Fast Cars With the Cheapest Insurance

Name: Fast Cars With Cheap Auto Insurance & How to Find Them
Item: Fast Cars With Cheap Auto Insurance & How to Find Them
Author: Mark Fitzpatrick

There’s a common belief that the faster your car is, the more you spend on coverage. Drivers younger than 25 typically pay higher premiums since insurers see them as risky, especially with a fast car.

However, it is possible to have fast cars with cheap insurance. Take the Jeep Grand Cherokee, for example. Although it’s a fast car, you don’t have to pay an extravagant amount for coverage.

Domestic cars built for speed are usually cheaper to insure than imports. Premiums for cars with anti-theft devices and high safety ratings are more affordable.

Cheap Auto Insurance for Fast Cars
Why Insurance Costs More
How to Get the Cheapest Rates
Frequently Asked Questions

Usually, cars that can go from 0 to 60 mph in less than six seconds cost more to insure. However, you can find some fast cars in the market with cheap car insurance.

Key Takeaways

The common belief is the faster your car can run, the more expensive it is to insure. However, it’s possible to find inexpensive insurance for fast cars.

Fast cars typically have more expensive premiums because insurers consider them riskier. They’re more likely to be involved in accidents and have higher repair costs.

Car insurance for fast cars may be more expensive, but you can take advantage of discounts to lower it. Another strategy is to increase your deductible.

Fast Cars With the Cheapest Auto Insurance

MoneyGeek compared several fast cars with low insurance and found these topping the list:

Dodge Challenger
Dodge Charger
Grand Jeep Cherokee

To determine these, we considered how much their annual car insurance premiums were relative to their capacity to accelerate from 0 to 60 mph.

You can use the table below to see how close the average annual premiums are to the national average of $1,424.

Annual Average Cost of Insurance for Fast Cars

Car Model	0 - 60mph	Top Speed (mph)	Annual Average
Tesla Model S	1.99s	200	$2,402
Nissan GT-R	3.3s	205	$2,520
Chevrolet Corvette	2.8s	194	$1,680
Dodge Challenger	3.6s	203	$1,567
Audi R8	3.5s	200	$2,770
Jeep Grand Cherokee	3.5s	180	$1,238
Tesla Model Y	3.5s	155	$2,878
Dodge Charger	3.6s	196	$1,447
Tesla Model X	3.8s	163	$2,368
BMW i8	4.2s	155	$2,810
Ford Mustang	4.2s	155	$1,571
Ford F-150	4.0s	120	$1,184
Ram 2500	4.5s	120	$1,440
Ford Focus	4.7s	155	$1,253
Audi A4	4.8s	155	$1,528
Hyundai Elantra	5.1s	140	$1,282
Toyota Camry	5.1s	135	$1,276
Ford Explorer	6.0s	143	$1,228
Ford Taurus	5.2s	150	$1,279
BMW 3 Series	5.3s	155	$1,560
Chevy Silverado	5.4s	114	$1,237
Chevrolet Cruze	5.6s	125	$1,277
Nissan 350Z	5.8s	155	$1,197
Toyota RAV4	5.7s	114	$1,181

Most people automatically think of sports cars when they think of fast cars. However, many domestic vehicles also fall under this category. They also can accelerate from 0 to 60 mph in under six seconds.

Fast Cars With Cheap Insurance for Young Drivers

The annual premium for young drivers is usually expensive because they’re riskier to insure. For example, a 16-year-old driving a Tesla Y can spend as much as $12,000 per year for coverage.

However, fast cars with cheap insurance for young drivers are available in the market, such as a Ford 150. The table below shows the comparison between different models.

Fast Cars Annual Average Premium by Age

Car Model	16-Year-Old	25-Year-Old	40-Year-Old
Tesla Model S	$10,050	$2,848	$2,402
Nissan GT-R	$10,545	$2,988	$2,520
Chevrolet Corvette	$7,028	$1,991	$1,680
Dodge Challenger	$6,559	$1,858	$1,567
Audi R8	$11,590	$3,284	$2,770
Jeep Grand Cherokee	$5,179	$1,467	$1,238
Tesla Model Y	$12,043	$3,412	$2,878
Dodge Charger	$6,053	$1,715	$1,447
Tesla Model X	$9,907	$2,807	$2,368
BMW i8	$11,754	$3,331	$2,810
Ford Mustang	$6,574	$1,863	$1,571
Ford F-150	$4,954	$1,404	$1,184
Ram 2500	$6,025	$1,707	$1,440
Ford Focus	$5,244	$1,486	$1,253
Audi A4	$6,395	$1,812	$1,528
Hyundai Elantra	$5,363	$1,520	$1,282
Toyota Camry	$5,337	$1,512	$1,276
Ford Explorer	$5,137	$1,456	$1,228
Ford Taurus	$5,351	$1,516	$1,279
BMW 3 Series	$6,538	$1,850	$1,560
Chevy Silverado	$5,177	$1,467	$1,237
Chevrolet Cruze	$5,342	$1,514	$1,277
Nissan 350Z	$5,007	$1,419	$1,197
Toyota RAV4	$4,940	$1,404	$1,181

Why Is Insurance More Expensive for Fast Cars?

