TUESDAY, FEBRUARY 28, 2012
If you’re in the market for a new car, you are probably focused on fuel economy, comfort, size and in-house features, but before you sign on the dotted line, you might want to check with your insurance company. Some of the most expensive cars to insure can cost you upwards $4,000 extra per year, resulting in a double dose of sticker shock.
Although it might be fun to drive, the 12-cylinder Mercedes SL65 AMG is the most expensive car in America to insure, according to data from Quadrant Information Services commissioned by Insure.com. Overall, European brands including Mercedes, Porsche, Aston Martin and BMW are the most expensive when it comes to insurance rates.
Oftentimes, it’s not just the sports cars or performance machines that are expensive to insure. SUV’s can be among the priciest vehicles to insure because they are the most expensive to repair. SUVs and sedans make up the 10 least expensive cars to insure, according to Quadrant’s data. The top four cheapest cars to insure are minivans.
Collision damage and the likelihood of car thefts are two of the main factors that affect your insurance rates of one car over another. Vehicles that increase your rates tend to have either high horsepower, high dollar or expensive to repair. From a statistical standpoint, the safest models tend to be the full-sized family-sedan-type cars.
High priced cars come with high insurance prices not only because the cost of repair is higher, but the likelihood of theft is also higher. Some luxury or high-end cars feature aluminum body panels, special lighting, or extensive internal computer systems that are more expensive to fix or replace.
It’s also important to consider how much damage your vehicle can do to another. This is one reason why SUV’s are among the most expensive to insure. If you drive an SUV, your liability premium (which covers damage to other vehicles), could be higher because of the increased risk of damage you can do to another vehicle.
As of 2011, according to Forbes.com, the most expensive cars to insure are:
#1: Mercedes SL65 AMG: 2-Door Convertible
#2: BMW 750i: 4-Door Sedan Hybrid
#3: BMW 750Li: 4-Door Sedan Hybrid
#4: Mercedes SL63 AMG: 2-Door Convertible
#5: Mercedes S65 AMG: 4 Door Sedan Turbo
#6: Aston Martin DB9 Coupe: 2-Door
#7: Mercedes CL600: 2-Door Coupe
#8: Porsche 911 Carrera S: 2-Door Cabriolet
#9: Aston Martin DB9 Volante: 2-Door Convertible
#10 Mercedes G55 AMG: 4WD 4 Door Utility
By Matt Reynolds - Google+
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