Average Cost of Car Insurance for Convertibles & How to Get the Cheapest Rates

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Updated: May 20, 2024

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The average national cost of auto insurance, regardless of your car, is $1,424 per year — which is $449 cheaper than the average cost to insure convertibles. This is for a policy with 100/300/100 liability insurance and comprehensive and collision coverage.

However, the actual cost of car insurance for convertibles will depend on many other factors, such as the driver’s history, age, location and credit score. To find the cheapest rates, convertible drivers can compare quotes, find discounts or increase their deductibles.

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Key Takeaways

Insurance rates for convertibles are often higher due to expensive purchase price, high cost of repairs and increased likelihood of theft, but this is not always the case.

Your car's model greatly impacts your auto insurance rate. Cheaper convertibles cost less to insure, while those on the more expensive side will have higher rates.

You can save on auto insurance for convertibles by comparing quotes, getting discounts or increasing your deductible.

How Much Is Car Insurance for Convertibles?

Convertibles, compared to other cars, are more expensive to insure thanks to their actual cost and overall repair costs. The average cost of car insurance for convertibles is $1,873 per year, which is $449 more than the national average cost to insure a car.

Average Car Insurance for a Convertible Vs. Standard Car

carColored
Convertibles

Convertible’s Annual Average

$1,873
car
Standard Cars

Standard Car’s Annual Average

$1,424
Based on our data, premiums for convertibles on average are $449 more expensive than the national average for car insurance:$449 saved

This is 24% less expensive.

The cost of car insurance for convertibles can also change based on the model, since the market price and cost to repair can vary. For instance, the BMW i8 costs an average of $2,810 per year to insure, which is $1,549 more than the average cost to insure a VW Beetle.

Average Cost of Car Insurance for Convertibles Based on Make and Model
Model
Average

Average Auto Insurance

$1,424

VW Beetle

$1,261

Subaru WRX

$1,442

Chevrolet Camaro

$1,462

Ford Mustang

$1,571

Nissan 370Z

$1,579

Mercedes C-Class

$1,633

Chevrolet Corvette

$1,680

Nissan GT-R

$2,520

Audi R8

$2,770

BMW i8

$2,810

Average Cost to Insure Convertibles

$1,873

What Is the Cheapest Convertible to Insure?

With an average annual premium of $1,261, the VW Beetle convertible is the cheapest car to insure, based on our data. This is based on the average rate for a 40-year-old male driver with a good driving record and good credit score. However, you may be able to find a cheaper insurer based on your car’s model, driving history, age and other circumstances.

How to Get the Cheapest Car Insurance for Convertibles

To find cheap car insurance for convertibles, you can shop around, find discounts or raise your deductible. However, it’s smart to strike a balance between the cost and service received, as better service can guarantee a smooth process while filing claims.

Although some of the best sports car insurance can also work for convertibles, not all convertibles are sports cars and it’s important to do your research.

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    Shop Around

    Comparing quotes from different providers is one of the best ways to find cheap insurance for your convertible. Providers weigh certain factors differently, which can affect your rate. Additionally, having several options can let you pick from not only the cheapest but the most beneficial policy as well.

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    Discounts

    Many insurers offer easy ways to get discounts. For instance, some of the easier ones to qualify for include bundling several policies, taking a safe driving course or insuring multiple vehicles.

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    Increase Deductibles

    The higher your deductible, the lower your premiums will be. However, just remember that your deductible is also the amount you'll be responsible for when filing a claim.

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MONEYGEEK EXPERT TIP

When looking for car insurance for your convertible, maintain a balance between quality service and affordable prices, as the cheapest policy is not always the best. Determine how much auto insurance you really need then research insurers who can provide the most affordable price with the ideal coverage and quality of service.

Why Are Convertibles More Expensive to Insure

Because convertibles are more expensive compared to the typical sedan or SUV, they cost more to insure. The market price of a car is a factor that insurers consider since it can determine the cost to repair it, the likelihood of theft and the speeding possibilities.

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    Vehicle Cost

    A high-cost convertible means it will be expensive to repair and replace, which means insurers will have to shell out more if you get into an accident. This possibility is factored into your premiums.

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    Easy Target of Theft

    Convertibles are attractive vehicles, making them theft targets. Additionally, the open design of a convertible makes it easier to steal the car or access items within it.

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    Repair Cost

    Convertibles are more expensive to repair because of the unique parts they may need, which may be costly and difficult to find.

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    Possible Weather Damage

    Since convertibles have soft parts, like their retractable roofs, they are more likely to be damaged in heavy weather. Repairing these parts may be costly.

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    Engine Size

    A convertible usually has a larger engine size and is more powerful. Usually, larger engines are faster and can make drivers more difficult to insure, as there is a higher risk of speeding.

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MONEYGEEK EXPERT TIP

Aside from the purchase cost of a car, auto insurers also consider your driving history, age, gender and credit score when determining your premium.

Frequently Asked Questions

To help you better understand car insurance for convertibles, we tackle a few of the most frequently asked questions below.

How much does auto insurance cost for convertibles?
Are convertibles more expensive to insure?
What is the cheapest convertible to insure?

About Mark Fitzpatrick

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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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