If turning heads is the most wonderful aspect of owning one of the high-performance luxury cars; the hefty insurance premiums can get a heart racing faster than the car itself. It’s just as well that bigger insurance payments are associated with some of the most expensive cars, since the owners have enough money to pay those premiums. Imagine, how the situation if people owning cheaper cars had to pay more.
May be, if you delve deeper, that’s what’s happening. If you take the premium as a percentage of the car’s value, the cheapest cars to insure may just be the most expensive. But here we’re not looking at the percentage of a car’s value.
When fixing premiums, insurance companies factor in the higher price of the car, the powerful engine, top speeds and acceleration rates among other things. Insurance companies know very well that a high performance car is driven faster too, which puts these cars under the high-risk category.
Expensive Cars To Insure
If you’re shopping for a new luxury car in 2011, then you should look into these auto premium rates. You don’t want to be shocked at the insurance premium the car carries after spending all that time choosing a car. If you do decide to invest in a luxury vehicle, be sure to find a car insurance company that offers the best service and rates for luxury vehicles.
A Survey Of The Most Expensive Cars To Insure In 2011
The list of the most expensive cars to insure has been arrived at by Insure.com who used the services of Quadrant Information Services, which closely monitors all insurance rates. They were given the task of calculating the average insurance premiums for a single 40-year-old male driver who travels 12 miles to work each day. These premiums were based on a clean driving record and good credit.
Quadrant couldn’t use all the models for calculating premiums, and that’s the reason, you won’t find some of the luxury cars like Lamborghinis on this list.
This sleek top of the line 12-cylinder sports car from Mercedes is an epitome of luxury and comes not just with a heavy price tag but a heavier insurance premium. The average premium of this model is 17% higher than last year’s Porsche 911 Carrera GT2. This model has been launched alongside the Mercedes-Benz SL63 AMG.
Insurance Premium: $3280.70
Price: $82,500 to $89,400
The BMW 750i is an all-out luxury sedan, a class of its own. It can transport five adults with utmost comfort and style. The gas mileage this luxury sedan gives is 15 mpg in town and 22 mpg on the highway.
Here’s something interesting that happened a few months back at the Detroit Auto Show. A dark gray BMW 750i xDrive Sedan that was valued at $94,000 was stolen at the Detroit Auto Show. Well, not exactly when on display, but this was one of the cars that was being used as executive transportation in and around the auto show. The driver just stepped out of the car for a moment and it was gone by the time he came back.
Price: $82,500 to $89,400
The Brand new BMW 750Li is one of the two hybrid trims, with the other being the 750i, and is said to be out of this world. In this futuristic 2011 BMW, safety takes precedence over everything else. The driver and passenger front airbag restraint system has dual-stage deployment, and it also comes with knee airbags, front-seat side impact airbags as well as an electronic stability system.
Insurance premiums on BMWs in general is higher than most other cars, because the repairs and replacement cost is high, and there’s the risk of theft and vandalism.
This 2-door convertible takes the dynamics of driving to a new level. It’s a luxury cruiser and legitimate sports car. It has a unique Race Start function that enables the driver to accelerate to the maximum, while ensuring optimum traction of the wheels. The Speedshift MCT-7-speed sports transmission is the main component of the driving experience.
Insurance companies are not going to spare this magnificent vehicle with the incredible combination of astounding horsepower and even more impressive torque. There is a price to be paid.
The Mercedes S-class models seem to have more computer technology than can be imagined. The ride is smooth and quiet while the car is big and roomy. The infrared and high-intensity headlights turn to follow curves in the road. Both the front and back seats offer heated and cooled massaging, and you would never imagine front and back car seats adjusting in as many ways as they do. It’s almost as if the car takes over control from the driver.
Price: $187,615 – $201,115
This is one car that’s considered to be one of the greatest comebacks in recent automotive history. It’s a highly desirable car that is perfect for two people and perhaps an overnight bag. There is not much space in the rear, but is great for some fast-attack cruising.
But to have the privilege of cruising in a DB9, you have to pay for it and it sure doesn’t come cheap. It comes with a big group 20 insurance and hefty depreciation, making it a very expensive car to own.
