The Most Expensive Cars To Insure In Australia

When it comes to car insurance in Australia, some vehicles come with jaw-dropping premiums that can make your wallet wince. If you’re on the lookout for a new car,  understanding the most expensive cars to insure can give you an understanding of insurance rates, and what factors play into these hefty premiums.

Ever wondered why your friend's sleek, high-performance sports car costs a fortune to insure? Or why does that luxury SUV, despite its safety features, seem to carry an insurance cost that could fund a small holiday?

Buckle up and join us as we take a tour through the list of the most expensive cars to insure in Australia. 

What’s Inside? 

• What Makes Car Insurance Expensive? 
• The Most Expensive Cars To Insure
  • Luxury Cars
  • Electric Cars
  • Large SUVs and Off-Roaders
  • Dual Cab Utes
• Should I Ditch My Dream Car?
• The Call Is Yours To Make!

What Makes Car Insurance Expensive? 

While car insurance is crucial to your car-buying journey, it doesn't come off cheap. Later, you'll see the most expensive cars to insure, but why is car insurance expensive?

Cost to Repair or Replace

Insurers love a car that's easy and affordable to fix. Its opposite are the luxury vehicles and high-performance cars. They often have specialised parts and require more expensive repairs, making them more expensive to insure.

Theft Rates

Cars that are popular targets for thieves are a risk for insurers. If they anticipate having to pay out a lot of theft claims, they'll raise the premium to cover those costs. 

Performance Power

Speedy engines and lightning acceleration? That sounds great from a car buyer's perspective, but these same features scream 'higher risk' to insurers, as statistically, they're more likely to be involved in accidents.

Safety Features

While advanced safety features can sometimes lower your rate, extensive technology like parking assistance or lane departure warnings can be expensive to replace after a collision, pushing the premium up.

The Most Expensive Cars To Insure in Australia

We've meticulously gathered a list of the most expensive cars to insure in Australia, and we're ready to dive into the details. From luxurious sedans to high-performance dual-cab utes, each vehicle on this list demands a premium when it comes to insurance. Why do these particular cars take such a hefty bite out of your wallet?

Luxury Cars

Owning a luxury car in Australia is a dream for many. These vehicles top the competition with their high-end features and technology. But that dream can come with a rude awakening because these qualities make them one of the most expensive cars to insure. 

High-End Technology

Luxury cars boast cutting-edge technology, high-performance engines, and lavish interiors. All this translates to expensive parts. 

A minor fender bender in a Bentley could require replacing a custom-made hood or a complex engine component. In contrast, a similar repair on a more common car might involve readily available parts.  

This scarcity and complexity drive repair costs through the roof, and insurers factor that into your premium.

Target For Theft

As we've mentioned, luxury cars are attractive to thieves. Their high value and cachet make them prime targets for organised crime rings or joyriders. This pushes insurers to raise premiums to offset the potential payouts, thus making them one of the most expensive cars to insure. 

Advanced Security Systems

Many luxury cars have sophisticated security systems. While these deter theft attempts, they can also be expensive to repair or replace if damaged during a break-in attempt.  The result? Higher premium from your insurer. 

Electric Cars

Electric vehicles (EVs) are rapidly gaining popularity in Australia, promising a greener and more sustainable driving experience. However, it can be dampened by the reality that they’re one of the most expensive cars to insure. 

While not always the case, EVs can sometimes be more expensive to insure than traditional gasoline-powered cars. Let's see why it's one of the most expensive cars to insure. 

Battery Pack

The most significant factor is the battery pack.  EV batteries are complex and expensive to replace, ranging from $4,000 to a whopping $20,000 depending on the make and model. Even minor battery damage can lead to a significant repair bill, which insurers factor into your premium.

Specialised Repairs

If the high-tech features of EVs make it worth buying, maybe think again. 

Its high-voltage components and unique technology require specialised training and equipment for repairs. The limited number of mechanics qualified to work on EVs can make repairs more expensive and time-consuming, impacting insurance costs.

