Fast Cars With Cheap Auto Insurance & How to Find Them
Compare Rates
Ensure you're getting the best rate. Review quotes from a top insurance company.
There’s a common belief that the faster your car is, the more you spend on coverage. Drivers younger than 25 typically pay higher premiums since insurers see them as risky, especially with a fast car.
However, it is possible to have fast cars with cheap insurance. Take the Jeep Grand Cherokee, for example. Although it’s a fast car, you don’t have to pay an extravagant amount for coverage.
Domestic cars built for speed are usually cheaper to insure than imports. Premiums for cars with anti-theft devices and high safety ratings are more affordable.
Table of Contents
- Cheap Auto Insurance for Fast Cars
- Why Insurance Costs More
- How to Get the Cheapest Rates
- Frequently Asked Questions
Usually, cars that can go from 0 to 60 mph in less than six seconds cost more to insure. However, you can find some fast cars in the market with cheap car insurance.
Key Takeaways
The common belief is the faster your car can run, the more expensive it is to insure. However, it’s possible to find inexpensive insurance for fast cars.
Fast cars typically have more expensive premiums because insurers consider them riskier. They’re more likely to be involved in accidents and have higher repair costs.
Car insurance for fast cars may be more expensive, but you can take advantage of discounts to lower it. Another strategy is to increase your deductible.
Fast Cars With the Cheapest Auto Insurance
MoneyGeek compared several fast cars with low insurance and found these topping the list:
- Dodge Challenger
- Dodge Charger
- Grand Jeep Cherokee
To determine these, we considered how much their annual car insurance premiums were relative to their capacity to accelerate from 0 to 60 mph.
You can use the table below to see how close the average annual premiums are to the national average of $1,424.
Annual Average Cost of Insurance for Fast Cars
Car Model | 0 - 60mph | Top Speed (mph) | Annual Average |
|---|---|---|---|
Tesla Model S | 1.99s | 200 | $2,402 |
Nissan GT-R | 3.3s | 205 | $2,520 |
Chevrolet Corvette | 2.8s | 194 | $1,680 |
Dodge Challenger | 3.6s | 203 | $1,567 |
Audi R8 | 3.5s | 200 | $2,770 |
Jeep Grand Cherokee | 3.5s | 180 | $1,238 |
Tesla Model Y | 3.5s | 155 | $2,878 |
Dodge Charger | 3.6s | 196 | $1,447 |
Tesla Model X | 3.8s | 163 | $2,368 |
BMW i8 | 4.2s | 155 | $2,810 |
Ford Mustang | 4.2s | 155 | $1,571 |
Ford F-150 | 4.0s | 120 | $1,184 |
Ram 2500 | 4.5s | 120 | $1,440 |
Ford Focus | 4.7s | 155 | $1,253 |
Audi A4 | 4.8s | 155 | $1,528 |
Hyundai Elantra | 5.1s | 140 | $1,282 |
Toyota Camry | 5.1s | 135 | $1,276 |
Ford Explorer | 6.0s | 143 | $1,228 |
Ford Taurus | 5.2s | 150 | $1,279 |
BMW 3 Series | 5.3s | 155 | $1,560 |
Chevy Silverado | 5.4s | 114 | $1,237 |
Chevrolet Cruze | 5.6s | 125 | $1,277 |
Nissan 350Z | 5.8s | 155 | $1,197 |
Toyota RAV4 | 5.7s | 114 | $1,181 |
Most people automatically think of sports cars when they think of fast cars. However, many domestic vehicles also fall under this category. They also can accelerate from 0 to 60 mph in under six seconds.
Fast Cars With Cheap Insurance for Young Drivers
The annual premium for young drivers is usually expensive because they’re riskier to insure. For example, a 16-year-old driving a Tesla Y can spend as much as $12,000 per year for coverage.
However, fast cars with cheap insurance for young drivers are available in the market, such as a Ford 150. The table below shows the comparison between different models.
