Are Convertibles More Expensive to Insure?

With their sleek styling and open-air freedom, convertibles hold an undeniable appeal for drivers seeking fun on the open road. But are the thrills of driving a convertible worth the cost when it comes to insurance? Statistics show that insurance premiums for convertibles run higher than standard hardtop vehicles, leaving some would-be ragtop owners to ponder whether the enhanced driving experience justifies the expense. This article will explore the key factors that push convertible insurance costs upward and provide tips for securing coverage at a reasonable rate.

Soft top convertible cars are more complex to repair and less prone to vandalizing and thefts. Plus convertibles are often pretty expensive high performance cars, that are naturally cost more to insure compared to regular cars.

Understanding the Basics

Convertibles tend to cost more to insure than standard cars for a few key reasons:

  • They have a higher base price – More expensive cars mean higher insurance premiums to cover potential repairs or replacement. Convertibles start more expensive right off the dealer lot.
  • They incur costlier repairs – Their convertible tops and complex mechanisms, plus vulnerability in accidents means repairs run higher than basic coupes.
  • They attract more thieves – Easy to break into soft tops make convertibles a target for thieves seeking to strip or steal them.

Higher risk equals higher premiums to cover anticipated losses by insurers. But not all convertibles have sky-high premiums. Understanding what determines rates can provide valuable insight.

FactorImpact on Premiums
Car ValueMajor – More expensive cars mean higher premiums
Repair CostsMajor – Complex convertible tops and mechanisms mean pricier fixes
Theft RiskModerate – Easy access via soft tops increases likelihood of theft

Factors Making Convertibles Expensive to Insure

While convertibles may share higher average insurance costs overall compared to standard cars, many variables determine an individual owner’s rates. Key influencing factors include:

The High Purchase Price of Convertibles

  • Convertibles range from around $25,000 into the $200,000+ range, with most models starting above the average vehicle price.
  • Higher sticker prices drive up insurance costs – pricier cars mean bigger potential losses for insurers.
  • Luxury models like Mercedes, Lexus, and BMW often come with leather interior, premium sound systems and other high-end appointments also factoring into replacement costs.

The Cost of Repairs for Convertibles

  • Complex convertible top mechanisms with motors, sensors and coil-over supports mean higher repair bills.
  • Vulnerability in accidents adds to body repair costs with potential top and interior damage.
  • Many owners opt for OEM parts to retain integrity of mechanisms, shying from cheaper aftermarket parts.

The Increased Likelihood of Theft for Convertibles

  • Easy access via soft convertible tops allows thieves to slice through material to gain entry.
  • Once inside, stripping interiors, sound systems bring quick cash for criminals.
  • Limited security measures mean some models particularly vulnerable – older convertibles lack even basic alarms.
  • Newer models offer immobilizers, GPS tracking, and other antitheft tech to thwart criminals.

* Based on the National Insurance Crime Bureau (NICB) data analyzed by Zebra, convertible cars DON’T belong to TOP 15 most stolen cars in the USA.

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The Cost of Insuring Convertibles

While many factors impact individual rates, statistics show convertibles typically cost more to insure than average vehicles. Understanding average premiums helps set expectations.

  • Average annual premiums for convertibles run around $1,900 – over $300 higher than average cars.
  • Luxury models like Mercedes SL, Porsche 911, and Jaguar F-Type see averages over $4,000.
  • Factors like location and driver history can cause quotes to vary widely.
Car TypeAverage Annual Premium
Mainstream Convertible$1,875
Luxury Convertible$4,115
Average Car$1,567

Insurers set higher base rates for convertibles, but specific models hold lower or higher risk profiles based on:

  • Safety features – Advanced systems like automatic emergency braking and adaptive cruise control can lower premiums.
  • Antitheft tech – Alarms, immobilizers and tracking devices deter theft – a major claims risk.
  • Performance specs – More powerful engines in sports models lead to higher crash rates so higher premiums.

Ways to Lower Insurance Costs for Convertibles

While convertibles cost more to insure, savvy owners can offset the higher rates through smart shopping and policy adjustments:

See Also
Can You Put a Convertible Top Up While Driving?

Shopping Around for Insurance Quotes

  • Compare quotes from at least 5 insurers to find best rate.
  • Local independent agents may access specialty carriers catering to collector or luxury vehicles for competitive pricing.

Taking Advantage of Insurance Discounts

  • Snag savings via antitheft devices, bundled policies, good driver discounts, and premium pay plans.
  • Defensive driver courses, low mileage use, auto club memberships can also score discounts.
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Making an Informed Decision

Balancing the thrill of convertible ownership against higher insurance costs comes down to shopping smart. While premiums exceed average vehicle rates, understanding factors that determine pricing allows informed buying. Perusing multiple quotes rather than settling for the first offer allows securing optimal rates. For convertible lovers, the extra effort pays off literally in savings and figuratively in satisfying wind-in-your-hair motoring.

Modern Studies

Look up more statistic data in convertible car related studies and researches in our special feature. Here you’ll find the recent information on safety, production numbers, drivers demographics, and impact on our emotional state: Beyond the Buzz: Facts, Studies & Researches About Convertibles


While insurance premiums undoubtedly run higher for coveted convertibles, understanding the factors driving the increased costs allows owners to secure optimal rates. By shopping quotes thoroughly, bundling policies, and adjusting deductibles or coverage, significant savings can be found to offset the spike. For devoted ragtop fans, the windblown rewards of dropping the top make navigation of the insurance maze well worth the effort. And with proper maintenance care for the delicate convertible top mechanisms, these special vehicles deliver miles of breezy motoring. Be sure to check out our other resources on convertible maintenance procedures and responsible usage tips to keep your droptop in peak condition season after season.

View Comment (1)
  • Can confirm my ’68 Mustang convertible is murder on insurance! Premiums make me cry every renewal even with max deductible. 😭

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