Limited Supply For Parts

The EV market is still relatively new, and the supply chain for parts can be limited.  This affects wait times for repairs, pushing up costs and potentially leading to higher premiums.

New Territory For Insurers

Insurers rely on historical data to assess risk and calculate premiums. Since EVs are a relatively new technology, there's less data available on repair costs and claims compared to traditional gasoline cars. This lack of data can lead to higher premiums as insurers account for potential unknowns.

Large SUVs and Off-Roaders

Large SUVs and off-roaders offer a sense of adventure, the capability to handle diverse terrains and plenty of space for passengers and cargo. 

But that love comes with a price tag, especially on the insurance side. Here's a breakdown of why they're one of the most expensive cars to insure.

More Mass, More Damage

Large SUVs and off-roaders simply weigh more than your average sedan.  In a collision, their greater mass can cause more significant damage to other vehicles and property.  To ensure safety, insurers will collect higher premiums for your offroader. 

Higher Likelihood of Injury

The increased height of these vehicles can put occupants of smaller cars at a disadvantage in an accident.  The potential for serious injuries in such collisions can lead insurers to raise premiums to account for the risk of larger payouts.

Off-Roading Adventure

Off-road enthusiasts often take their vehicles on rough terrain, increasing the likelihood of damage from rocks, uneven surfaces, or potential rollovers.  This higher risk of damage due to the intended use of the vehicle can be factored into your premium.

Specialised Repairs

Off-roading damage might require repairs beyond the expertise of a regular mechanic. Specialised parts and mechanics qualified for off-road repairs can add to the cost, impacting your insurance premium.

Dual Cab Utes

Yes, even the popular dual-cab utes can't escape the curse of being one of the most expensive cars to insure. While they're the perfect blend of utility and comfort, it also makes insuring them costly. These things factor into its insurance premium. 

High Demand, High Risk

Dual-cab utes are undeniably popular among Australian drivers, making them a prime target for thieves. Their versatility and resale value attract criminals, leading insurers to anticipate a higher chance of theft claims.  To offset this risk, they raise premiums for these vehicles.

Workhorse Vulnerability

Utes are often left parked unattended at construction sites or worksites, increasing their vulnerability to theft.  This higher risk of theft compared to cars typically parked in driveways or garages translates to a higher insurance cost.

Wear and Tear

Dual-cab utes are designed for tough jobs.  They are used for towing trailers, hauling heavy loads, or navigating rough terrain.  These activities contribute to wear and tear, something that makes it one of the most expensive cars to insure. 

Off-Roading Risks

Many ute owners enjoy venturing off the beaten path.  But off-roading can expose the vehicle to unique risks like collisions with rocks, rollovers, or undercarriage damage.  The potential for expensive repairs due to off-road use can be factored into your insurance premium.

Should I Ditch My Dream Car? 

The high cost of comprehensive car insurance shouldn't be the sole reason to ditch your dream car. If you've always wanted a specific car and can comfortably afford the insurance on top of the car payment and maintenance, then go for it! It doesn’t matter if it’s one of the most expensive cars to insure. 

However, it's important to be realistic. If insurance costs would significantly strain your budget, it might be wise to consider other options.  Think about how often you'll use the features that contribute to the high premium. 

Ready to drive one of the most expensive cars to insure in Australia?

Ultimately, the decision to own a car that ranks among the most expensive cars to insure comes down to your personal preference, lifestyle and needs. Weigh the pros and cons carefully.  Consider your budget and how important the features of the car are to you.  Shop around and compare quotes from different insurers to see if you can find a more affordable rate. 

There might be discounts available for safety features, good driving records, or limited use of features that drive up the cost.

Remember, Motor Matcher can help you find your dream car, and can also connect you with insurance comparison quotes.  So you can explore all your options and make an informed decision that puts you behind the wheel of the perfect car without blowing your budget on insurance.