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Car insurance is an ongoing expense that needs a permanent place in your budget. It can be helpful to know which states and cars typically have the cheapest car insurance rates. That way, you know what to expect when shopping for car insurance.
Here’s what you need to know about the most expensive car insurance so you can prepare your bank account accordingly.
Car insurance companies consider various factors when determining car insurance rates. These are five of the most important factors that influence how much you’ll spend on car insurance:
Location: The weather, crime rates, and traffic patterns in your area can influence how likely you are to file a claim, which can affect how much your insurer will charge you. For example, if you live in a high-crime area, you can expect to spend more on car insurance than someone who lives in a safer town.
Age: Younger drivers tend to pose a higher risk to car insurance providers, so they typically pay higher insurance premiums to help offset that risk. Drivers younger than 25 tend to have higher insurance rates.
Gender: Because women statistically get into fewer accidents than men and are less likely to drive under the influence, they save on their auto insurance. Women pose less of a risk of filing a claim, and insurance companies reward this with lower premiums.
Credit score: Depending on the state, your credit score can help insurance providers gain some insight into how likely you are to file a claim. The better your credit score is, the less you tend to spend on car insurance.
Vehicle type: The car you drive can have a long-term effect on your finances. Expensive cars tend to have a higher average cost to insure, as they’re more expensive to repair and replace. Owning a car that’s prone to theft can also increase your monthly auto insurance premiums.
What makes a vehicle expensive to insure?
The make and model of the vehicle you drive, as well as specific features, can influence how much you spend on car insurance. For example, having specialized safety equipment in your car can actually lead to an auto insurance discount. Insurance companies also look at their claims experience to see which makes and models of cars they pay out claims on the most often.
How safe a car is, how much it costs to repair, how old the car is, and how likely it is to be stolen all play a major role in insurance pricing.
The most expensive vehicles to insure
While car manufacturers sell cars at a variety of price points, some brands are more expensive and tend to have higher insurance rates. Luxury vehicles, like Teslas and Infinitis, are generally going to be more expensive to insure than mid-priced vehicles, like Toyotas and Hondas.
The following table outlines the 10 most expensive cars to insure on average each month, according to Insurify research.
Average Monthly Quote
Alfa Romeo Giulia
Tesla Model 3
Tesla Model X
Mercedes Benz A-Class
The cheapest vehicles to insure
Buying a less expensive car can lead to spending less on auto insurance rates.
This table outlines the average monthly insurance rates for the five cheapest vehicle makes and models. None of these car manufacturers also appears in the list of the top 10 most expensive cars to insure.
Average Monthly Quote
Dodge Grand Caravan
Do you need special car insurance coverage on a luxury vehicle?
Three main car insurance coverages are available: liability, collision, and comprehensive. This is what they typically cover:
This is an insurance coverage that pays for damage to your vehicle that a collision with another object causes. The coverage applies regardless of who is at fault and helps cover the costs of repairs or replacement parts.
Comprehensive coverage provides financial protection for noncollision events, like fires, falling objects, explosions, earthquakes, windstorms, vandalism, and contact with animals. It typically comes with a deductible separate from the collision portion of an auto policy.
You must have two types of liability insurance as a driver — bodily injury and property damage. Bodily injury liability insurance provides coverage for any injury that you as the policyholder cause to another person in a car accident. Property damage liability insurance covers losses that occur when someone else’s property is damaged due to an accident you cause. This type of insurance reimburses the owner of damaged property or pays for repairs, if necessary.
It’s important to note that almost every state requires both types of liability insurance. Comprehensive and collision insurance are optional but may be a good idea if you have an expensive vehicle. When you have liability, collision, and comprehensive coverages on one policy, it’s known as a full-coverage policy.
Good to know
Consider increasing your policy limits if you’re concerned about the cost of repairing or replacing your vehicle. You can also look into optional coverages like glass coverage, roadside assistance, gap coverage, and more to further insure your vehicle.
The most expensive full-coverage car insurance companies
Car insurance rates can vary by company, depending on how they account for different risk factors when pricing car insurance premiums.
To get a better idea of which companies charge the most on average for a full-coverage policy, check out the following table. For example, The General charges the most on average for a full-coverage policy, at $451 per month.
It’s important to note that the rates displayed here are average rates and that the quote you receive from a specific company depends on your driver profile.
