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The Tesla Model S is the most expensive car to insure in 2023

Written by Katie Dee

Edited by Alyssa DiCrasto

Published on 2023-11-23

Read time: 3 min

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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?

Top 5 most expensive cars to insure

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.

What makes certain cars more expensive to insure?

 

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.

Saving on car insurance with an expensive car model

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.

Frequently asked

The Most Expensive Cars to Insure

Written by Elizabeth Rivelli

Reviewed by Alyssa DiCrasto

Last updated: January 25th, 2024

If you’re in the market for a new vehicle, there are a few things to keep in mind as you compare models. You might consider safety features, gas mileage, and additional features. It’s also important to factor the cost of car insurance into your decision, as some vehicles are more expensive to insure than others.

In this guide, we’ll highlight some of the most expensive cars to insure as well as determine which car brand might bring the costliest insurance prices.  We’ll also help you understand what specific factors contribute to the cost of auto insurance, and share some tips for saving money on your car insurance policy.

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Why you can trust Rate Retriever

Our rates are based on public rate filings obtained by analytics company First Interpreter. While we may partner with some of the carriers you see on our site, we maintain editorial independence and it does not affect the rates you see. Read more about our rating methodology or see our rigorous editorial policy. 

Which car has the highest insurance rates?

Car insurance premiums are unique to each driver, but your vehicle’s make and model are two of the biggest factors that can impact your car insurance rate. Vehicles with a higher value and higher repair costs are generally the most expensive to insure.

According to our average rate data based on the top 100 most popular 2023 models, the most expensive vehicle to insure is the Tesla Model S, which has an average annual premium of $4,048. The Tesla Model S also has one of highest MSRPs out of the vehicles we researched. The second and third most expensive vehicles to insure are the Tesla Model 3 and Dodge Charger SXT, respectively.

In the table below, you can see the average cost of car insurance for the most expensive cars to insure among popular 2023 models:

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 July 2023. 

What is the most expensive type of car to insure?

In general, the most expensive types of cars to insure are luxury vehicles, sports cars, and electric vehicles (EVs).  If you want a car that has cheap insurance rates, it’s best to avoid luxury brands and cars with a higher value, which often have the highest insurance premiums.

What does it cost to insure my vehicle?

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What are the most expensive car brands to insure?

Before you choose a car brand, make sure to get insurance rates for the model you have in mind. Based on our research, the most expensive car brands to insure are Tesla, BMW, Mercedes, and Lexus. Other exotic and luxury car brands, like Ferrari, Aston Martin, Porsche, and Bentley, can also have extremely high premiums.

If you have your heart set on a high-end vehicle, it’s still possible to find a more affordable insurance premium. However, it’s important to look for car insurance discounts and get multiple quotes to see which insurance company can offer you the best rate for your car make and model, and your driver profile.

You can compare car insurance rates in just 30 seconds using our online comparison tool.

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Vehicle factors that impact car insurance rates

There are many factors that impact car insurance rates, including your driving record, age, credit score, claim history, deductible, and coverage limits. In addition, there are several vehicle-specific factors that can affect your premium. These include:

  • Make and model: The make and model of your car are two of the most important factors that contribute to your car insurance rate. Luxury vehicles, EVs, and hybrids usually have the highest rates out of all vehicle types.
  • Model year: Insuring a brand new car is typically more expensive than insuring a used vehicle. This is true for most makes and models. For example, it will probably cost more to insure a new Tesla Model 3 than a 2019 Tesla Model 3 with 50,000 miles.
  • Safety features: Vehicles with advanced safety features, like anti-lock brakes, an anti-theft device, or collision detection systems, are often less expensive to insure than cars without these features. Many insurance companies also offer special discounts for drivers with safe cars.
  • Crash test ratings: Several organizations publish crash test ratings for new cars, including the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS). Cars with excellent safety ratings often have slightly lower insurance premiums because there’s a reduced risk of a serious accident.

How much should I expect to pay to insure my car?

Personalized rate estimates at the top insurance companies in your state

Your rates will vary based on where you live, your age, and other factors like your driving record

How to get affordable car insurance

The best way to get the best price for car insurance is to compare quotes from multiple insurance companies. The only way to know you found the cheapest car insurance for you is to compare rates at all insurance companies near you.

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Frequently asked

What is the most expensive car color to insure?

It’s a myth that the color of your car has an impact on your insurance premium. The color of your vehicle is not one of the rating factors that can affect car insurance rates.

What is the most expensive car to insure for teenagers?

The most expensive car to insure for a teenager is virtually the same as the most expensive cars to insure in general. Teen drivers usually pay the highest car insurance premiums because they lack experience and have higher accident rates than older drivers. However, some teens can save money on their car insurance by choosing a used vehicle, which tends to have less expensive rates.

Is an older car more expensive to insure?

Older cars usually have cheaper insurance rates than brand-new cars. This goes for almost every car make and model. Purchasing a used vehicle is often more affordable both in terms of purchase price and the cost of car insurance. However, it’s still important to compare insurance rates before buying a used vehicle.

What cars are considered luxury to insurance?

Luxury vehicles typically have the highest value, which makes them more expensive to insure. Some examples of brands that car insurance companies consider “luxury” are Lexus, BMW, Mercedes, Audi, Land Rover, Jaguar, and Porsche. If you purchase a vehicle from one of these brands, you can expect to pay above-average car insurance premiums.

Which car costs the least to insure?

There isn’t one specific type of vehicle that is the least expensive to insure overall. However, vehicles from economy car brands, like Honda, Hyundai, Mazda, and Kia, usually have less expensive insurance rates than cars from luxury brands.

Methodology

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. 

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. 

About Rate Retriever

At Rate Retriever, our mission is to make the way you shop for insurance transparent and fair through user-friendly tools that respect your privacy and deliver reliable, comprehensive results 

So we took everything we hated about comparing insurance quotes online – the spam, the long questionnaires, the limited choices, the inaccuracy of quote prices – and threw it out the window, favoring a short form that more accurately estimates what you’ll pay at each of the top insurance providers near you. 

Rate Retriever is an independent company that is not owned by an insurance provider, nor do we provide insurance ourselves. This independence allows us to be your free and impartial insurance research tool, helping you make the best decisions for your insurance needs.  

We may earn a commission when you click one of the links or call one of the providers listed on our site; however, we do not allow our partnerships to influence which information we provide.