Rising gas prices might not be the only thing that you need to worry about. Insurance premiums have also been steadily rising during recent years. Many people don’t consider the cost of insurance when looking for a new car. To help you save money in the future we have compiled a list of the top ten most expensive cars to insure.
Despite popular belief, the most expensive cars to insure isn’t directly correlated to the cost of the vehicle. Other factors go into premium prices such as horsepower, the accident rate for that specific model of vehicle, how often that model of vehicle is stolen, and the overall safety of the vehicle. Every year the Highway Loss Data Institute puts together a list and analyzes actual insurance losses in which insurance companies take and calculate premiums from. This year the top ten most expensive cars to insure, based on their relative price, are:
Honda Civic Si
Subaru Impreza WRX
An interesting trend on this list is that most of these vehicles are on the smaller side of the scale. Data and analysis actually points out that smaller vehicles have a higher accident rate than larger vehicles. Also of course other factors come into play when determining insurance premiums. Past driving history and age are the top two most influential components in determining insurance premiums. Sporty cars are typically driven by younger, less experienced drivers, which also leads to the higher accident rate and premiums.
Source: Bank Rate