Auto Insurance involves paying insurance for vehicles. It is essential to sign up for auto insurance because it can help a person avoid the heavy costs associated with vehicle accidents and thefts. Moreover, the auto insurance policy can provide coverage for damages on the policyholder’s vehicle and medical expenses involved in accidents. Furthermore, it can also provide coverage for damages done by the policyholder to some other vehicle, possibly in a collision. Different vehicles have different insurance. Understandably, expensive cars will have a higher insurance rate than cheap vehicles. 

How Are Auto Insurance Rates Determined?

Several factors determine the insurance rate of a particular vehicle. Some of them include: 

• The type of car/model is a prime factor in determining insurance rates. If a car has a high repair cost and is more likely to get stolen, it will have high insurance rates. Likewise, other elements, like the safety of a car and price, also determine the insurance rate. 
• The driving record gives an outlook to insurance companies about your driving behavior. It means that if you have a history of accidents, then the rates set will be high. However, the rates will be less if you have a safe driving record.
• Location is another factor that determines insurance rates. Location refers to the place you live or park your car most often. For example, if you park your car in a neighborhood with high vandalism chances, the rates will increase.
• A credit score takes into account the creditworthiness of a customer. The higher the score, the more likely the lenders will lend. It can have a significant effect on insurance rates. Drivers with poor credit scores reported paying more insurance rates. 

10 Most Expensive Cars To Insure In 2021

After accounting for all these factors, there are several cars, which have a high insurance rate. In 2021, very expensive vehicles manufactured have a high auto insurance cost. These automobiles are the most costly to insure for teenagers as well as an adult. Below is the list of 10 expensive cars to insure.

• BMW I8 2021: With a whopping tag price of $148,000, this car’s annual price premium is $4300. This car achieves a speed of 60 mph in just four seconds. Therefore, this detail makes its insurance premium high. However, this car comes with safety measures like ABS and blind-spot detection, which can earn customers discounts with some insurers. 
• 2021 Maserati Quattroporte is equipped with a 420 hp engine, and its price ranges from $100,000-120,000. Similar to BMW, it can go from 0 to 60 mph in 4.2 seconds. These factors, along with the luxurious comforts of this car, increases its premium to $4100. 
• Nissan GTR 2021 starts from $115,000, and it is equipped with a 565 hp engine. It can go to 60 mph in only 2.9 seconds. Moreover, it has a luxurious interior, and since it’s a sports car, insurance companies charge a high premium for them. Coupled with all the factors, it has a premium of around $3800. 
• Maserati GranTurismo is also a sports vehicle with a tag price of $150,000 and has a 454 hp engine. It can go to 60 in under 5 seconds. Therefore, its premium is high at around $3700.
• Mercedes Benz S-Class/450 is next on the list, which costs around $95,000. It can reach a speed of 60 in just 5.3 seconds. The engine size and exclusive high-end features drive the premium of this ride to around $3684.
• Mercedes Benz AMG-GT has a 469 hp engine, which can reach 120 in 12 seconds. It costs around $116,000, and its expensive component justifies the high premium of $3640.
• BMW X6/M50i is next on the list, which is a stylish car costing around $65,000-86,000. Its huge engine, which can go to 60 under 3.8 seconds, and features like huge inch displays and safety features drive its premium to $3535.
• Tesla Model X is an electric car that costs around $86,000-106,000 and can go to 60mph under 4.4 seconds. Furthermore, the vehicle boasts several features, like the windshield, which can form a sunroof, increasing the car’s premium to $3514.
• 2021 BMW 7-series/750i starts at $87000-158,000 for different versions. The powerful car can reach a speed of 60 in just four seconds. The hefty price and the comfortable interior drive the premium to $3492.
• 2021 Porsche Panamera-4 is the last car on the list, which costs around $130,000. It can achieve a speed of 60mph in just five seconds. Coupled with high-end features like leather seats and aluminum doors increases this car’s premium to $3386.