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What does it cost to insure my luxury vehicle?
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Before you purchase luxury car insurance, it’s a good idea to get several rate quotes to see how much you’ll pay for coverage. In this guide, we’ll provide average car insurance rates for several popular luxury vehicles, and highlight which models are the cheapest and most expensive to insure. We’ll also share some tips for reducing your insurance premium. Â
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The make and model of your vehicle will impact your car insurance premium. Because luxury cars have a high value and are often expensive to repair, the cost of car insurance for luxury vehicles can be pretty high. So if you’re thinking about purchasing a luxury vehicle, you should be prepared to pay a higher premium for your car insurance coverage. Â
Before you purchase luxury car insurance, it’s a good idea to get several rate quotes to see how much you’ll pay for coverage. In this guide, we’ll provide average car insurance rates for several popular luxury vehicles, and highlight which models are the cheapest and most expensive to insure. We’ll also share some tips for reducing your insurance premium. Â
| Make | Model | Premium |
|---|---|---|
| Mercedes | GLC 300 | 1,867 |
| Mercedes | GLE 350 | 1,869 |
| Acura | MDX | 1,903 |
| Volvo | XC60 B5 Inscription | 2,083 |
| Lexus | NX 250 | 2,116 |
| Lexus | RX 350 | 2,155 |
| Lincoln | Aviator | 2,358 |
| Lexus | ES 250 | 2,439 |
| Audi | Q5 Quattro Premium S-Line | 2,443 |
| Cadillac | Escalade Luxury | 2,492 |
| Porsche | Cayenne | 2,649 |
| BMW | X3 M | 2,700 |
| Land Rover | Range Rover Sport P360 SE | 2,831 |
| Tesla | Model Y Long Range | 2,845 |
| Tesla | Model 3 | 2,920 |
| BMW | X5 M | 3,443 |
Annual rates for a single 35-year-old male, estimated using public rate filings sourced from First Interpreter. Rates do not represent actual quotes. Accurate as of January 2024.Â
If you’re thinking about buying a luxury vehicle, you might be wondering, are luxury cars expensive to insure? The short answer is yes, it’s typically more expensive to insure a luxury vehicle than a standard sedan or SUV. Â
One of the biggest factors that impacts the cost of auto insurance is the make and model of your vehicle. Cars with a higher value are usually more expensive to insure because if you get into an accident, the insurance company has to provide a higher payout to settle the claim. Â
Most luxury cars also cost more to repair than non-luxury vehicles. If your luxury car needs to be repaired after an accident, the parts might be more expensive, or not as readily available as parts for less expensive cars. For example, Tesla parts may need to be specially ordered, and because the car is electric, the cost of parts might be higher compared to parts for a cheaper gas-powered vehicle.Â
The best car insurance company for luxury vehicles is different for every driver. The right insurer for you depends on factors like your location, budget, and coverage needs. Â
Based on average rate data, the cheapest car insurance companies for luxury vehicles are Progressive, State Farm, and Nationwide on average. These insurers offer a good selection of coverage options and discounts in most states. They also offer online and mobile policy management tools, where you can file a claim, make payments, and download your ID cards.Â
However, depending on the type of luxury car you own, you might not be able to purchase car insurance from a standard car insurance company. For instance, some providers won’t insure exotic cars with a very high value, like Ferraris or Lamborghinis.Â
In this case, you might need to purchase car insurance from a company like Allstate or Chubb, which underwrite policies for the highest-end vehicles. You can also look into a specialty car insurance company, like Hagerty, which insures classic cars, collector cars, and rare vehicles.Â
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Your rates will vary based on where you live, your age, and other factors like your driving record
Among popular 2022 models, the cheapest luxury car to insure is the Mercedes GLC 300. The average premium for this vehicle is around $1,860 per year, or about $155 per month. However, remember that your exact premium will depend on factors like your car insurance company, location, and driving record. Â
Luxury vehicles with cheap insurance:
Some luxury vehicles are cheaper to insure than others. Below, you can see the cheapest luxury vehicles to insure, based on 2022 popular models.Â
The Mercedes-Benz GLC is a luxury compact SUV that offers a blend of comfort, performance, and technology. It features a range of advanced safety features, a high-quality interior, and multiple powertrain options, including a plug-in hybrid version. Erie Insurance, Progressive, and Nationwide are among the cheapest insurance companies nationwide for Mercedes-Benz GLC.Â
