The cost to insure your vehicle may vary depending on the model, driving habits, demographic factors, types of coverage, and limit or deductibles chosen.
Though car insurance may vary from different factors, the most expensive cars to insure in Ontario usually include luxury cars where repairs costs are more expensive.
Car insurance is important because it protects you financially from any unforeseen circumstances such as accidents, damages, theft, and injuries. It could additionally provide liability coverage in the event that you were the cause of the accident and the other party sues you for damages.
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Ultimately, luxury cars are the most expensive cars to insure since these usually come from overseas and have little distribution in the country. This means that there are limited parts and services for these types of vehicles. In addition, luxury cars have higher chances of theft which can cost the insurance company more.
Lastly, some luxurious cars are not as fully equipped with safety measures as other regular cars. This means that the driver and passengers are more likely to sustain injuries in the case of an accident, which makes it much costlier for the insurance company to cover.
1) Maserati Quattroporte
The Maserati Quattroporte is the most expensive automobile to insure in the world. It has an extremely powerful engine that can produce up to 580 horsepower. The vehicle itself can cost about $200,000 and can cost even more with additional customizations. It is highly prone to theft, which is only one of the reasons why it is expensive to insure.
2.) Audi R8
The Audi R8 is a popular high-performance sports car. However, due to its high price and strong engine, it is one of the most expensive cars to insure in Ontario.
3) Mercedes-Benz SLS AMG
Another popular luxury sports car is the Mercedes-Benz SLS AMG, which is known for its elegant design and powerful engine. However, its high cost of repairs and replacement parts make it one of the most expensive cars to insure in Ontario.
4) BMW M8 Competition Gran Coupe
The BMW M8 Competition Gran Coupe is one of the most expensive cars to insure in Ontario. Its unique design and highly-innovative systems make it expensive to purchase and to insure.
5) Porsche 911
This classic sports car is highly popular to many car enthusiasts and has been around for decades. The Porsche 911 has been a brand syllable ever since its release in September 1964. It’s no mystery why this supercar is considered one of the most expensive cars to insure in Ontario
Though car insurance in Ontario may vary from a wide variety of factors, here are a few ways to avoid the financial burden of an expensive car insurance:
1) Avoid purchasing luxury cars
This is a general rule in avoiding expensive car insurance. Luxury cars are high-value assets. They are more rarely distributed than ordinary vehicles and are quite pricey to repair, thus the additional cost it takes to insure such vehicles.
2) Avoid purchasing the latest models
The value of an older model is not as high as newer models. Newer models include newer technologies which is just one of the reasons why purchasing vehicles becomes more costly. By purchasing an older model, it becomes significantly less expensive to insure than the newer models available on the market.
3) Select a vehicle that features a high safety rating.
Vehicles with more advanced safety measures reduce the risk of accidents and injuries. This ultimately makes these vehicles less expensive to insure as the safety features of a vehicle are one of the determining factors of how insurance companies determine your insurance rates.