This stylish 2-door luxury coupe with a 12-cylinder biturbo engine, can be described as the ultimate in automotive refinement. It delivers exceptionally high performance that gives an exotic drive. This one is real quiet on the roads and it comes with all the luxury that befits a car of its lineage. A DVD based navigation system, 14-way power-adjustable seats and plenty of leather all around is dream-like.
The Carrera Cabriolet model with 2 + 2 seating, looks great and is a high-performance car with extra oomph that enthusiasts appreciate. With a fuel economy of 18 CT/ 25 HW, this vehicle will not disappoint you. You can even get seat ventilation done by paying extra.
The only lows in this magnificent convertible are the price and the insurance, which are both high. The Porsche typifies the kind of car that comes with a high premium: high repair costs, high horsepower and a car that thieves would love to get their hands on. The car’s convertible top is also looked at by insurance companies as a risky proposition.
It’s said to be wonderfully sexy but a little noisy too at fast speeds, and this is for people who wish to feel good sitting in a beautiful car and cannot be too bothered about the little discomforts. It is supposed to have had small niggling problems but the looks are gorgeous, and it’s an easy car to drive on a daily basis.
But the problem is that it drinks a lot and incurs massive insurance bills as it is an exotic high-publicity car with high horsepower and is considered as a premium luxury car. So, prepared to spend big on this one!
Called ridiculous and cartoonish by many, Mercedes G55 AMG, as far as looks go the design wasn’t appreciated much. The acceleration is great in spite of the huge roar of the exhaust. Overall, the consensus is that it looks as if it has been roughed out by some small car maker and not by a multi-million pound design studio. But then if you look at it with a different set of eyes, it does have a timeless appeal and is as solid as a rock. There are many takers for this car that looks like it was born in an era when rulers were used by designers.
The insurance premiums are high and it gives an estimated mileage of 11/13 mpg for city and highway.
How Are The Insurance Premiums Calculated?
There are several factors that contribute to the calculation of auto insurance premiums and the formula is more complicated than a quantum field theory. The owner’s risk profile is established. While we are not attempting to break the code, we’re trying to figure out the factors that affect the premiums.
The main factor is the state where you live, as the laws that regulate insurance are set at the state level. The insurance company determines the risk the driver poses to their company. Age, gender and marital status are taken into account, based on the number of accidents attributed to each demographic. There are other secondary factors like the driving record to see the number of accidents and tickets you’ve been given, where the person lives and the traffic along with the frequency of car theft in that area. The make and model of the car is taken into consideration, and the cost of repairs and spare parts for that car are assessed. Basically, it all boils down to the amount of risk you pose to the insurance company, in terms of the costs they would end up incurring on your behalf.
Because the cost of repairs for luxury cars like Mercedes is more, they cost more to insure.
Here is a quick glance again at the complete list of top ten most expensive cars to insure and their premiums:
The Most Expensive Cars To Insure
Make And Model
|Mercedes SL65 AMG (2 Door Convertible)||$3542.81|
|BMW 750i (4 Door Sedan Hybrid)||$3280.70|
|BMW 750Li (4 Door Sedan Hybrid)||$3280.70|
|Mercedes SL63 AMG (2 Door Convertible)||$3263.46|
|Mercedes S65 AMG (4 Door Sedan Turbo)||$3220.86|
|Aston Martin DB9 (2 Door Coupe)||$3120.45|
|Mercedes CL600 (2 Door Coupe)||$3114.28|
|Porsche 911 Carrera S (2 Door Cabriolet)||$3092.31|
|Aston Martin DB9 Volante (2 Door Convertible)||$3088.96|
|Mercedes G55 AMG (4WD 4-Door Utility)|
And the above figures are for good and clean drivers with no accidents or speeding tickets to their credit.
Insure.com states that claims from high insurance rate vehicles; which include cars with expensive spare parts and insurance for high performance cars are higher than vehicles with under average rates. The least expensive cars are said to be family vehicles, such as Country LX and Chrylser Town. They come with fewer premiums because these drivers are considered to be more careful and are not involved in as many car crashes.