Is it expensive to insure a convertible?

You’ve always wanted a convertible. You know most convertibles aren’t cheap, but you’ve saved up and are prepared to make the payments. You’ve already met with a dealer and plan to pull the trigger. Before long, you’ll be cruising down Highway 67 on the way to Road America with the wind in your hair, sun on your face. The weather will be warm, but you’ll look and feel cool. It’ll be so worth it.

But did you factor in the cost of insuring a convertible?

Unlike the myth of a red car being more expensive to insure, there is some truth to convertibles being more costly to insure.

Why insurance rates are higher for convertibles

The average cost of car insurance for convertibles is $1,873 per year, which is $449 more than the national average to insure a car. So, if you were to make monthly insurance payments, you’d pay about $156 per month. Some reasons for the higher cost include:

  • Convertibles are more expensive to buy: Generally, the more expensive the car, the more expensive it is to insure. Convertibles have a higher price point due to added safety features and the control mechanisms needed for the adjustable top. Cars that cost more to build and buy, cost more to repair and insure.
  • Risk of theft and vandalism: We’ve all seen movie scenes where thief cuts open a convertible top, hotwires the electrical system, and drives away. This also happens in real life, though less so with more modern convertibles. Nevertheless, a convertible’s vulnerability to being stolen or vandalized drives up insurance rates.
  • High horsepower: Not every convertible has a V-6 or V-8 engine. But many sports and luxury models do, and you can expect to pay more for coverage. With faster speeds comes the risk of bigger damages and larger claims.
  • Convertibles are heavy: A car’s weight can result in higher premiums. A ratio of horsepower to curb-weight is often used to figure out whether a vehicle is considered “high performance.” Convertibles have added weight not only for structural strength but also the mechanism to open and close the top.

How you can lower insurance premiums for convertibles

So, will you likely have to pay more to insure your convertible? Yes. But are there ways to lower your premium? Also, yes. Measures you can take to lower your premium include:

  • Install anti-theft devices: Anti-theft devices reduce the risk of theft and can lower your insurance premiums. Common devices include steering wheel locks, car wheel locks, and GPS trackers. While prices may fluctuate, you should be able to buy any of these devices for less than $100.
  • Complete a defensive driving course: Completing a defensive driving course shows your responsibility and safety as a driver and can lead to lowering your auto insurance rate, depending on your insurance carrier.

Factors beyond the convertible

Keep in mind other factors play a role in determining your insurance premium, like driving record and location.

A driver with a questionable record in an urban area with a higher crime rate will pay more for insurance than a driver with a clean record in the Northwoods.

Whether you drive a sporty convertible, big pick-up truck, or modest sedan, having the right auto insurance is key should the unexpected happen. Contact your local agent for a quote today.