The 20 most expensive cars to insure in 2020
20. Jaguar XF Sportbrake | Average annual premium: $3,425
19. Jaguar F-type SVR | Average annual premium: $3,445
18. BMW 750i xDrive | Average annual premium: $3,470
17. Mercedes Maybach S650 | Average annual premium: $3,565
16. Tesla model S | Average annual premium: $3,574
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14(Tied). Audi S8 L Quattro | Average annual premium: $3,672(Photo: Shutterstock.com)
14(Tied). Mercedes-Benz S63 AMG 4Matic | Average annual premium: $3,672 (Photo: Shutterstock.com)
13. BMW 8 (840i) | Average annual premium: $3,679 (Photo: Shutterstock.com)
12. Porsche 911 GT3 | Average annual premium: $3,732 (Photo: Shutterstock.com)
11. BMW i8 | Average annual premium: $3,761
(Photo: Shutterstock.com)
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10. Mercedes-Benz S560 convertible | Average annual premium: $3,766
9. Dodge Challenger SRT Hellcat Redeye | Average annual premium: $3,768
8.Tesla Model X | Average annual premium: $3,798
7. Porsche Panamera GTS Turbo | Average annual premium: $3,800
6. BMW M760i | Average annual premium: $3,814
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5. Mercedes-Benz S65 AMG | Average annual premium: $3,911
4. BMW M8 Competition xDrive convertible | Average annual premium: $3,953
3. Nissan GT-R | Average annual premium: $3,994
2. Audi R8 V10 Quattro Performance | Average annual premium: $4,033
1. Mercedes-Benz AMG GT R | Average annual premium: $4,082
It’s no surprise some of the most expensive makes and models of 2020 are also the most expensive to insure. But price tags aren’t the biggest factor at hand in pricing auto insurance policies for high-end luxury vehicles.
For more context, researchers at Insure.com compiled data on auto policies for new cars in 2020 to determine which vehicles were the most and least expensive to insure based on their average premium rates.
At the lowest end, Insure.com found the MazdaCX-3 Sport is the cheapest new car to insure in 2020 with an average premium rate of $1,324. On the opposite side of the spectrum, the most expensive car to insure in 2020 has an average annual premium of $4,082.
In pricing auto policies, insurers of course factor in the cost of the vehicle in the event the car is damaged or destroyed by a covered peril. The most expensive premiums list is made up entirely of luxury high-end vehicles and sports cars, but these 2020 models aren’t necessarily the most expensive on the market.
Factors fueling premium prices
There are other factors at hand driving up premiums, too. How the car is made, safety ratings, estimated cost for repairs, and technology built into the car are a few examples.
Some types of cars will always be more expensive to insure regardless of some of these additional factors. Convertibles, for example, are always more expensive to insure since they are easier to steal and damage sustained to its roof is much easier to cause and more expensive to repair.
In the slideshow above, discover which new models made the list of the 20 most expensive cars to insure in 2020, ranked by Insure.com.
See also:
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June 04, 2020 at 12:00PM
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The 20 most expensive cars to insure in 2020 - PropertyCasualty360
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