The short answer is: yes. Many factors go into the price of your auto insurance premium like age, driving record, and what car you drive. In the case of luxury vehicles, it can get expensive to insure. The higher the price tag, the higher it is to ensure.
Luxury vehicle brands such as BMW, Porsche, Mercedes and Audi have top of the line parts in their cars. foreign cars means foreign parts, which is very expensive to import for repairs. That means the cost of repair is usually very high. It’s also wise to consider that most Luxury brands have fewer people buying them due to the high cost. It may be difficult to find mechanics who specialize in your foreign car. Also, if your luxury car is totaled, it will cost your insurance company a lot of money to replace it, too.
These are major factors that come into play with an insurance company that is looking to cover your vehicle. It’s also wise to point out that many luxury cars are more reckless on the road due to the quick acceleration speeds they can reach.
Exotic cars are also more likely to be subject to theft. The rarity of a vehicle makes it more likely to be stolen. Not only that, but many thefts are for the car parts, rather than the actual car itself. That being said, the higher the theft rate, the higher the insurance.
What may cut down on these high insurance rates are installing anti-theft systems in your car with either passive or active anti-theft alarms. More advanced anti-theft system would be a factory installed anti-theft system. Many insurers will give discounts for having this in your vehicle.
This list comes from Insure.com most expensive luxury vehicles to insure.
While people who drive luxury vehicles are not inherently dangerous on the road, driving expensive vehicles has been linked to more insurance claims and repairs.
“Vehicles on the least expensive list tend to be driven by families, which means more mature driving and perhaps because the inside may be a bit of a locker room for their kids the car owner isn’t worried about exterior small scuffs and doesn’t make claims for minor items,” explains Insure.com’s consumer analyst Penny Gusner.
You can maintain a flawless driving record, keep your deductibles high, take every discount to which you’re entitled, and could still wind up paying inflated car insurance rates. The fact is, some vehicles are inherently more expensive to cover than others.
What you can do, is look around at different providers and get quotes for the best insurance for you. Make sure you take advantage of every discount you’re entitled to and stay safe on the road. This will cut down on any extra costs you will have when driving luxury vehicles.
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