While it's great to be driving a brand-new vehicle, the downside can be high insurance rates. Yes, driving down the highway in the vehicle that catches everyone's attention can be very costly in today's world. A number of factors go into determining insurance rates on various models, including the make and model's claim history, the likelihood of it being stolen, past history of fatalities and more. While the owner's age, driving record, geographic location and credit rating can also play a factor, generally the more luxurious the vehicle the more it costs to insure. If you can afford to do so, here are some of the costliest 2014 vehicles to insure.
According to Forbes magazine, owners of the Nissan GT-R can expect to pay an average annual insurance bill of $3,169. This is due not only to its ability to reach high speeds in a few seconds, where the slightest mistake can lead to trouble, but also to the material used to build the car. The carbon fiber material in the body panels is very expensive, and must be replaced after a crash rather than repaired.
Mercedes-Benz SLS AMG
Costing an average of $2,986 per year to insure, this car is considered a tricky car to drive, despite the many electronic driving aids such as stability and traction control. Insurers believe drivers get overconfident and turn off the safety features, then make mistakes while driving at high speeds.
Jaguar XKR Supercharged
At $2,854 per year, the XKR takes a mountain of money to pay the car insurance bill. According to Insure.com, the biggest reason for this is due to the Jaguar's reputation for needing many repairs, especially with its electronics. As a result, many claims have been filed over the years, leading companies to increase their rates to offset money paid out for repairs.
Costing $2,598 per year to insure, the Panamera has high bills due to its tendency to be stolen. According to the FBI's crime statistics, Porsche models are some of the most stolen vehicles year after year. As a result, claims are filed by owners wanting money to buy a new car, so the make is considered a high-risk by most companies.
So while driving these cars can make you the envy of many, the high insurance rates can have your wallet begging for mercy. However, for those who can afford it these cars are well worth the cost.
Information credit to Eisenhauer Insurance Inc., a Halifax insurance company.