Auto insurance is a vital consideration when purchasing a new vehicle, particularly high-end luxury or sports models. While these cars deliver unmatched performance and aesthetics, they also come with hefty insurance premiums. Factors such as the car’s value, repair costs, driver’s history, and state-specific regulations contribute to these costs. This article outlines the top ten most expensive cars to insure in 2024, offering insights into insurance rates, affordable providers, and popular coverage choices among owners.
1. Maserati Quattroporte
Topping the list, the Maserati Quattroporte is the priciest car to insure, costing $419 monthly or $2,500 for a six-month policy. With an MSRP of $102,190, this luxury sedan demands significant investment in both purchase and insurance. Auto-Owners offers the lowest rate for Quattroporte insurance at $895 per six-month policy. Infinity and Nationwide also provide competitive pricing. Many owners opt for comprehensive and collision coverage to protect their premium vehicles from accidents and theft.
2. Audi R8
The Audi R8 is a luxury sports car with an MSRP exceeding $142,000 and an average insurance cost of $381 per month or $2,284 every six months. Alliance offers the most budget-friendly policy at $1,054, followed by Nationwide ($1,330) and Erie ($1,538). Owners frequently choose high liability limits and comprehensive coverage, adding extra benefits such as towing and rental car reimbursement to ensure full protection for their high-performance vehicle.
3. BMW i8
A hybrid sports car, the BMW i8 ranks third with an average insurance cost of $364 per month or $2,184 for six months. This vehicle’s hybrid technology and sports performance contribute to its high premiums. Nationwide offers the lowest rate at $203 monthly, while Farmers and Erie provide rates of $1,489 and $1,542, respectively. About 29% of i8 owners enhance their policies with upgraded liability limits and additional benefits like towing and rental car coverage.
4. Mercedes-AMG GT
The Mercedes-AMG GT, a luxury sports car, incurs an average insurance cost of $2,065 for six months, or roughly $344 monthly. Nationwide offers substantial savings with a six-month rate of $1,007, while Farmers ($1,264) and Country Financial ($1,353) provide alternatives. Many policyholders choose moderately high liability limits, comprehensive and collision coverage, and additional features like towing services to safeguard their investment in this high-performance vehicle.
5. Nissan GT-R
With an MSRP nearing $114,000, the Nissan GT-R costs $334 monthly or $2,032 every six months to insure. State Farm provides the most affordable coverage at $661 per six-month policy, followed by Nationwide ($1,083) and Erie ($1,318). Around 33% of GT-R owners enhance their policies with comprehensive and collision coverage, as well as moderately high liability limits, to ensure robust protection for their vehicles.
6. Maserati Ghibli
The Maserati Ghibli, priced at $72,190, costs $2,009 every six months for insurance. Auto-Owners offers the best deal at $895 per six-month policy, while Nationwide and Erie provide slightly higher rates at $974 and $1,039, respectively. The Ghibli’s relatively lower MSRP compared to other luxury models makes it a popular choice for those seeking a balance between performance and affordability. Owners frequently choose comprehensive and collision coverage to secure their vehicles.
7. Mercedes-Benz S-Class
With the highest MSRP on the list at over $173,000, the Mercedes-Benz S-Class costs $1,871 for a six-month insurance policy or about $312 monthly. Auto-Owners offers the lowest rate at $910, with Nationwide ($1,014) and State Farm ($1,280) as alternatives. Despite its high value, 31% of S-Class owners opt for minimum liability coverage, although adding comprehensive and collision policies, as well as GAP insurance, is recommended for full protection.
8. Porsche 911
The Porsche 911, a high-performance sports car with an MSRP nearing $100,000, costs $1,867 for a six-month policy or about $311 monthly. Nationwide offers the lowest insurance rate at $748, followed by Auto-Owners ($859) and Travelers ($1,067). A significant portion of owners (40%) opts for high liability limits and additional coverage features such as better medical payment benefits and towing services, ensuring comprehensive protection.
9. Tesla Model S
The Tesla Model S, an all-electric luxury vehicle, costs $1,810 every six months or approximately $302 monthly to insure. Its relatively lower MSRP makes it a more affordable option among luxury cars, yet insurance costs remain high due to its advanced technology. Nationwide, American Family, and Erie offer the best rates, ranging from $818 to $986. About 41% of Tesla Model S owners include high liability limits and additional benefits such as enhanced towing and rental car coverage.
10. BMW 7-Series
Rounding out the list is the BMW 7-Series, a luxury sedan with an average insurance cost of $1,761 for six months, or $294 per month. American Family offers the most affordable rate at $891, followed by Nationwide at $946 and Mercury at $1,256. Many 7-Series owners choose minimum liability coverage combined with comprehensive and collision policies, though increasing liability limits and adding additional benefits are often recommended for better protection.
Luxury and high-performance vehicles come with elevated insurance costs due to their value and specialized repair needs. By comparing rates among providers and tailoring policies with necessary add-ons, car owners can manage their premiums while ensuring robust coverage. Understanding these costs is essential for protecting both the vehicle and its owner’s financial investment.