When it comes to car insurance, the type of vehicle you drive can have a major impact on your rates. According to Quadrant Information Services, Dodge models are the most expensive cars to insure among automakers. But it's not just the brand and model that affects your insurance costs.
Collision coverageis often the priciest type of car insurance, and luxury cars, sports cars, and high-end electric vehicles like Teslas are usually the most expensive to insure.
Comprehensive coverage is also more costly than other types of car insurance, but it's usually a fraction of the collision premium. If your car is stolen or destroyed in an accident, the insurance company will issue you a check to replace it, and the larger that check, the higher your insurance rates will be. Luxury vehicles like Teslas and Infinitis tend to be more expensive to insure than mid-priced vehicles like Toyotas and Hondas. The make and model of the vehicle you drive, as well as the specific features, can influence how much you spend on car insurance.
Liability coverage may be one of the most expensive types of car insurance, but it's mandatory in most states. Insurance companies also analyze their claims experience to see which makes and models of cars pay claims most often. Twenty years ago, a small bumper probably wouldn't cause too much damage, but today many cars have rearview cameras and other sensitive equipment that can be damaged even in the smallest accidents, making them more costly to repair. From typical repair costs to the number of liability claims filed, you might be surprised how much your choice of car affects car insurance costs.
If you don't have enough liability insurance, the other driver could still sue you for the difference in expensive car repairs or medical bills. In addition, you may have to pay a hefty insurance bill if you have a luxury or high-performance car such as the Porsche Panamera, the Maserati Quattroporte, the Audi R8 or the Mercedes-AMG GT. Bodily injury liability will cover expenses related to the injuries of the driver and passengers of the other car. Since repairing these vehicles is often more expensive, the cost of car insurance for these cars is often much higher.
If you live in an area with high crime rates, you can expect to spend more on car insurance than someone who lives in a safer city. While there are certain prices for basic coverage, the amount you pay for your policy will depend on your driving history, the type of vehicle you drive, and other factors.