Do Convertibles Really Have Higher Car Insurance Rates?

Car insurance for convertibles costs an average of $1,873 per year, according to MoneyGeek’s data. However, rates can change depending on the model. For instance, car insurance for Chevy Camaros cost $1,462 on average per year, while BMW i8s cost $2,810. Even though some cars may cost more to insure, there are still some things you can do to get a better deal.

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeeks Head of Insurance. He has been studying the insurance market for more than five years, doing his own research and making content that is specific to each type of buyer. He has been quoted in several insurance-related publications, including [CNBC](https://www. cnbc. com/2020/04/15/cant-keep-up-with-insurance-premiums-heres-what-to-do. html), [NBC News](https://www. nbcnews. com/business/autos/flooded-cars-are-problem-their-owners-future-car-buyers-n1278493) and [Mashable](https://mashable. com/article/tesla-insurance-rates). A bachelor’s degree from Boston College and a master’s degree in economics and international relations from Johns Hopkins University are what Fitzpatrick has to offer. He really wants to use his knowledge of insurance and economics to make financial topics clearer and help people feel good about the choices they make with their money.

With a TEFL (Teaching English as a Foreign Language) certificate, Amy Wilder used to be a Content Editor at MoneyGeek. She has been a writer and editor for more than 15 years, working for newspapers, magazines, blogs, and other types of content. Wilder has masters degrees in liberal arts and Eastern Classics from St. Johns College. She earned her visual culture degree from the University of Central Missouri.

No matter what kind of car you have, the average national cost of auto insurance is $1,424 per year. That’s $449 less than the average cost to insure a convertible. This is for a policy with 100/300/100 liability insurance and comprehensive and collision coverage.

But the real cost of convertible car insurance will depend on a lot of things, like the driver’s history, age, where they live, and their credit score. To find the cheapest rates, convertible drivers can compare quotes, find discounts or increase their deductibles.

Buying a sleek stylish convertible is a dream for many drivers who love the freedom of open-air driving. But one thing that can put a damper on your drop top dreams is the potential for higher car insurance rates. You may have heard that convertibles cost significantly more to insure compared to regular cars. But is this really true in today’s market? Or is it an outdated assumption?

In this article we’ll break down the typical insurance rates for convertibles versus other vehicles. You’ll learn how insurers calculate premiums and the specific factors that cause convertibles to potentially have higher average quotes. We’ll also provide tips to find affordable coverage so you can cruise around town with the top down without breaking the bank.

Why Convertibles May Have Higher Insurance Rates

There are a few important considerations that cause convertibles to frequently end up in higher-risk insurance pricing tiers:

Higher Purchase Price: In general, more expensive vehicles cost more to insure because repairs and replacement costs are higher. Convertibles often have significantly higher sticker prices and MSRPs than their fixed-roof equivalents. This translates into higher premiums to cover the increased potential value of claims.
Performance Styling: Many convertibles are designed with sporty, high-powered styling. Sports cars tend to have more expensive parts, higher theft rates, and drivers who aggressive driving habits. Insurers categorize them as higher-risk, which results in increased premiums.
Soft Tops Are Easier to Break Into: Thieves can more easily slash soft tops to gain access inside and steal belongings or the car itself. While modern security features help prevent this, some insurers still view convertibles as having higher theft risk.
Increased Repair Costs: The complex convertible top mechanism is expensive to replace if damaged. Premiums may be higher to account for potentially higher repair bills compared to basic hardtops.
Limited Demographic Appeal: Convertibles tend to attract younger drivers, who pay higher base rates due to lack of experience. They may also appeal to wealthier demographics with higher-priced vehicles. Both categories mean increased risk and premiums for insurers.

So while the type of vehicle plays a role, your personal factors make the biggest impact on your actual rates.

Key Factors That Determine Your Premiums

The specifics of your policy and background – not simply having a convertible – are what truly determine your insurance costs. Key considerations that affect your quotes include:

Driving Record: A clean record with no accidents, speeding tickets, DUIs, etc. will earn you the lowest rates. Just one incident will drive your premiums up.
Location: Insurance costs more in dense, urban areas due to traffic and crime rates. Even neighborhoods within a city can impact premiums.
Coverage Limits: Lower liability limits or higher deductibles reduce the potential value of claims for insurers, lowering your costs.
Usage: Driving long daily commutes increases risk versus occasional weekend cruising.
Vehicle Use: Insuring a convertible as your primary vehicle costs more than weekend-only secondary car status.
Credit History: Better credit earns lower premiums in most states where it’s a rating factor. Poor credit means higher insurance rates.
Safety Features: Advanced driver aids like collision avoidance tech can slightly improve premiums. But these are rare on convertibles currently.
Anti-Theft: Modern security systems, VIN etching, wheel locks and alarms can significantly reduce comprehensive coverage costs.
Age: Teen and elderly drivers pay the most due to higher accident rates. Middle-aged drivers get the lowest rates.
Gender: Statistically men have more accidents, violations, and claims, resulting in higher premiums, especially for younger drivers.

