The 10 most expensive 2002 cars to insure
That hot new car you've been eyeing will cost you some cold hard cash to insure. If the thought of cruising in a rugged 2002 Mitsubishi Montero Sport sends thrills down your spine, get ready for some eye-popping statistics. This car ranks as the most expensive vehicle to insure, according to the top auto insurers in the country.
And before you dream of letting your hair blow in the wind while driving a 2002 Chevy Corvette convertible, make sure you shop around for insurance rates. It is the second most expensive car to insure.
The 10 most expensive 2002 vehicles to insure are:
1. Mitsubishi Montero Sport
2. Chevrolet Corvette Convertible 3. Lexus GS 430
4. Cadillac Escalade
5. BMW 7 Series 6. Honda Civic Coupe
7. Chevrolet Corvette Coupe
8. Mitsubishi Mirage Coupe
9. Toyota 4Runner
10. BMW 5 Series
While cars like Porsches, Ferraris, and Lamborghinis are also incredibly expensive to insure, they don't factor into this compilation because they are limited-production cars and therefore don't generate enough claims data to make the list.
The 2002 Montero Sport isn't costly to insure because it's expensive to buy. It's because it has the highest number of claims for injury, collision, and theft. Its rollover rating is a dismal two stars out of five from the National Highway Traffic Safety Administration, meaning there is a 30 to 40 percent chance of rolling over in a one-car accident.
The car you buy makes a huge difference in how much you pay for insurance. For instance, in San Diego, Calif., according to the California Department of Insurance, a 25-year-old male can get liability and collision auto insurance on a mid-size sedan for about $2,000. For the same male, the average annual insurance bill for an SUV such as a Montero Sport increases to $2,800, or 40 percent higher.
Drivers may be surprised to find their Honda Civic in the top 10, but Hondas such as the Civic and the Accord are repeatedly high on the theft list, since parts are so valuable on the street, thus pushing premiums up.
BMWs make the list because they are initially expensive to buy and just as expensive to repair. "People who buy cars like this don't buy them to drive them 55 miles per hour," says Donald Griffin of the National Association of Independent Insurers. "So when they have accidents, the repairs are usually much more extensive and costly."
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