Car Insurance Trends...the Most Expensive and Costliest Cars to Insure in 2013

Car insurance is not the same for different models of vehicles and if you thought your insurance coverage is high, you may need to read this article on car insurance trends. The most costliest and expensive cars to insure may not necessarily be the most costly cars in the market. The type of vehicle being insured can affect insurance coverage premiums. The difference between the cheapest models of cars to insure and the costliest models to cover may amount to thousands of dollars in every year.

Based on standard mainstream cars, insurance costs are subject to the chances of the cars getting involved in accidents, the cost of repairing those cars, buying new vehicles as well as susceptibility to theft.

There are models which are more susceptible to car theft and it is important you understand these aspects. The pricier cars attract high premium rates and this is because the replacement of the vehicle or repairs of damages are certain costly. The cost of spare parts for the expensive models of cars is high and insurance companies put this factor into consideration when calculating the amount of premium to be allocated for these cars.

If the expensive models are damaged beyond repairs, replacing them may be very costly. 21st Century Insurance’s director of communications, Terrence Cahill explains that the expensive cars cost motorists a lot of money in repairs and this is because buying spare parts for these vehicles is pricey. The parts of the cars are made of expensive materials like aluminium and carbon fiber making them costly to repair.

Insurance companies also compile historical data of different car models. Those car models that historically record a big number of accidents are likely to attract high premium rates on insurance. From the manufacturers’ points of view, if certain models of cars have a history of causing accidents on the road, insurance companies will tend to allocate high premium. The design features of cars which make them vulnerable to getting involved in accidents will greatly contribute to the premium rates allocated to those models of cars.

In addition, the extent of damage or personal injuries which are likely to be caused by certain model of cars when they get involved in an accident is also another factor considered by insurance companies when allocating insurance premiums. On the list of the most expensive cars to insure, the highly priced luxurious and sporty models have topped the listing.

In 2012, The V10 powered Audi R8 remained at the top of the list for the costliest cars to insurance. The car fetches approximately $127,700 in the market and this is one aspect that made it to be on the top of the list. A survey that was conducted by Insure.com revealed that an owner of Audi R8 would end up paying more than $2,500 in a year above the owner of the cheapest car to insure in the market as described in the insure.com report. The cheapest car was named as the Toyota Sienna LE minivan, which was trading at $26,145 market price.

This is a big difference for insurance premium and could mean that if you are driving those costly cars, you also have to be prepared to meet the hefty insurance cost.  Other models of cars that are on top of the list are the Mercedes Benz CL600 V12 and Jaguar XKR supercharged convertible.

In a difference report released by 4insure.com, it depicted that Mitsubishi Lancer Evolution was the most expensive car to insure however, the big question is that Mitsubishi Lancer does not feature anywhere in the most priciest cars. Certainly, the price of the car was not the factor in this case.

According to James Shaffer, the CEO 4insure.com, he said that the car has qualities that make it vulnerable to causing accidents. The fast acceleration and high speed features are some of the contributing factors to the high insurance premium. Many drivers who drive the car for the first time, and are not used to these features cause accidents.