policy.

If you have not yet purchased your car, you may want to do some research and settle for a less expensive car if you find that your insurance is going to be too high.

You don’t want the cost of insurance to dictate what kind of car you drive. But on the other hand, you should always consider all of the options when buying a car as well as when choosing your car insurance.

You are going to have to pay for your car insurance for a long time, so you need to make sure you live within your budget.

How to Research Car Insurance Companies

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Sometimes it’s difficult to tell which sources are accurate these days regarding car insurance companies.

But there are a few things you can do to test out the companies you are considering to see if they are good choices.

  • Check the company’s claims record  One of the best ways that you can tell if a car insurance company is a good choice is to check their claims record. If a company can pay its claims promptly, then their financial status is usually good.
  • Check forums for other customers’ opinions  Forums are often a good place to see the opinions of other companies and see how well people are responding to their service.
  • Check BBB for their rating  The Better Business Bureau will have a record of any business that is registered through them, along with a rating for how well they fared with their rating system.

These are a few ways that you can test out your insurance company to see if it is the best deal. But the best way of all is just to use our handy site to compare and shop for yourself.

Insurance agents want you to be happy with your company, but they prefer that you do some comparison shopping for yourself first so that you can make a more informed decision. Then they can help you answer any questions you may have about their policies.

Compare quotes from insurance companies in your area by entering your zip code below.