The Mercedes-Benz GLE is a luxury mid-size SUV that offers a balance of power, comfort, and technology. It features a spacious interior, a range of safety features, and a choice of multiple powertrain options, including a plug-in hybrid version. Erie Insurance, Progressive, and Nationwide are among the cheapest insurance companies nationwide for Mercedes-Benz GLE.Â
The Acura MDX is a luxury mid-size SUV that features a spacious interior, advanced safety features, and a powerful V6 engine. Nationwide, Progressive, and Travelers are among the cheapest insurance companies nationwide for Acura MDX for those seeking a luxury SUV that is both reliable and affordable to insure.Â
Luxury vehicles with more expensive insuranceÂ
Most luxury vehicles are more expensive to insure than non-luxury cars. If you’re in the market for a luxury car, it’s a good idea to get insurance quotes before you head to the dealership. That way, you can factor the cost of car insurance into your budget. Here are some of the most expensive luxury vehicles to insure, based on popular 2022 models.Â
The BMW X5 is a luxury mid-size SUV that offers a blend of performance, style, and technology. It features a spacious and well-equipped interior, advanced safety features, and a range of powerful engine options. Progressive, State Farm, and Erie Insurance are among the cheapest insurance companies nationwide for BMW X5.Â
The Tesla Model 3 is a popular electric vehicle that offers impressive acceleration, advanced technology features, and a sleek design. With a range of up to 353 miles on a single charge, it is one of the most practical EVs on the market. Nationwide, State Farm, and Erie Insurance are among the cheapest insurance companies nationwide.Â
The Range Rover is a luxury SUV that offers a combination of off-road capability, high-end amenities, and powerful engines. With a spacious and refined interior, advanced technology features, and impressive towing capacity, it is a popular choice for those seeking a premium SUV. Progressive, State Farm, and Erie Insurance are among the cheapest insurance companies nationwide.Â
Some popular brands that make luxury vehicles include Mercedes-Benz, BMW, Lexus, Jaguar, Porsche, Cadillac, Lincoln, Acura, and Infiniti. These brands are known for their high-end features, advanced technology, exceptional performance, and premium materials, providing a luxurious driving experience. Luxury vehicles often come with a higher price tag, but for those who value comfort, style, and prestige, they are a top choice.Â
Mercedes-BenzÂ
BMW
Lexus
Porsche
Cadillac
If you drive a luxury vehicle, there are several ways to potentially reduce your insurance premium. Here are some suggestions for saving money.Â
To find the most affordable auto insurance policy for your situation, it can be helpful to shop around and compare quotes from several companies. You should also get new car insurance quotes every few years, or after filing a claim. Take our short quiz to see how much you can expect to pay to insure your luxury vehicle.Â
Take our short quiz to see how much you can expect to pay to insure your luxury vehicle.Â
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We match you with top insurance companies and estimate how much you will pay at each.
Compare rates side-by-side to find the best rate for the right coverage.Â
Legally speaking, you aren’t required to purchase more car insurance or special types of car insurance if you drive a luxury vehicle. However, luxury vehicle owners should strongly consider a full coverage policy, which provides physical damage protection for their car. A minimum coverage policy doesn’t provide any coverage if the car is damaged or totaled in an at-fault accident or gets vandalized or stolen.Â
Luxury cars often have higher premiums because of their value. Most luxury vehicles are worth more than a regular car. Because of this, when something happens to a luxury car, the insurance company has to pay a much higher settlement to fix or replace the car. As a result, insurance providers typically charge more expensive premiums for luxury vehicles.Â
Rate Retriever rates are based on public rate filings obtained by analytics company First Interpreter. This data comes from the rating plans insurance carriers submit to each state’s department of insurance. Rating plans detail how each carrier calculates premiums using factors such as location, age, gender, and driving record, and they ensure that insurance premiums are both fair and competitive.Â
For the data on this page, we made the following assumptions: a 35-year-old single male with a clean driving record and Good credit score. We adjusted this profile by vehicle make, model, trim, and year to determine the rates you see on this page.
These rates are not actual quotes and should only be used for comparative purposes. Your rates can vary significantly based on your unique driver profile.Â
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