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What Kinds of Cars Have Higher Insurance Rates?

    • Exotic high-powered automobiles cost more to insure.exotic car image by John Fatuzzo from

      Many drivers want more from an automobile than transportation. Driving a beautifully restored classic muscle car provides aesthetic satisfaction and pride in ownership. Cars can also signal the owner's achievement. Driving a Porsche 911 Carrera GT2, a 530 horsepower 2-door cabriolet, provides visceral pleasure, but also tells others, and perhaps as importantly, confirms for the owner, that the owner has achieved a certain level of wealth. It also signals that the owner pays a lot more for auto insurance.

    The Porsche 911 Carrera GT2 Cabriolet

    • Among more than 2,400 vehicles and 34 brands, auto insurance for the Porsche 911 Carrera GT2 Cabriolet is the most expensive, according to's 2010 insurance report. For all its insurance evaluations, assumed a 40-year-old male driver with a good driving record. Such a person would pay an annual premium of $2,248 for the Porsche. The Porsche typifies the kind of car that carries a high premium: high-horsepower, high repair costs and a car that auto thieves like to steal. Added to this, the Porsche has a convertible top, which insurance companies view as slightly riskier.

    Cadillac Escalade ESV Platinum

    • If you own a Cadillac Escalade, and particularly the top-of-the-line ESV Platinum, you will pay more for insurance than you would for a similar vehicle. Thieves love Escalades, and steal them seven times more often than any other car, according to the Insurance Institute for Highway Safety's 2010 report and cited by Peter Stone in the Personal Money Store MoneyBlog. You will pay a premium for other car thief favorites, among them (in descending order of likelihood of theft) the Ford F250 four-door, Infiniti G37 two-door, Dodge Charger Hemi, Chevrolet Corvette Z06 and the Hummer H2. Other super-sized SUVs also made the list, including the Nissan Pathfinder Armada and the GMC Yukon.

    Specialty Cars

    • Some specialty cars may cost no more, and perhaps even less to insure than less exotic cars of similar value. ANPAC offers the Chrome program for these vehicles, which the insurer defines as classics, antiques, modern classics, hot rods built before 1949 and rare or unique exotics with appraised values in excess of $100,000. The collectors who own these cars often have several, drive each car only occasionally and care for them well. The owners also fit a low-risk auto insurance demographic: wealthy, well-educated owners older than 30. On the other hand, if you buy a contemporary exotic, such as the 2011 Aston Martin DBS Volante Convertible V-12, you will pay almost $300,000 for the car and another $7,000 per year for auto insurance. It qualifies for premiums in six different areas: sports car and exotics, convertibles, high-publicity cars, cars with two doors and two seats, cars with high horsepower ratings and premium luxury cars.

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