So while convertibles face some general assumptions by insurers, your personal details are far more important in determining costs.

Tips to Reduce Convertible Insurance Premiums

Don’t let stereotypes about convertibles being universally expensive to insure stop you from getting the drop top you want. There are several smart ways to find affordable coverage:

Compare Quotes – Get personalized quotes from multiple insurers to find the best rate for your specific situation. Avoid general assumptions.
Review Discounts – Ask about all possible discounts you may qualify for like multi-policy, safe driver, bundled coverage and more.
Raise Deductibles – Accept higher collision and comprehensive deductibles to significantly lower premiums.
Limit Use – List your convertible as a pleasure-only weekend car if it’s not your primary vehicle. Reduce mileage.
Improve Credit – Insurers favor good credit history. Pay down debts and dispute errors to boost your score before getting quotes.
Add Safety Features – Consider adding advanced driver aids to improve premiums. Also install anti-theft deterrents.
Analyze Needs – Work with an agent or broker to review your coverage needs and optimize policies by eliminating unneeded overlaps.
Ask About Pay-Per-Mile – See if insurers offer pay-as-you-go mileage programs to save if you drive minimal miles.

The bottom line is there are ways to find affordable convertible insurance – you just need to research options and utilize available discounts.

The Truth on Convertible Insurance Costs

So do convertibles really have universally higher car insurance rates? The short answer is – it depends. There are certainly some risk factors that may predispose convertibles to increased premiums. But there are no hard and fast rules.

A 30-year old driver with a perfect driving record may pay only marginally higher premiums for a convertible versus a standard coupe. But a teenage driver insuring a $70,000 luxury convertible as their primary car will undoubtedly face sky-high rates.

Insurance costs ultimately come down to your personal situation. The vehicle is just one piece of the puzzle used to calculate premiums. Demographics, history, usage, location and choices of coverage limits play pivotal roles as well.

It’s also important to periodically reassess your policies. Changes in your life or driving habits can unlock new savings opportunities. Don’t let outdated rate assumptions keep you from cruising around in your dream convertible. With smart research and shopping, adequate yet affordable coverage is within your reach.

Smooth Sailing With the Right Insurance

Owning a convertible is an attainable goal when you have proper insurance protection. Work with an experienced independent agent or broker to compare quotes from multiple insurers. This saves you time while ensuring you get the right coverage at the best rate.

They can guide you through discount opportunities, policy customization and more. This takes the guesswork and stress out of getting protected. Soon you’ll be driving with the top down and peace of mind, thanks to an insurance policy tailored specifically for your convertible.

do convertibles have higher insurance

How Much Is Car Insurance for Convertibles?

Because of how much they cost and how much it costs to fix them, convertibles are more expensive to insure than other types of cars. For convertibles, the average cost of car insurance is $1,873 per year, which is $449 more than the average cost of car insurance across the country.

What Is the Cheapest Convertible to Insure?

Based on our data, the VW Beetle convertible has the lowest average annual premium at $1,261. The rate shown is based on the typical rate for a 40-year-old male driver with a smooth credit history. You might be able to find a cheaper insurance company, though, depending on the type of car you have, how well you drive, your age, and other factors.

Four things you must know before buying a convertible

FAQ

What is the downside of convertibles?

Additional maintenance: Convertible tops have more moving parts, which means they may be more prone to wear and tear and will likely require more maintenance than fixed roofs. This may be especially true with soft-top convertibles, as fabric or vinyl have a higher potential to sustain damage than hardtop roofs.

Are convertibles safe in crashes?

Accidents Rates for Convertibles The Insurance Institute for Highway Safety (IIHS) reports that convertible cars are involved in six percent few accidents per miles driven, with a lower driver fatality rate of 11 percent. The owners of convertibles are generally safe drivers.

Does insurance cover convertible tops?

If you have full coverage the insurance will pay to replace your convertible top, less your deductible. * However a convertible top is considered a wear item, meaning that every year older the top is, it is worth less (prorated).

Do convertibles cost more to insure?

The insurance rate for a convertible may be higher for physical damage coverage than an equivalent vehicle with a hard top. The cost of insurance for a convertible car may come down to their higher purchase price, as well as convertibles’ greater vulnerability to theft.

Why are convertible car insurance rates so high?

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.

Does car insurance cover a convertible?

Typically, yes. The Truth About Insurance states, “Insurance is higher on convertibles. Convertible car insurance rates average at $206 per month, which is 30% higher than the standard rate for a hard-top sedan.” On top of this, roadsters are more costly to repair, so keep that in mind.

Why is a convertible more expensive to insure than a hardtop?

Convertibles are almost always more expensive to insure than a hardtop for several different reasons: Cost of the car: Droptops tend to be more expensive than hardtops, and the purchase price of a car can significantly impact insurance costs.