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The cost of insuring a luxury car

10 Mar
Sponsored post – not authored by WWA

Luxury cars are expensive, there’s no doubt about it. However, it’s not just the cost of the car itself that you should be concerned about should you be considering a luxury car purchase in the future.

You have to worry about maintenance costs because working on a luxury car is much more delicate and fragile than other vehicles. And of course, let’s not forget the costs of insuring a car either!

What goes into the calculations?

There are many factors that go into the costs of insurance. First, your age is taken into account. If you speak to an insurance company such as One Sure insurance, they’ll likely tell you that younger drivers have less experience at the wheel, meaning it costs more for them to insure a car. However, this is based on experience and not necessarily age. If you’ve never driven before and you get your license at the age of 40, then you’re not going to pay the same amount as another 40-year-old who has been driving for 20 years.

Your occupation is also taken into consideration. For instance, the more you drive, the more likely you are to pay a higher premium on your insurance. Finally, the type of car you drive also has a big impact on the price of your insurance. The more expensive your car, the more expensive it will cost to insure. If it’s a powerful car with a lot of horse power, then the chances of a car accident being extremely damaging are more likely, resulting in a higher insurance cost. Lastly, if you have a desirable car such as the Honda NSX, then you can expect to pay more to cover the possibility of theft.

The costs of insuring an expensive car

So let’s take a look at some of the most expensive cars in the world to ensure.

The Dodge Viper GT, despite being a relatively cheap sports car, is extremely expensive to insure, clocking at over $4,000 a year with most major insurers. Most people don’t purchase such a powerful car for the sake of driving their kids to school or doing grocery shopping. They want expensive and fast cars like this to cruise around at high speeds which means there’s a high chance of motor collisions injuring people and trashing the vehicle. This results in the extremely high insurance costs.

The Nissan GT-R Nismo is an expensive and incredibly popular supercar that used to be at the top of the list when it came to high insurance prices. It currently sits just below $3500 a year to insure and much of the cost is due to the same reasons as the Dodge Viper GT. It’s a fast car, it’s desirable with a cult following, and the chances of it being in an accident are all too high.

Lastly, let’s have a look at something on the opposite end of the spectrum. The Honda Odyssey LX was the least expensive vehicle to insure back in 2016 at $1,113. This is most likely because the Odyssey LX isn’t exactly a very fast vehicle, it’s not desirable unless you have a large family to ferry around, and it’s fairly sturdy meaning that it’s not going to get absolutely trashed during a car accident.


 

 
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Posted by on March 10, 2014 in Guest content

 

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