Driving badly and parking in a dangerous neighbourhood may see you pay more in vehicle insurance, but there’s nothing quite like driving an expensive car to push them up even further. The car you drive is a major factor in determining your car insurance premium and subsequent premium increases. Why? The cost to replace the vehicle determines the full amount payable by the insurance company, while the cost to repair the vehicle determines the likeliest claims amount. The more expensive the vehicle is to replace, and the more expensive the vehicle is to repair, the higher your insurance premiums.
Every year Insure.com determines the most expensive cars to insure across multiple insurance companies. For 2012, the most expensive cars to insure are:
10. BMW 750Li Hybrid at R20 373 per year
9. Mercedes CL65 AMG Coupe at R20 589 per year
8. Porsche 911 Turbo S Convertible at R20 627 per year
7. Porsche 911 Turbo Convertible at R20 627 per year
6. BMW 750i Hybrid at R20 836 per year
5. Porsche Panamera Turbo at R21 121 per year
4. Audi R8 4.2 Quattro Coupe at R22 394 per year
3. Mercedes S600 at R22 741 per year
2. Mercedes CL600 Coupe at R25 501 per year
1. Audi R8 Spyder Quattro Convertible at R26 104 per year
These premiums were calculated for a male driver at the age of 40 years for a brand new vehicle (that is, a 2012 model). He drives on average 19 km to work each day and included a personal injury benefit on his vehicle insurance policy to the value of R818 000. His third party liability covered a total of R2 864 000 in damages and his excess was R8 000. What’s more, this driver had a clean driving record.
Chances are, though, that if he can afford the car, he can afford the insurance. If you can’t afford the insurance, perhaps you should find cheaper insurance policies. If you compare quotes, as Insure.com has done, you may be able to get a better deal elsewhere.