BMW cars are twice honored in a recent study from Business Insider UK, which revealed the top ten most expensive cars to insure in the US.
The ranking is calculated based on a single 40 years old male, commuting 12 miles every day and bearing in mind that prices also depend on location (for instance, insurance in Hawaii is cheaper than in Montana).
In 8th place, we have the BMW M6 convertible, for which you’ll have to shell out on average around $3,115 for an annual premium rate.
With just $32 more per year, the BMW 760Li comes in 7th place.
It’s the Nissan GT-R Nismo that tops the list by a relatively small margin with its $3,574 per year.
So you really have to evaluate your car budget taking into account your car insurance from the start. This can prove to be a rather big hole in your pocket if you’re lucky enough to be able to afford a sports car in the first place.
With such high figures on the luxury and sports car insurance market, you might have to hunt a little bit harder to find the best deal to stay well insured in the event of theft or road accident.
A car usually falls into the luxury and sports vehicle category in the world of car insurances when its price tag climbs over $35,000.
For all other ordinary cars, a basic insurance plan is likely to be enough, but for more expensive vehicles, a more costly all-risk coverage option is often compulsory — which is probably in your best interest anyway.
This is a direct consequence of the fact that sports car are more powerful than ordinary vehicles and are considered more dangerous and much more prone to road accidents by insurance companies.
Considering that car accident claims can be filed up to 3 years after the initial crash by all people involved, it’s easy to realise the impact of the sports car market on the expenses of insurance companies.
What’s more, a shiny new sports car is also more likely to be stolen or damaged. For instance, happy BMW M5 owners might need to find the best theft insurance around. With a theft rate of 7.58 per 1,000 sold, the M5 has one of the highest theft rates according to data released by the National Highway Traffic Safety Administration.
Ordinary car insurance companies might also request that you invest in specific equipment to deter thieves and vandals, such as a high end car alarm or a GPS to localise the vehicle in the unfortunate event of it being stolen.
Sports car insurance rates for inexperienced young drivers are also rather high: you might want to wait an extra few years before you pass the keys to your sixteen years old.
One last factor that can radically send car insurance rates through the roof is the frequency of use. If you drive your sports car to work every day you’re also going to pay a lot more. So maybe keep it just for the weekends or special occasions?
At any rate, if the many restrictions and conditions are making it hard for you to find a car insurance on the market, your best bet is to take a look at specialised sports car insurance companies.