In the world of automobiles, insurance costs can vary dramatically depending on the car model you choose. Luxury vehicles, with their high-end finishes and impressive performance specifications, tend to carry higher insurance premiums. If you reside in Ohio and are considering a high-end car, be prepared for insurance costs that match the prestige of your vehicle. Here, we delve into the specifics of the five most expensive cars to insure in Ohio, as of 2023.
1. Maserati Quattroporte
The Maserati Quattroporte is not just a car; it’s an embodiment of Italian luxury and craftsmanship. This high-performance sedan is top of our list, boasting a price tag of $101,000. The Quattroporte’s sticker price, premium leather seats, Ermenegildo Zegna silk, and carbon fiber finishes aren’t just attractive to buyers; they also significantly contribute to the high insurance cost. These luxurious components, coupled with a top speed of 166 mph and a heightened risk of theft, result in an impressive annual insurance cost of $5,176, a staggering 158% more than the national average.
2. Maserati Quattroporte Modena Q4
Next, we have another member of the Maserati family, the Quattroporte Modena Q4. While it shares the Quattroporte name, the Modena Q4 is a step up the trim ladder, boasting a larger 424HP engine and a higher price point, starting at $116,000. Despite these upgrades, the Modena Q4’s insurance rates are surprisingly a little less expensive than the base Quattroporte model, at $5,118 a year. This slight decrease in insurance costs despite the increased price and performance demonstrates the nuanced nature of car insurance pricing, which takes into account various factors beyond just the car’s cost and power.
3. BMW M8 Competition Gran Coupe
The BMW M8 Competition Gran Coupe is a testament to the German automaker’s commitment to blending luxury and performance. This vehicle is designed for drivers who crave power and speed, featuring a 4.4-liter V-8 engine that can pump out an impressive 617 horsepower. The M8 Competition Gran Coupe’s performance capabilities, advanced features like a 12.3-inch digital gauge cluster, 16-way power seats, and optional carbon fiber seats, all contribute to its high insurance cost.
4. Porsche Panamera Turbo S E-Hybrid Executive
Fourth on our list is the Porsche Panamera Turbo S E-Hybrid Executive. As a hybrid, this vehicle marries impressive performance with improved fuel efficiency, but its powertrain doesn’t come without added costs. The Panamera has a V-8 engine capable of pushing out an impressive 690 HP and reaching a top track speed of 196 mph. Its luxurious interior, featuring leather seating and a premium Bose Surround Sound system, coupled with its high starting price of $206,000, contribute to its annual insurance cost of $4,221.
5. Audi RS e-Tron GT
Rounding out our list is the Audi RS e-Tron GT. This groundbreaking electric vehicle has set a new standard for electric performance, starting at $140,000. Unlike the other cars on our list, the RS e-Tron GT doesn’t have a massive engine; instead, it has a massive battery. Its impressive acceleration, reaching 60 mph in 2.9 seconds, and advanced technology, including a top-view camera system that can show the e-Tron’s position in relation to its surroundings with an overhead virtual 360° view, all contribute to its annual insurance cost of $4,150, making it the most expensive electric vehicle to insure.
Maintenance Costs for Luxury Cars
Maintenance costs are another significant consideration when owning a luxury car. High-end vehicles often require specialized care, and their complex engineering and premium materials can lead to higher costs for routine maintenance and repairs. Parts for these vehicles may be more expensive, and specialized mechanics might charge more for their services. In addition, the more technologically advanced the car, the more potential there is for costly repairs if those systems malfunction. Therefore, it’s crucial to factor in these maintenance costs when considering the total cost of ownership for these luxury vehicles.
Car insurance can be seen as one of those maintenance costs. After all, it is a price you pay on a regular basis to keep your car in good knick. It’s essential for car owners to always check and verify that not only are the rates they are getting on car insurance quotes in Ohio reasonable, but will also cover everything that a luxury car may need.
When it comes to non-luxury cars, insurance in Ohio is fairly affordable. In 2023, the average premium in Ohio for a full coverage policy is $1,266 per year, which is 37 percent lower than the national average of $2,014. As such, for drivers of regular vehicles, it doesn’t take too much to protect your asset.
It’s crucial to understand your insurance needs, compare quotes, and ask plenty of questions. Insurance is an investment in your peace of mind, so take the time to ensure you’re getting the most value for your money. This way, you can enjoy the thrill of driving your vehicle knowing that you’re adequately covered.