New cars, trucks and utility vehicles aren’t getting any cheaper in the U.S. The average monthly payment for a new vehicle exceeds $550 a month and the loans buyers take out for those shiny new machines are getting longer too.
Adding to that pain is the fact that new vehicles are more costly to insure as well. According to the Insurance Institute for Highway Safety, insurance premiums rose more than 20% between 2011 and 2018.
The national average in the U.S. for insurance is $1,427 annually.
With everyone looking for ways to lower their monthly payouts for vehicles, it helps to know what factors impact insurance costs. In most states, those include the driver’s age, driving record and where he or she lives. However, the type of vehicle being insured may be the biggest determining factor.
Though there are some general guidelines one can follow, such as a sports car is going to cost more to insure than a midsize sedan, it’s not safe to assume anything. Insurance companies also take the average insurance claim payment into account when determining premiums.
The more it costs to fix a vehicle, the more they charge consumers. For models with a higher average insurance claim payment, insurers almost always transfer the higher expected costs to the consumer. This is also true in reverse: lower payouts usually means lower payments.
So website 24/7 Wall Street compiled a list of the 10 most expensive vehicles to insure in the U.S. and Tesla fans aren’t going to be happy. The top two vehicles are Tesla’s. The list includes:
- Tesla Model X 4WD ($1,909)
- Tesla Model S 4WD ($1,866)
- Mercedes-Benz S-Class 4dr LWB ($1,783)
- Mitsubishi Lancer ($1,556)
- BMW 4 Series two door ($1,485)
- Dodge Charger Hemi ($1,475)
- Kia Optima Hybrid ($1,475)
- Scion/Toyota FR-S/86 series ($1,445)
- Chevy Camaro two door ($1,402)
- Dodge Challenger ($1,399)
Other vehicles consumers can expect to pay more than $1,300 annually to insure included the Infiniti Q50 two door, Lexus IS 200T four door, Chrysler 200, Land Rover Range Rover four-door 4WD, Hyundai Sonata Hybrid, Ford Mustang, Mitsubishi Mirage and Nissan Maxima.
To determine the 25 cars with the highest insurance costs, 24/7 Wall St. reviewed data on insurance claim payments made by insurers by make and model from the Insurance Institute for Highway Safety, a nonprofit research organization funded by auto insurers.
The costs include six types of insurance: collision, property damage, comprehensive, personal injury, medical payment, and bodily injury. The model that is most expensive to insure has the highest overall average cost to the insurer per year.
On the flip side, there are plenty of new vehicles that are much less expensive to insure. Of course, they cost less to repair, are generally involved in fewer accidents and have fewer associated costs, which keeps the insurance premium down. The top five cheapest are:
- Subaru Outback 4WD with Eyesight
- Honda CR-V
- Acura RDX
- Subaru Forest 4WD with Eyesight
- Mazda MX-5 Miata Convertible