Average Cost of Car Insurance for Convertibles & How to Get the Cheapest 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. The cost of insuring some cars may be higher, but there are still a few things you can do to get a cheaper rate.

By Mark Fitzpatrick

Edited by Amy Wilder

Updated: October 25, 2024

Advertising & Editorial Disclosure

The average national cost of auto insurance, regardless of your car, is $1,424 per year — which is $449 cheaper than the average cost to insure convertibles. This is for a policy with 100/300/100 liability insurance and comprehensive and collision coverage.

However, the actual cost of car insurance for convertibles will depend on many other factors, such as the driver’s history, age, location and credit score. To find the cheapest rates, convertible drivers can compare quotes, find discounts or increase their deductibles.

How Much It Costs
How to Get the Cheapest Insurance
Why Is It More Expensive
Frequently Asked Questions

Key Takeaways

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.

You can save on auto insurance for convertibles by comparing quotes, getting discounts or increasing your deductible.

How Much Is Car Insurance for Convertibles?

Convertibles, compared to other cars, are more expensive to insure thanks to their actual cost and overall repair costs. The average cost of car insurance for convertibles is $1,873 per year, which is $449 more than the national average cost to insure a car.

Average Car Insurance for a Convertible Vs. Standard Car

Convertibles

Convertible’s Annual Average

$1,873

Standard Cars

Standard Car’s Annual Average

$1,424

Based on our data, premiums for convertibles on average are $449 more expensive than the national average for car insurance:$449 saved

This is 24% less expensive.

The cost of car insurance for convertibles can also change based on the model, since the market price and cost to repair can vary. For instance, the BMW i8 costs an average of $2,810 per year to insure, which is $1,549 more than the average cost to insure a VW Beetle.

Average Cost of Car Insurance for Convertibles Based on Make and Model

Model	Average
Average Auto Insurance	$1,424
VW Beetle	$1,261
Subaru WRX	$1,442
Chevrolet Camaro	$1,462
Ford Mustang	$1,571
Nissan 370Z	$1,579
Mercedes C-Class	$1,633
Chevrolet Corvette	$1,680
Nissan GT-R	$2,520
Audi R8	$2,770
BMW i8	$2,810
Average Cost to Insure Convertibles	$1,873

What Is the Cheapest Convertible to Insure?

With an average annual premium of $1,261, the VW Beetle convertible is the cheapest car to insure, based on our data. This is based on the average rate for a 40-year-old male driver with a good driving record and good credit score. However, you may be able to find a cheaper insurer based on your car’s model, driving history, age and other circumstances.

How to Get the Cheapest Car Insurance for Convertibles

To find cheap car insurance for convertibles, you can shop around, find discounts or raise your deductible. However, it’s smart to strike a balance between the cost and service received, as better service can guarantee a smooth process while filing claims.

Although some of the best sports car insurance can also work for convertibles, not all convertibles are sports cars and it’s important to do your research.

Shop Around

Comparing quotes from different providers is one of the best ways to find cheap insurance for your convertible. Providers weigh certain factors differently, which can affect your rate. Additionally, having several options can let you pick from not only the cheapest but the most beneficial policy as well.

Discounts

Many insurers offer easy ways to get discounts. For instance, some of the easier ones to qualify for include bundling several policies, taking a safe driving course or insuring multiple vehicles.

Increase Deductibles

The higher your deductible, the lower your premiums will be. However, just remember that your deductible is also the amount you'll be responsible for when filing a claim.

MONEYGEEK EXPERT TIP

When looking for car insurance for your convertible, maintain a balance between quality service and affordable prices, as the cheapest policy is not always the best. Determine how much auto insurance you really need then research insurers who can provide the most affordable price with the ideal coverage and quality of service.

Why Are Convertibles More Expensive to Insure

Because convertibles are more expensive compared to the typical sedan or SUV, they cost more to insure. The market price of a car is a factor that insurers consider since it can determine the cost to repair it, the likelihood of theft and the speeding possibilities.

Vehicle Cost

A high-cost convertible means it will be expensive to repair and replace, which means insurers will have to shell out more if you get into an accident. This possibility is factored into your premiums.

Easy Target of Theft

Convertibles are attractive vehicles, making them theft targets. Additionally, the open design of a convertible makes it easier to steal the car or access items within it.

Repair Cost

Convertibles are more expensive to repair because of the unique parts they may need, which may be costly and difficult to find.

Possible Weather Damage

Since convertibles have soft parts, like their retractable roofs, they are more likely to be damaged in heavy weather. Repairing these parts may be costly.

Engine Size

A convertible usually has a larger engine size and is more powerful. Usually, larger engines are faster and can make drivers more difficult to insure, as there is a higher risk of speeding.

MONEYGEEK EXPERT TIP

Aside from the purchase cost of a car, auto insurers also consider your driving history, age, gender and credit score when determining your premium.

Frequently Asked Questions

To help you better understand car insurance for convertibles, we tackle a few of the most frequently asked questions below.

How much does auto insurance cost for convertibles?

The cost to insure a convertible stands at an average of $1,873 per year. However, this can change based on your convertible’s model, your driving history, age, location and credit score.

Are convertibles more expensive to insure?

Generally, yes, convertibles are more expensive to insure compared to standard vehicles, but the cost can depend on your car’s model and other factors. Convertible insurance is often more expensive, however, due to the high cost of a convertible, the cost to repair it and the likelihood of a driver speeding.

What is the cheapest convertible to insure?

Based on our data, the Volkswagen Beetle is the most affordable convertible to insure, with a policy costing an average of $1,261 per year.

About Mark Fitzpatrick

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

Read Full Bio »