The cheapest full-coverage car insurance companies
Drivers who want to save on their monthly car insurance rates may want to check out one of these five car insurance companies that offer the cheapest full-coverage car insurance on average. At just $198 per month, Clearcover is the cheapest auto insurance provider, on average.
States have different minimum requirements for car insurance, but almost every state sets a minimum requirement you have to meet as a car owner. The more coverage you need, the more expensive insurance can be.
On average, drivers in Michigan pay the most, at $426 per month for a full-coverage policy. Michigan’s high insurance costs may be due to the state’s high insurance requirements. It requires $50,000 per person and $100,000 per accident in bodily injury liability coverage, $10,000 in property damage liability protection outside Michigan, and $1 million in property damage liability within Michigan.
The table below highlights the 9 most expensive states for full-coverage car insurance:
Some lucky drivers live in one of the cheapest states to buy car insurance. New Hampshire is the least expensive state for car insurance, with an average monthly premium of just $106. Again, many factors can influence insurance rates. For instance, New Hampshire only requires financial responsibility coverage, whereas other states may require much more.
This table outlines some of the cheapest states for car insurance:
If you want to save money on your car insurance policy, consider these five money-saving tips:
Pick a bigger deductible. One way to save on auto insurance is to set the deductible to $1,000 for comprehensive and collision. Raising your deductible lowers your monthly premium. Just make sure you can afford that deductible if you ever file a claim.
Bundle multiple insurance policies. “Bundle home, renters, condo, mobile home, auto, umbrella, or life insurance with the same company,” says Earl L. Jones, Farmers insurance agent and owner of Earl L. Jones Insurance Agency. Many insurance companies offer discounts if you buy more than one type of insurance from them.
Keep a clean driving record. The safer you drive, the less you tend to pay for auto insurance. Accidents can stay on your record for a few years, so drive defensively to avoid them whenever possible.
Ask for discounts. Auto insurance providers tend to offer a handful of discounts, and it never hurts to ask which ones you might qualify for. “If you are over 65 years of age, do the senior defensive driving course,” Jones suggests. “For those with teen drivers, check with your auto insurance provider to see if they have a teen driving safety program and if the teen has a 3.0 or higher GPA, then check to see if they have a good student discount.”
Comparison shop. Shopping around for the best rate is always a good idea. Make sure you don’t just look for the cheapest price, though. Request quotes from a handful of insurance providers to see which can offer you the best coverage for the most affordable price.
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Most expensive car insurance FAQs
To make sure you know all the must-have facts about car insurance, here are answers to some commonly asked questions about the most expensive car insurance coverage.
What are the three major car insurance coverages?
The three major types of car insurance are collision, comprehensive, and liability coverage. Collision coverage protects against damage caused to your car during a collision with a car or another object, such as a light post. Comprehensive coverage takes care of damages and losses caused by events that aren’t collisions, such as vandalism. Liability coverage can cover bodily injury and property liability that you cause to another person with your car.
Is GEICO the most expensive car insurance?
GEICO is not the most expensive car insurance on average. While GEICO charges $178 per month on average for full-coverage insurance, the most expensive provider charges much more. The General charges $451 per month on average for full-coverage car insurance.
Who are the most expensive drivers to insure?
Young drivers, especially drivers younger than 25, typically pay the most for car insurance. Car insurance companies consider younger drivers more likely to file claims due to a lack of experience and a tendency to have riskier driving habits. As you age, your car insurance rates tend to decrease.
If you get a more expensive car, will your car insurance increase?
The more expensive your car is, the more it generally costs to insure. This is because a higher car price correlates with higher repair and replacement costs. If you buy a more expensive car than you currently have, you can expect to see your auto insurance rates increase.
During college, Jacqueline DeMarco interned at a retirement plan advisory firm and was tasked with creating a presentation on the importance of financial wellness. During her research into how money can affect our health, relationships and career, Jacqueline realized just how important financial education is. Jacqueline is a contributor for Insurify and has worked with more than a dozen financial brands, including LendingTree, Capital One, Credit Karma, Fundera, Chime, Bankrate, Student Loan Hero, ValuePenguin, SoFi, and Northwestern Mutual, providing thoughtful content to give readers insight into complex topics that they likely didn’t learn in school.