UPDATED: AUGUST 11, 2023 | 3 MIN READ
There are many cars to choose from on the market today, all with different features, prices, and insurance premiums. Some cars, like luxury models, carry high auto insurance premiums since they’re made for speed, which is a higher risk for accidents, and they also have costly premium features and a higher likelihood of theft. Other factors like age and driving record can also affect auto insurance rates.
If you’re shopping for car insurance, it’s important to not only find the best kind of coverage for your needs but at a price that won’t break the bank. In this guide, we break down the most expensive cars to insure in 2023, according to CarInsurance.com.
| Rank | Car Make and Model | Average Annual Insurance Premium | Average Monthly Insurance Premium |
|---|---|---|---|
| 1 | Maserati Quattroporte | $5,176 | $431 |
| 2 | Maserati Quattroporte Modena Q4 | $5,118 | $427 |
| 3 | BMW M8 Competition Gran Coupe | $4,231 | $353 |
| 4 | Porsche Panamera Turbo S E-Hybrid Executive | $4,221 | $352 |
| 5 | Audi RS e-tron GT | $4,150 | $346 |
| 6 | Porsche Panamera Turbo | $4,129 | $344 |
| 7 | Tesla Model S Plaid | $4,115 | $343 |
| 8 | BMW M8 Competition XDrive | $4,054 | $338 |
| 9 | Porsche Taycan Turbo S | $4,028 | $336 |
| 10 | Audi R8 5.2L V10 Quattro Performance | $3,967 | $331 |
1. Maserati Quattroporte
Top features: premium leather seats, carbon fiber, Brembo brakes
The Maserati Quattroporte is the most expensive car to insure in 2023. At about $431 per month, the insurance for this model is around 207% higher than the average cost of car insurance in the U.S.
Customers can expect to pay a hefty price for this car — around $108,400 MSRP. Insurance is high for this vehicle due to features such as its high-end trimming and powerful engine, which can reach speeds of up to 166 mph.
2. Maserati Quattroporte Modena Q4
Top features: all-wheel drive, fuel efficiency, infotainment system
Maserati secured another spot on the list, with its Quattroporte Modena Q4 being the second most expensive car to insure. Compared to the Maserati Quattroporte, this model features a bigger engine (424HP). The price of this model starts at $127,895. Since Maseratis are known to be a target for car theft, insurers will charge higher premiums due to the risk.
3. BMW M8 Competition Gran Coupe
Top features: engine cooling systems, 16-way power seats, 12.3-inch digital gauge cluster
The BMW M8 Competition Gran Coupe is known for its powerful engine and expensive parts, which contributes to the expensive premium. Its 4.4-liter V8 engine can reach speeds as high as 185 mph. The features of this model include a twin-scroll bi-turbo, engine cooling systems, 16-way power seats, and a 12.3-inch digital gauge cluster. This BMW comes with a large price tag of $157,645 MSRP.
4. Porsche Panamera Turbo S E-Hybrid Executive
Top features: Bose surround sound, smartphone compartment with wireless charging, teak wood interior
The Porsche Panamera Turbo S E-Hybrid Executive clocks in as the fourth most expensive car to insure, mostly due to its upscale engine and parts that require specialized skills to repair and replace. This model is also hybrid, which contributes to the high annual insurance premium of $4,221. The starting price of the Porsche Panamera Turbo S E-Hybrid Executive is $206,800 MSRP.
5. Audi RS e-tron GT
Top features: top-view camera system, Matrix-design LED headlights, e-torque vectoring
The Audi RS e-tron GT is the most expensive electric car to insure — electric cars have a higher insurance premium because there’s a lithium-ion battery beneath the hood versus an engine. This environmentally friendly model can get you from 0 to 60 mph in just 3.1 seconds. The battery has a range of about 232 miles and can recharge in just 10 hours.
6. Porsche Panamera Turbo
Top features: adaptive cruise control, 12-inch infotainment system, dual-zone climate control
The Porsche Panamera Turbo combines the power and speed of a sports car with the comfort and convenience of a luxury sedan. At $186,400 MSRP and with an average insurance premium of $4,129, this model can reach 60 mph in less than three seconds. This model is said to be reminiscent of a true sports car, yet it perfectly manages the balance of handling and comfort.
7. Tesla Model S Plaid
Top features: minimalist interior design, drivers assistance, touchscreen display
The Tesla Model S Plaid was named the fastest accelerating car ever tested, going from 0 to 60 mph in 1.9 seconds — it’s safe to say this contributed to its high insurance premium of $4,115. This electric luxury sedan is priced at $109,990 MSRP and features three electric motors totaling 1,020 horsepower and 1,050 lb-ft of torque. Similar to other Teslas, this model also has a large infotainment system with several functionalities, such as autopilot options, steering and locking controls, and entertainment apps.
8. BMW M8 Competition XDrive
Top features: all-wheel drive system, adaptive suspension system, carbon-ceramic brakes, advanced driver assistance features
The BMW M8 Competition XDrive is a luxury coupe that’s powered by a 4.4-liter twin-turbo V8 engine that produces 617 horsepower and 553 lb-ft of torque. It features an all-wheel-drive system and an eight-speed automatic transmission. This combination allows the M8 Competition XDrive to accelerate from 0 to 60 mph in just three seconds and reach a top speed of 190 mph. It also comes with a price of $134,100 MSRP.
