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Car insurance prices vary drastically depending on factors such as your age, the state you live in, and – of course – the make and model of your vehicle. Insurance companies set rates based on how much risk is associated with a certain policy, and the vehicle you drive can be an indicator of that risk.
Typically, luxury vehicles and electric vehicles come with higher car insurance rates because of the increased cost for repair and replacement parts, but what exactly are the most expensive car models to insure in 2023?
It might not surprise you to hear that according to a recent report from Rate Retriever, Tesla is the most expensive popular car brand of 2023. Teslas come with higher car insurance rates because of their luxury status as well as the increased cost associated with repairs on electric vehicles.
The 2023 Tesla Model S is currently the most expensive vehicle model to insure out of the top 100 best-selling models of 2023. With an average annual premium of $4,048, this model is 90% more expensive than the national average across all vehicles.
Tesla also claims the number two spot for most expensive cars to insure in 2023 with the Tesla Model Y, which costs about $3,088 per year to insure on average. While insurance on this model is almost $1,000 cheaper than the Model S, it is still 45% more than the national average.
The next most expensive model to insure is the 2023 Dodge Charger SXT. This model has an average annual premium of $2,957, 39% higher than the national average. Since this is a sports car, it’s increased risk of theft and enhanced speed capabilities may make it riskier for car insurance companies to cover, resulting in higher-than-average premiums.
Another Tesla model takes the spot for fourth most expensive vehicle model to insure in 2023. The Tesla Model 3 costs about $2,879 per year for car insurance, 35% higher than the national average.
Lastly, out of the top 100 most popular vehicles, the fifth most expensive to insure is the BMW X5 SDrive 40i. This model has an average annual premium of $2,696, 27% higher than the national average.
There are several aspects that car insurance companies consider when determining your exact rate. To put it simply, it all comes down to risk. Insurance companies are looking to bring in more cash from premiums than they are paying out in claims, so vehicles that will bring higher cost claims, will be assigned higher cost premiums.
This is why all five of the most expensive models of 2023 are either electric or luxury vehicles. These types of cars are often more expensive to repair if they are in an accident and much more expensive to replace if they are totaled or stolen.
Furthermore, repairs on electric vehicles often require a specialty mechanic or specialized parts that are in short supply, adding to the cost and accruing more risk for insurers.
Even if you own one of the most expensive models for insurance in 2023, there are still steps you can take to save money on your car insurance premium. One way to be sure you are not overpaying for your premium is to compare prices from multiple different car insurance companies in your area to see who has the cheapest rates. Take our short quiz to compare personalized rates and find savings in 30 seconds.
Additionally, credit score is considered in setting car insurance rates in all states besides California, Hawaii, and Massachusetts. According to Rate Retriever’s report, having an above average credit rating can save you around 17% on car insurance, so being mindful of your score and working to improve it can help to decrease your rates.
Taking a drivers safety course can also help to lower your car insurance rates. Many insurers have discounts associated with completing these courses because they make you less likely to file a claim and, therefore, less risky to insure.
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