By Erin Bendig
Published 11 April 2024
Did you splurge and buy your dream car after retirement, or opt for something more practical to save some cash? You may be surprised at what vehicles are considered “status symbols” and how people react to them on the road.
As you might predict, the most high-status cars around the country are expensive, according to a new survey from Tinting Chicago. The hefty purchase price of one of these vehicles also comes with higher car insurance costs. For instance, the average monthly cost to insure a Mercedes Benz is $283, or about $94 more than insuring a Subaru. If you are in the market for an upscale car, we’ve matched each car brand in the report to the average insurance cost to help with your car shopping.
Want to look like you have champagne taste but only have beer bottle pockets? Several car models that are at least slightly more affordable—not classified as luxury vehicles—still impress people. Moreover, respondents surprised researchers by craving “dream cars” that didn’t necessarily have luxury prices.
Most Impressive Car Makes
Most Impressive Cars: The survey found these to be the car brands that individuals in each state are most impressed with. Here are the results:
- Porsche
- Ferrari
- Mercedes-Benz
- Lamborghini
- Bentley
- Tesla
- Maserati
Luxury Look-Alikes: Here are the non-luxury car makes that individuals think look impressive according to the survey.
- Acura
- Volvo
- Jeep
- Toyota
- Volkswagen
- Buick
- Chevrolet
- Mazda
- Ford
- Subaru
How People Feel About Luxury Cars
Respondents noticed a few high-status cars on the road more than others. The top three “most visible” car brands were BMW, Mercedes Benz, and Porsche, according to the study.
Luxury cars tend to evoke strong emotions in the general public. Almost a third of those surveyed judged people for driving a high-status car—either positively or negatively. The survey also found that when these cars are on the road, they change driving habits; over a quarter of people drive more cautiously around high-status vehicles.
Researcher Matthew Zajechowski with North Star Inbound notes, “Our survey found that almost a third of Americans judge people for driving a high-status car, and more than a quarter report driving more cautiously around high-status cars. This indicates a hint of jealousy when people have something nicer or more expensive.” This reaction could explain why several of the most popular “dream cars” found in the study originated from more affordable brands, like Ford, Toyota, and Chevrolet.
Most Popular Dream Cars
- Ford
- Toyota
- Tesla
- Chevrolet
- Jeep
- Mercedes-Benz
- Porsche
- Honda
- BMW
- Lamborghini
Insuring a High-End Vehicle
Aside from a vehicle’s sticker price, it is essential to factor in how much car insurance will cost when budgeting for your dream ride. Ted Olsen, Vice President at Goosehead Insurance, shares several factors that can cause car insurance premiums to vary significantly between luxury cars and standard cars:
- Vehicle Value: Luxury vehicles typically have higher values, resulting in higher premiums.
- Repair Costs: Luxury cars often come with specialized parts and advanced technology, increasing repair costs.
- Safety Features: Although luxury cars have advanced safety features that can lower some premiums, the overall cost usually outweighs these benefits.
- Driver Profile: Factors like age, driving record, credit score, location, and vehicle usage can influence premiums.
- Theft and Vandalism: Due to their higher value, luxury cars are often targeted, which leads to higher insurance rates.
Bearing in mind these factors, insurance prices between vehicles can differ significantly for the same individual. Olsen advises that individuals should shop around for their car insurance to find the best coverage at the best price.
‘It’s beneficial to contact an agent who can search the market for you and find the best fit, regardless of the type of vehicle you purchase,” concludes Olsen.
According to Cassie Sheets, Data Journalist at Insurify, full-coverage insurance for luxury brand vehicles costs on average $264 per month, which is 16% more than the average cost to insure a non-luxury vehicle ($227 per month). She shares the following popular car makes along with their average monthly cost of full coverage insurance (for vehicle model years >= 2015):
- Mercedes Benz: $283
- Infiniti: $281
- Tesla: $275
- BMW: $273
- Porsche: $262
- Audi: $257
- Cadillac: $256
- Lexus: $245
- Nissan: $236
- Acura: $233
- Hyundai: $230
- KIA: $230
- Lincoln: $228
- Chevrolet: $227
- Toyota: $227
- Honda: $225
- Ford: $223
- Mazda: $209
- Subaru: $189
“Owners of luxury brand vehicles will want to ensure they have a full-coverage policy,” Sheets advises. “Liability coverage doesn’t provide adequate protection for luxury vehicles, even if they are driven infrequently.”
You can explore options for car insurance rates to find the best deals suitable for your needs.
