10 Car Brands That Are the Most Expensive To Insure
There are a number of factors that could make a car more expensive to insure. Of course, insurance for high-priced luxury car brands is typically harder on the budget, but sticker price is not the only factor. Cars that contain powerful engines can be more expensive to insure, as drivers may be more likely to speed. And cars that contain more high-tech features are also pricey to insure, as they are more expensive to repair.
Here’s a look at the 10 most expensive car brands to insure, as identified by MarketWatch Guides.
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1. Dodge
Average cost to insure: $354 per month or $4,242 per year
Dodge cars are known for their power and speed, which can be a red flag for insurers.
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2. Tesla
Average cost to insure: $251 per month or $3,007 per year
Teslas are high-tech electric vehicles, and their repairs can be quite expensive due to the price of replacement parts.
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3. BMW
Average cost to insure: $195 per month or $2,337 per year
Luxury car brands are typically more expensive to insure, so it’s no surprise that BMW is on this list.
4. Lexus
Average cost to insure: $189 per month or $2,273 per year
Although Lexus vehicles are known to be safe, their high prices make them expensive to insure.
5. GMC
Average cost to insure: $184 per month or $2,207 per year
If you have a GMC vehicle, be prepared to pay a premium to insure it.
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6. Ram
Average cost to insure: $175 per month or $2,101 per year
The popular pickup truck maker may be more expensive to insure due to higher accident risk. MarketWatch Guides reported that pickup trucks are more likely than cars to be involved in fatal single-vehicle crashes, such as rollovers.
7. Nissan
Average cost to insure: $167 per month or $2,004 per year
Two particular car models may be to blame for Nissan’s higher insurance costs. The Nissan GT-R is known for its speed, which can be a crash risk, while the Nissan Leaf, an EV, is expensive to repair.
8. Hyundai
Average cost to insure: $164 per month or $1,973 per year
Hyundais are a popular target of car theft, which is why they are pricey to insure.
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9. Kia
Average cost to insure: $164 per month or $1,968 per year
Kias are also popular targets of car theft. The Highway Loss Data Institute found that theft claims for vehicles built by Hyundai and Kia are twice as common as with all other manufacturers combined.
10. Toyota
Average cost to insure: $164 per month or $1,964 per year
The cost to insure a Toyota is about 13% higher than the national average, according to MarketWatch Guides.
Insurance cost data is sourced from MarketWatch Guides and is accurate as of April 11, 2024.
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