Buying a fresh set of wheels is thrilling. It's like getting a new toy, and you just can't wait to play with it. But unfortunately, cars are not just all fun and games. There are loads of things one needs to think about, one main factor being car insurance.
Before buying a new car, it is crucial that you find out how much it costs to insure it. So whether you are looking into buying a hot new ride, you are a petrolhead and want to know everything about cars, or just love learning new things, then Spin Genie has got your back!
Top 10 Most Expensive Cars to Insure
So, what are the most expensive cars to insure in Ontario? From fancy sports cars to expensive brands and models, cars can come at quite a price to insure.
Your vehicle is a direct reflection of your lifestyle, and some prefer driving something a little more low-key, while others love to splurge and treat themselves to some fire wheels.
The following are the most expensive vehicles to insure:
1. Maserati Quattroporte
It's no surprise that a Maserati is at the top of the list. This luxury vehicle can cost over $2,500 to insure for a six-month policy. The Maserati Quattroporte also comes at a high selling price as well.
The manufacturer's suggested retail price is a whopping $102,190, but you can expect to pay anything up to $143,000. So it is no wonder why this car costs so much to insure.
This car will certainly turn heads, and you will look good on the roads, especially with a 3.0 L V6 engine or 3.8 L V8 that delivers 345 to 580 horsepower.
This beast has the looks and the power, and you can go from 0 to 60 mph in only four seconds. But expect to pay at least $5,176 on your average annual premium.
2. Maserati Quattroporte Modena Q4
This baby comes in three different trim levels. You can get the GT, Modena, or the Trofeo. The GT offers 345 horsepower, the Modena 424, and the Trofeo 572. All models come with the best features and latest specs, from ventilated front seats to surround-view cameras.
The Maserati Quattroporte Modena Q4 can cost you around $126,000, and this price only increases when you go for customisations or different packages. Since this car is so pricey, the average auto insurance rates start at $5,118.
The price is mainly so high due to the cost of replacing and sourcing parts.
3. BMW M8 Competition Gran Coupe
This bad boy is sleek, clean, and stylish. The average price for this model starts at $144,000 and can get higher than $170,000-plus with special features and customisations.
The Competition Gran coupe has a 4.4-litre V-8 engine that offers 617 horsepower and includes a win scroll bi-turbo, a uniquely designed dual oil pan, and track-ready cooling systems. So you could say you get a bang for your buck!
This sporty-looking car will likely cost you around $4,231 to insure. However, the car insurance rate will undoubtedly increase quite dramatically if you choose to customise your new baby.
4. Porsche Panamera Turbo S E-Hybrid Executive
Who doesn't love a Porsche? They might not be the cheapest cars, but they are the epitome of class and style. And this Porsche Panamera Turbo has a twin-turbo gas/electric V-8 engine, which can run on plug-in electric and gas, 48 mpg city and 19 mpg highway fuel efficiency, and a number of other luxury and safety features.
It is one of the more expensive cars to insure, so you can expect to pay $4,221 per year for average insurance rates. Many insurance companies believe that Porche's are very high-risk and would rather not insure them, so luxury vehicle insurance may be required.
5. Audi RS E-Tron GT
This beast can get you from 0 to 60 mpg in as little as 3.1 seconds and has 637 horsepower and 612 pound-feet of torque. This model is fantastic and comes with the coolest and latest specs.
But all of these incredible features come at a price, and insurance can cost you $4,150 per year. However, it is a beautiful and powerful car, so many people recognise its worth.
6. Mercedes-AMG GT
This luxury sports car will likely cost you about $4,130 for an annual policy. This is mainly because this car comes with special features and expensive parts and is part of a luxury brand.
Although you will be paying a fair amount in insurance fees, you know that you're driving a quality car that looks fantastic.
7. Maserati GranTurismo
Maserati is really making a name for itself on this list. The GranTurismo comes with performance-orientated specs, so you can expect something stylish, boujee, and sleek. The manufacturer-suggested retail price hits a whopping $150,380.
On top of that, the insurance cover will cost you around $3,735 per year. But anyone buying a Maserati knows what they are in for, and these costs do not surprise them.
8. Nissan GT-R
This car is one of the most expensive to insure due to it’s very high-end specs. The manufacturer suggested retail price comes in at a whopping $113,540, and the yearly insurance rate can cost you anything from $3,864 per year.