Your car’s make and model are part of what car insurers consider when calculating auto insurance premiums. They see vehicles built to travel at high speed as riskier. You’re more likely to engage in dangerous driving behavior, such as speeding. Fast cars can also be more costly to replace if they’re damaged or stolen.

Why Fast Cars’ Insurance Is More Expensive

1
Faster Cars Can Get Into Accidents More
It’s more common for fast cars to be involved in crashes than slower ones. You’re more likely to exceed the allowable speed limit with a fast car. In 2020, 13% of accidents resulting in injuries or death involved speeding.
2
Higher Horsepower Can Lead to Speeding
Your car’s engine can produce more power within a given time if it has higher horsepower. More power also means more speed. Fast cars usually have more horsepower than slower ones, which causes drivers to go beyond the speed limit.
3
Expensive Repair and Replacement
Fast cars usually cost more than regular ones. They have specialized parts, which translates to higher repair costs. Insurers will also need to spend more if it’s considered a total loss. All these factors lead to a more expensive car insurance premium.
4
Increased Risk of Theft
Due to their value, you typically spend more on car insurance for fast cars. Higher value vehicles can be at risk of theft. These cars may be targeted in crimes, which could sometimes lead to injury or death.

How to Get the Cheapest Rates on Fast Cars

Shopping Around

A smart strategy is comparing car insurance quotes if you’re looking for more affordable rates. Premiums vary between providers because they use different quoting systems. Shopping around for estimates can help you find one with a better deal than others.

Installing Safety Features

Sometimes, having safety features such as anti-lock brakes or airbags can reduce your premium. However, your risk exposure also lowers if your car has parking sensors, adaptive cruise control or crash-resistant doors. These typically lead to more affordable car insurance.

Safe Driving Discount

Car insurance companies usually offer discounts to safe drivers. For example, you can reduce your premium by 22% with GEICO if you remain claim-free for five years. It’s best to ask your insurer about these since not all discounts are available in all states.

Telematics-Based Discount

Some providers offer a discount of up to 30% or 40% to drivers who participate in their telematics program. This involves installing a device in your car that tracks speed, acceleration and braking. It even notes whether you used your phone or not.

Defensive Driving Course

Completing a state-approved defensive driving course comes with several benefits. It can refresh you with techniques to help you avoid hazards on the road or qualify you for a lower car insurance premium.

Other Discounts

Your insurer may also offer discounts for other things. For example, Allstate offers a Smart Student Discount, available to full-time students who earn good grades. There are also discounts if you're a member of some groups. It’s best to talk to your provider to see what discounts are available to you.

Increase Deductibles

Another way to reduce your car insurance premium is to choose a higher deductible for your policy. However, remember that a deductible is the amount you’ll have to pay each time you file a claim before your policy kicks in. It’s best to consider that when deciding.

MONEYGEEK EXPERT TIP

Auto insurance companies consider multiple factors when calculating premiums. Safety is always one of their priorities. Ensuring your and your passengers’ protection by being a safe driver can reduce your annual rate considerably.

Frequently Asked Questions

It's possible to find affordable insurance for fast cars. MoneyGeek answers commonly asked questions to help you find the best policy for your needs.

What cars are fast with cheap insurance?

Several fast cars have low car insurance rates. Excellent examples are the Dodge Challenger, Dodge Charger and Jeep Grand Cherokee. All three can go from 0 to 60 mph in 3.5 seconds and have average annual premiums that aren’t too far from the national average of $1,424.

Why are fast cars more expensive to insure?

There are many reasons why fast cars usually have more expensive premiums. These include the following:

They’re more likely to be involved in accidents
They have high horsepower, which often leads to speeding
They’re more costly to repair or replace
They’re more likely to be stolen

Can I get cheaper insurance with a fast car?

Yes. You can reduce your insurance premium even if you drive a fast car. You can take advantage of discounts, opt for a higher deductible or participate in a telematics program.

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.

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sources

IIHS HLDI. "Speed." Accessed October 25, 2024.
GEICO. "Car Insurance Discounts — Savings on Auto Insurance." Accessed October 25, 2024.

Fast Cars With Cheap Auto Insurance & How to Find Them

Table of Contents

Key Takeaways

Fast Cars With the Cheapest Auto Insurance

Annual Average Cost of Insurance for Fast Cars

Fast Cars With Cheap Insurance for Young Drivers

Fast Cars Annual Average Premium by Age

Compare Auto Insurance Rates

Why Is Insurance More Expensive for Fast Cars?

Why Fast Cars’ Insurance Is More Expensive

Faster Cars Can Get Into Accidents More

Higher Horsepower Can Lead to Speeding

Expensive Repair and Replacement

Increased Risk of Theft

How to Get the Cheapest Rates on Fast Cars

Frequently Asked Questions

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