9. Porsche Taycan Turbo S
Top features: adaptive air suspension, carbon-ceramic brakes, torque vectoring system
The Porsche Taycan Turbo S is another high-performance electric sports car on the list that features advanced performance features such as an adaptive air suspension system, carbon-ceramic brakes, and a variety of advanced driver assistance features. The interior of this model features a modern and luxurious design, with a large infotainment screen and a variety of high-quality materials.
It also boasts the latest electric vehicle technology, making it a popular choice among enthusiasts and environmentally conscious drivers. Although not as expensive as the Panamera models, this vehicle’s annual premium sits at $4,028.
10. Audi R8 5.2L V10 Quattro Performance
Top features: all-wheel drive system, adaptive suspension system, carbon-ceramic brakes, and a dynamic steering system
At number 10 on the list, the Audi R8 5.2L V10 Quattro Performance features a Quattro all-wheel drive system and a seven-speed dual-clutch automatic transmission. This car has an average annual premium of $3,967 and a starting price of $186,495 MSRP. It handles like a true sports car and can reach speeds of up to 199 mph.
The least expensive cars to insure
While the list above features the most expensive cars to insure, auto insurance doesn’t have to be hard on your wallet. Choosing the right car can help you keep costs down. Below are the cheapest cars to insure in 2023, according to MarketWatch.
- Mazda CX-5: $1,658 per year
- Subaru Forester: $1,673 per year
- Honda HR-V: $1,680 per year
- Chevrolet Trailblazer: $1,696 per year
- Jeep Compass: $1,701 per year
- Volkswagen Tiguan: $1,707 per year
- Subaru Outback: $1,748 per year
- Jeep Cherokee: $1,789 per year
- Jeep Grand Cherokee: $1,789 per year
- Chevrolet Equinox: $1,795 per year
How to save money on auto insurance
Curious about how to get the best coverage while keeping your premiums low? Here are some helpful ways to save money on auto insurance:
- Compare quotes: Shop around and get quotes from different insurance companies to find the best deal. To make this process easier, consider trying out online comparison tools. Keep in mind that rates will differ depending on your driving history, location, and credit score.
- Maintain good credit: Insurance companies often use credit scores to determine premiums, so maintaining a good credit score can help you save money. It’s important to note that this doesn’t apply to California, Hawaii, Massachusetts, and Michigan.
- Increase your deductible: A higher deductible — the amount the insurance doesn’t cover when paying for things like repairs — means a lower premium. Just make sure you have enough money saved to cover the deductible in case of an accident.
- Request discounts: Many insurance companies offer car insurance discounts for things like good driving habits or having multiple cars on one policy. To make sure you’re taking advantage of all the discounts available, check out your insurer’s website and review possible savings.
- Choose a car with lower insurance rates: Some cars are more expensive to insure than others. Before buying a car, research its average insurance rates to make sure it fits within your budget.
- Consider bundling: Many insurance companies offer discounts if you bundle multiple types of insurance, such as auto and home.
- Practice safe driving: Safe driving is important when you’re aiming to keep costs low. Avoid accidents, speeding tickets, and other serious traffic violations like DUI offenses, as these can increase your insurance premium. You might also consider a car with advanced safety features, as this tends to lower the cost as well.
- Opt for usage-based insurance: If you’re a safe driver who doesn’t put many miles on your car, usage-based insurance might be a good option for you. This type of insurance charges you based on your driving habits, which could save you money if you’re a low-risk driver who isn’t on the road much.
FAQs
Navigating the world of car insurance can seem overwhelming, but with the right resources, you can be sure to find the best coverage plan for you. Below are answers to commonly asked questions about how your car can affect auto insurance premiums.
What makes a car expensive to insure?
Several factors contribute to expensive car insurance costs, including:
- Type of car: If the cost of the car is high, then so will the insurance rates due to the overall safety record of the car, likelihood of theft, engine size, and cost of repairs. These rates are higher in order to cover comprehensive and collision insurance claims.
- Driving record: You may pay more for car insurance if you have a driving record with reported accidents and serious traffic violations than someone with a clean driving record. This may also apply to new drivers who haven’t established a driving record yet.
- Location: Where you live may play a role in your car insurance rate — if you live in a more urban area that has a reported higher level of theft and accidents, you may pay more than those in rural areas.
- Credit score: Your credit score can affect what you pay as well. Make sure your credit score is in good shape before getting car insurance or switching to a new provider.
- Amount and type of auto insurance coverage: The cost of your car insurance is also dependent on how much coverage you choose for your vehicle and the amount of your deductible.
Who are the most expensive drivers to insure?
Car insurance for young drivers is more expensive than for more mature drivers. This is because auto insurance companies typically consider younger drivers to have less experience, drive recklessly, and file more claims. For example, car insurance for a 17-year-old is around $737 a month, but this depends on your state and what insurer you have.
Does it cost more to insure luxury cars?
Luxury cars are often more costly to insure than standard vehicles because of the cost of the car itself, expensive parts, exclusive features, and higher likelihood of theft. Standard cars that are less expensive have a lower liability, so they’re more affordable to insure.
Sports cars and electric cars can also be expensive to insure. Sports cars tend to be built for speed, which can put them at higher risk for accidents. Electric vehicles contain batteries that can be costly to replace. Both of these factors contribute to higher insurance premiums.
Find the best auto insurance rates
Buying a new car is exciting, so don’t let auto insurance rates intimidate you. No matter what type of driver you are, finding cheap car insurance is possible — it comes down to choosing the best auto insurance company for you.
Make the process smoother by using the car insurance quotes comparison tool from AgileRates to find the lowest rates with the best coverage.
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