Talk about a hole in the pocket.
A research released by Insure.com confirms a well-known fact among auto insurers – large SUVs and high-performance sports cars are the cost the most to insure.
The research revealed that among the new car models introduced this year, the most expensive to insure is the latest version of Nissan GT-R. The Japanese supercar comes equipped with a 3.8-liter, twin-turbocharged V-6 engine and 485 horses galloping under the hood.
“GT-R owners who are young with less-than-spotless driving records could easily see their annual car-insurance premiums zoom to several thousand dollars,” the report said.
In the report, sports cars and the notoriously theft favorite Escalade were on top of the list for expensive insurance. “Sports cars dominate the ‘most-expensive’ roster, along with theft favorites such as the Cadillac Escalade,” it says.
The Escalade’s prohibitive price and its magnetic theft personality spell danger for many auto insurance providers.
Despite its reputation, the Escalade has managed to stay in the lower part of the 20-vehicle list prepared by the report. It managed to stay in the 17th position with an average annual insurance cost of $1,592. The GT-R costs around $2,533 to insure while the Dodge Viper averages at around $2,446.
On the other end of the spectrum, Korean carmaker Kia and its subsidiary Hyundai and their models remained at the lowest five places. The Hyundai Santa Fe, a crossover utility vehicle, costs only $832 to insure. The Korean cars also have smaller price tags compared to Japanese cars, a fact that is responsible for its low average annual insurance cost.
In the second to the last place of the list is the Kia Sportage SUV at $840. Hyundai’s Entourage and Kia’s Sedona minivans figured at $848 and $857 despite being practically identical. The two models share the same architecture.
Despite their low rankings, the Insurance Institute for Highway Safety said that the minivans were the safest models ever tested.
Three other minivans made it to the list: the Honda Odyssey, Chrysler Town & Country, and Dodge Grand Caravan, cost $871, $915 and $960 respectively.
In the seventh place is Smart’s ForTwo micro car which had an average insurance cost of $881. Despite its size, the car has earned top safety points for its unique “Tridion safety cell” feature.
Expensive SUVs like the Mercedes G-class, Hummer H2, Range Rover, and the BMW X6 are some of the most expensive vehicles to insure, according to the research conducted.