Fast Cars Annual Average Premium by Age
Car Model | 16-Year-Old | 25-Year-Old | 40-Year-Old |
|---|---|---|---|
Tesla Model S | $10,050 | $2,848 | $2,402 |
Nissan GT-R | $10,545 | $2,988 | $2,520 |
Chevrolet Corvette | $7,028 | $1,991 | $1,680 |
Dodge Challenger | $6,559 | $1,858 | $1,567 |
Audi R8 | $11,590 | $3,284 | $2,770 |
Jeep Grand Cherokee | $5,179 | $1,467 | $1,238 |
Tesla Model Y | $12,043 | $3,412 | $2,878 |
Dodge Charger | $6,053 | $1,715 | $1,447 |
Tesla Model X | $9,907 | $2,807 | $2,368 |
BMW i8 | $11,754 | $3,331 | $2,810 |
Ford Mustang | $6,574 | $1,863 | $1,571 |
Ford F-150 | $4,954 | $1,404 | $1,184 |
Ram 2500 | $6,025 | $1,707 | $1,440 |
Ford Focus | $5,244 | $1,486 | $1,253 |
Audi A4 | $6,395 | $1,812 | $1,528 |
Hyundai Elantra | $5,363 | $1,520 | $1,282 |
Toyota Camry | $5,337 | $1,512 | $1,276 |
Ford Explorer | $5,137 | $1,456 | $1,228 |
Ford Taurus | $5,351 | $1,516 | $1,279 |
BMW 3 Series | $6,538 | $1,850 | $1,560 |
Chevy Silverado | $5,177 | $1,467 | $1,237 |
Chevrolet Cruze | $5,342 | $1,514 | $1,277 |
Nissan 350Z | $5,007 | $1,419 | $1,197 |
Toyota RAV4 | $4,940 | $1,404 | $1,181 |
Compare Auto Insurance Rates
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
Why Is Insurance More Expensive for Fast Cars?
Your car’s make and model are part of what car insurers consider when calculating auto insurance premiums. They see vehicles built to travel at high speed as riskier. You’re more likely to engage in dangerous driving behavior, such as speeding. Fast cars can also be more costly to replace if they’re damaged or stolen.
Why Fast Cars’ Insurance Is More Expensive
Faster Cars Can Get Into Accidents More
It’s more common for fast cars to be involved in crashes than slower ones. You’re more likely to exceed the allowable speed limit with a fast car. In 2020, 13% of accidents resulting in injuries or death involved speeding.
Higher Horsepower Can Lead to Speeding
Your car’s engine can produce more power within a given time if it has higher horsepower. More power also means more speed. Fast cars usually have more horsepower than slower ones, which causes drivers to go beyond the speed limit.
Expensive Repair and Replacement
Fast cars usually cost more than regular ones. They have specialized parts, which translates to higher repair costs. Insurers will also need to spend more if it’s considered a total loss. All these factors lead to a more expensive car insurance premium.
Increased Risk of Theft
Due to their value, you typically spend more on car insurance for fast cars. Higher value vehicles can be at risk of theft. These cars may be targeted in crimes, which could sometimes lead to injury or death.
How to Get the Cheapest Rates on Fast Cars
Shopping Around
A smart strategy is comparing car insurance quotes if you’re looking for more affordable rates. Premiums vary between providers because they use different quoting systems. Shopping around for estimates can help you find one with a better deal than others.
Installing Safety Features
Sometimes, having safety features such as anti-lock brakes or airbags can reduce your premium. However, your risk exposure also lowers if your car has parking sensors, adaptive cruise control or crash-resistant doors. These typically lead to more affordable car insurance.
Safe Driving Discount
Car insurance companies usually offer discounts to safe drivers. For example, you can reduce your premium by 22% with GEICO if you remain claim-free for five years. It’s best to ask your insurer about these since not all discounts are available in all states.
Telematics-Based Discount
Some providers offer a discount of up to 30% or 40% to drivers who participate in their telematics program. This involves installing a device in your car that tracks speed, acceleration and braking. It even notes whether you used your phone or not.
Defensive Driving Course
Completing a state-approved defensive driving course comes with several benefits. It can refresh you with techniques to help you avoid hazards on the road or qualify you for a lower car insurance premium.
Other Discounts
Your insurer may also offer discounts for other things. For example, Allstate offers a Smart Student Discount, available to full-time students who earn good grades. There are also discounts if you're a member of some groups. It’s best to talk to your provider to see what discounts are available to you.
Increase Deductibles
Another way to reduce your car insurance premium is to choose a higher deductible for your policy. However, remember that a deductible is the amount you’ll have to pay each time you file a claim before your policy kicks in. It’s best to consider that when deciding.
Auto insurance companies consider multiple factors when calculating premiums. Safety is always one of their priorities. Ensuring your and your passengers’ protection by being a safe driver can reduce your annual rate considerably.
Frequently Asked Questions
It's possible to find affordable insurance for fast cars. MoneyGeek answers commonly asked questions to help you find the best policy for your needs.
About Angelique Cruz
sources
- IIHS HLDI. "Speed." Accessed August 28, 2022.
- GEICO. "Car Insurance Discounts — Savings on Auto Insurance." Accessed August 28, 2022.
- Allstate. "Auto Insurance Discounts for Teen Drivers." Accessed August 28, 2022.