The cost of owning a car falls into several categories. Among them are the monthly car purchase payments (few people pay cash at the start of their ownership). Fuel is one of the highest costs. With prices at record highs, gas costs can exceed monthly car payments. The third big cost is car insurance. For drivers with particularly good records (no tickets or accidents) who drive cars with lots of safety features, the cost of insurance can be well under $100 per month. Several models have insurance costs well above this.
For model years 2017 through 2019, it cost insurance companies an average of $963 to insure a vehicle for one year. These costs directly affect how much drivers have to pay to insure their vehicle. There are 25 different cars for which coverage costs $1,250 or more per year.
To determine the car with the highest cost of insurance for insurance companies, 24/7 Wall St. looked at data on insurance claim payments made by insurers by make and model of Insurance Institute for Highway Safety (IIHS), a non-profit research organization funded by automobile insurers. .
One of the biggest factors driving up car insurance prices is the price of the car itself. More expensive cars tend to have more expensive parts and higher repair costs. Faster, sportier cars also tend to have higher insurance costs because drivers of these vehicles often drive at higher speeds, increasing the risk of accidents.
However, insurance costs do not only depend on the car itself. States require different levels of coverage for drivers, not to mention that drivers in urban areas have higher rates because car theft is more likely there than elsewhere. Young drivers also cost more to insure due to potentially reckless behavior and lack of driving experience.
To determine the car with the highest insurance costs, we looked at the six types of insurance: collision, property damage, comprehensive, bodily injury, medical payment, and bodily injury. The model that costs the most to insure has the highest overall average cost to the insurer per year. This data is for 308 2017-2019 model year vehicles sold in the United States. Average annual insurance payments take into account both accident frequency and the average payment made per model.
The IIHS breaks down model data to sometimes include certain safety-related features, such as all-wheel-drive and driver-assist technology. To avoid repetition, each model nameplate was listed only once, and the most expensive version to insure was listed. We also excluded vehicles for which a relative cost figure was not included by the IIHS for all six payment categories.
Current model retail price is from automotive industry data resource Kelley Blue Book and represents the manufacturer’s suggested retail price for the most recent model year. Some of the models on our list have been discontinued. In these cases, the most recent resale value available from a previous model year was shown.
The most expensive car to insure was the electric 4WD Tesla Model X. Here are the details:
- Average annual cost for the insurer: $1,974
- Average annual cost of a collision for the insurer: $1,389
- Type: Large luxury SUV
- Current model retail price: $91,190
Click here to learn more about the 25 most expensive cars to insure.