Tesla Model S Tops Most Expensive Car to Insure
June 12, 2018—24/7 Wall St. took data from the Insurance Institute for Highway Safety and created a list of the 25 most expensive vehicles to insure, reported Electrek.
The data is based on insurance claim frequency and insurance cost per vehicle.
The Tesla Model S topped the list with an annual average insurance paid of $1,789,48 and annual collision insurance paid of $1,310.40, according to the report.
Tesla announced last year that it has been working with some companies to create better insurance programs for its owners, according to Electrek. InsureMyTesla features custom insurance plans for the automaker's electric vehicles underwritten by insurers partnering with Tesla.
According to 24/7 Wall St. many of the cars that are least expensive to insure are large or midsize vehicles. Many of the cars that are least expensive to insure are small to midsize SUVs.
Russ Rader, senior vice president for communications at the IIHS, noted that while insurance claim payment averages do not represent directly what owners might pay for insurance, they roughly reflect how much they can expect to pay, reported 24/7 Wall St. Insurers transfer higher expected costs to the consumer. If insurers can expect to pay out more frequently and in larger amounts on certain models, they will charge higher premiums.