We all have fantasies of getting behind the wheel of a Porsche Panamera Turbo or other luxury vehicle, but few of us consider what we’d end up paying for insurance coverage. The reality is that the insurance cost for some of these vehicles is staggering, compared to what you pay for the average car.
Although insurance pricing is based primarily on a driver’s age, place of residence, credit rating, driving record, marital status and gender, the type of car being insured can make a big difference. The difference between insuring a luxury automobile or sports car and a mid-priced vehicle can be enormous. The reason for this is fairly obvious; the more expensive the car, the costlier it is to repair or replace. You expect a Rolls Royce or a Bentley to have a ridiculously high insurance cost, but even luxury models and sports cars made by mainstream automakers can rise to the top of the list when it comes to having a budget-crushing insurance price tag.
In 2012, the most expensive car to insure among mainstream automakers is the V10-powered Audi R8 Spyder Quattro. But then, you figure that drivers who can shell out the $127,700 it takes to get behind the wheel of one of these babies won’t blink at paying over $3,400 a year to insure it. The Mercedes-Benz CL600 is another chart topper when it comes to insurance cost, coming in at an eye- popping $3,300 per year. If you’re planning on driving a Porsche Panamera Turbo, you can count on writing a check for roughly $2,700 to whatever insurance company is covering it. The BMW ActiveHybrid 7 also costs around $2,700 to insure and the Porsche 911 Turbo comes in a hair behind it at $2,670. All of the above rates are for comparable coverage for a 40-year-old male driver.
If these insurance prices put a damper on your fantasy of hitting the road in a luxury sedan or high-end sports car, you’ll be consoled the next time you write a check for the significantly lower amount you pay to ensure that minivan you’re driving.
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