The Cost to Insure a Luxury Car Is Not as Much as You Might Think

Ever wonder how much it would cost to get auto insurance for a high-end luxury sports car?

For kicks, we compared insurance quotes* for a fictitious 30-year-old male driver in Toronto to find out how much it might cost to insure a 2020 Jaguar F-Type Convertible (starting price of roughly $102,825), as well as a 2020 Porsche Boxster GTS Convertible (starting price of approximately $96,900). Here are the lowest car insurance quotes we got for each vehicle:

  • 2020 Jaguar F-Type Convertible. Standard coverage including collision and comprehensive coverages. The lowest rate is $2,813 per year or $234 per month.
  • 2020 Porsche Boxster GTS Convertible. Standard coverage including collision and comprehensive coverages. The lowest rate is $2,462 per year or $208 per month.

Why Are the Insurance Quotes as Low as They Are?

The above quotes are probably a lot less than you might expect. One reason why these rates might seem so reasonable is because of our driver. Our fictitious driver has an impeccable driving record. He has no accidents, tickets, collisions or claims on his record. He is married and has been driving for more than 15 years. These are pivotal factors for obtaining reasonably priced quotes.

The two vehicles we got quotes for are inarguably more expensive cars than most others you'll see on the road. But if you owned one, ask yourself:

  • Where would you park it?
  • How carefully would you drive it?
  • Would you drive it year-round or only during the summer months?

Compare and Save on Insurance Rates

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High-Priced or Economically Priced Wheels, Get the Right Coverage

Most people who can afford to own one of these cars can also afford the car insurance to drive it. But savvy consumers take the time to ensure they don't overpay for their car insurance coverage. Getting the right amount of coverage at the most affordable rate is vital for anyone regardless of the type of vehicle they own. In other words, shop around and compare policies and premiums whether your policy is up for renewal or not. Sometimes, you can get what you need and pay less than what you may be shelling out now.

*Quotes were obtained in July 2020 and included both collision and comprehensive coverage with typical deductibles. Insurers, however, may require higher deductibles for these high-valued vehicles, which would decrease the cost of the quoted premiums.

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