9. Tesla Model X
The Tesla Model X is in the top 10 list of the most expensive cars to insure, and you will have trouble finding an insurer that will cover this car for an affordable price. But if you have opted for the new high-tech car, then we are sure you won't mind paying a decent amount to keep it safe.
This is a high-performance vehicle, and you should expect to pay an annual fee of $3,514 for insurance. The manufacturer suggested retail price starts at $81,000. This car is a gem, though, and is certainly worth the price.
10. Mercedes-Benz S-Class
This luxury vehicle does not come cheap, from the actual price to the monthly insurance fees. But everyone loves a Merc, and this is one of the best. The manufacturer-suggested retail price starts at $94,250.
Additional specs and upgrades will cost you more. But be prepared to pay about $3,684 on insurance per year for this one.
Factors Affecting the Cost of Car Insurance
Car insurance rates are not only affected by the vehicle but by a number of other factors as well. The following are some common factors that affect auto insurance rates:
Your age plays a big role in how much your insurance premium will cost. Young drivers tend to pay a lot more for insurance since they are less experienced, and the chance of having an accident is much higher.
Insurance rates begin to drop after the age of 25. Senior citizens can also expert to pay a higher premium.
Model and make of the car
Most insurance companies, if not all, prefer to cover low-risk or deemed safe vehicles. This is mainly because they are not likely to cost too much in claims. So car models and makes that have very good safety ratings will cost less.
Cars that are higher risk will cost you quite a lot more. Generally, more powerful and newer models will cost the most to insure.
The insurance you have chosen
There are different types of insurance premiums you can choose from. Each one comes with its own perks, rates, and benefits, and this also affects how the cost of your car insurance is determined. Some premiums may be cheaper than others.
Credit-based insurance score
An insurance company will usually take a look at your credit history. This is so that they can see how you manage your money. Insurers do not want a client who cannot pay up or who has a lot of debt, as it would seem that the client may not be able to afford the insurance premiums.
Car insurance is also often based on where you are located. Where you live plays a big role in determining the price of your car insurance rates. This list specifically considers Ontario rates.
Your driving record
Your past driving record and history have a major impact on your auto insurance rate. If you have infractions or accidents on your record, then you will pay a lot more. You will pay less if your record is clean - so be smart and drive safe!
The amount you drive
The amount you drive will also play a role in the price of your car insurance. Those that drive less tend to pay less, while those that spend a lot more time on the roads will likely pay a lot more.
What Makes Car Insurance So Expensive?
Car insurance premiums come at quite a hefty price, no matter what. However, the overall price heavily depends on the type of vehicle you want to insure. Insurance companies always factor in how many people have made claims on a particular car model.
So if the insurance company you have chosen has paid high liability auto insurance claims for that particular model you want to insure, it will play a huge role in deciding how much the car insurance will cost you.
The higher the risk, the higher the price. If the vehicle is very expensive to repair, it will also become very expensive to insure. Repair costs can be very high, and most insurance companies do not want to have this fall on their shoulders.
Car insurance companies will charge higher rates for cars that come with advanced features since the equipment is often difficult to get, repair, and replace.
Past claims from other customers will directly affect your insurance rates, especially when you opt for collision and comprehensive insurance.
Most Expensive Vehicle Brands to Insure in Ontario
Apart from the list above, here are the most expensive brands to insure in Ontario:
The brand of your vehicle has a huge impact on the cost of your insurance, and there are various risks involved with different brands.
So, now you know which are the most expensive cars to insure In Ontario
Car insurance will always be expensive. The choice is yours whether you want to fork out a lot more in insurance fees for a fancier car. However, even cars that are not necessarily considered fancy or luxury can still cost you due to the brand itself.
Most luxury and sports cars have higher insurance rates, which is understandable as the car costs a lot more to own, maintain, and care for. If you can afford a stunning and luxurious car, then insurance likely is not too much of a worry for you.
But it is always good to know what you are getting yourself into before committing to a car, or you just want to know as much as you can about cars so that you can stunt on your friends at the next quiz night!
Get Yourself One of the Most Expensive Cars to Insure in Ontario with Help From Spin Genie
Try your luck playing with Spin Genie, and you could see yourself owning one of the most expensive cars to insure in Ontario! From a Maserati to a Nissan GT-R, which car would you choose?