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Owning a car goes beyond making your monthly car payments, taking care of maintenance costs and fueling the car. There is always the cost of insurance but many a car buyer does not take this into account when shopping for an automobile. However if you do not consider automobile insurance as part of your purchase plans you may find yourself owning a car you really cannot afford. Various factors influence the cost of car insurance. These include your age, driving record, how much driving you do, if you drive mostly during peak commuting hours or not, your zip code, whether you park your car in a garage, a car lot or on the street, the number of drivers in your household, their ages and driving history, the model of your car and how expensive it is, and believe it or not, the car's horsepower.
Yes you read that right. The higher the car's horsepower, the faster it can drive, the more likely it will be driven at extremely high speeds, increasing the likelihood of an accident and therefore the likelihood of replacing and already expensive car. (Most cars with high horsepower, with 500 hp and above, cost in the hundreds of thousands of dollars.) When asking what is the most expensive car to insure, keep the horsepower in mind.
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The Most Expensive Cars to Insure
What is the most expensive car to insure? According to Insure.com's 2010 annual survey of car insurance costs, the most expensive car to insure is the Porsche 911 Carrera GT2, a 2-door coupe costing on average about $2900 per year to insure. The car itself has a sticker price of about $195,000. Apart from the fact that the Porsche is expensive, it is a small fast car with a high horsepower of 530. Four of the 10 most expensive cars to insure in 2010 are in fact Porsche models and three are Mercedes models. See the figure below for a table of the 10 most expensive 2010 model cars to insure. You can click on the image to see an enlarged version.
If you are car shopping or shopping for insurance, this tool can help make your search easier.
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Cheap Car Insurance Costs
The least expensive cars to insure are those generally considered by insurance companies to be safer cars. These include larger family-like sedan cars, minivans, and SUVs. This is because their drivers tend to be older, more careful and less likely to speed. Think soccer moms. Insure.com puts the Mazda Tribute I 2-wheel drive, 4-door SUV as the least expensive car to insure, costing on average an annual premium of about $1100. Of the 10 cheapest cars to insure, six are SUVs and three are minivans. See the figure below for a table of the 10 least expensive 2010 model cars to insure. You can click on the image to see an enlarged version.