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Four Reasons Convertibles Are Expensive to Insure

Convertibles expensive to insure

You live in sunny California, where the sun shines 68% of the time. Life is good. It’s time to take advantage of all this sun and get that nice convertible you’ve always wanted. I know exactly how you feel. Back in 1999 when I had the opportunity to buy my first convertible, I got a fun convertible Mustang GT, just like this one.

Think of it. The wind in your hair, the sun on your face, and the knowledge that you’re likely to pay more for auto insurance. That’s right, convertibles are expensive to insure. But that’s not going to stop you will it, you want that wind in your hair, the extra vitamin D, and the cool factor.

Why are convertibles expensive to insure?

The reality is that auto insurance companies have become increasingly accurate at understanding the costs of insuring different types of cars. Each car is grouped with vehicles of similar horsepower, body type, style, and capability. Convertibles just come up more expensive.

With respect to the cost of insuring a convertible, there are four reasons why you may spend more to insure that your convertible rides:

1 | Convertibles are more expensive

Auto insurance rates can vary greatly between vehicles. A basic rule of thumb, especially for collision and comprehensive coverage, is the more expensive the car the higher the rate. Typically, convertible cars cost more to purchase than similar models with a hard-top. Convertible vehicles have added safety features and, of course, the cost for the motor and other parts that control the convertible top. So, to make a long story short, convertible cars cost more to build, so they cost more to buy. Therefore, they cost more to repair. So, convertibles cost more to insure.

2 | Does the car have more horsepower?

If your convertible happens to be a sports car with a V-6 or V-8 engine, like my old Mustang GT, you can expect to pay more for auto insurance. This is intuitive to most of us, if the car is faster, and has more power, the chances of an accident are higher. With higher speeds comes bigger damages, which leads to more expensive claims. So this reason doesn’t necessarily apply to convertibles exclusively. We, muscle-car junkies, are paying more too. But convertibles frequently come in sports models, making them more expensive to insure.

3 | Convertibles are prone to theft and vandalism

For years thieves have been cutting open the tops of convertible cars to gain access to the vehicle. This makes property left in the car, and the car itself vulnerable to theft. This is also not a myth, it really happens, and it’s another reason your convertible car can cost more to insure. With recent developments in hard-top convertibles and kevlar tops, this has become less of an issue for modern convertibles.

4 | Convertibles weigh more (especially the hard-top models)

The weight of a car can factor into the determination of your auto insurance premiums. Some companies use a ratio of horsepower to curb-weight ratio for the determination of high performance. This can impact the premiums for convertible cars as they have added weight for strength and the motor to operate the convertible top. This is much more of an issue for the convertible hard-tops out there.

The bottom line

There are many factors that contribute to your auto insurance premiums, and some that may have never crossed your mind. When you change cars, it can have an impact on auto insurance prices, so consult your insurance agent before you start shopping.

Knowing if a certain type of car is more expensive to insurance can help you to understand if it’s right for you .. and your monthly budget.

It will feel much better cursing down the coast with the wind in your hair if you know your auto insurance didn’t just become a burden.

Image Source: Bench Accounting

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