The Top 10 Most Expensive Convertibles to Insure

With summer just around the corner, now is the time of year when convertibles are traditionally at their most popular. However, with the cost of insurance continuing to spiral out of control this is becoming a very costly extravagance.

This has been seen in the surge in number of motorists looking for cheap car insurance deals with moneysupermarket.com, who are keen to point out that the increased insurance costs don't automatically mean that all convertible cars should be avoided. However, perhaps the following convertibles should, as they are the ten most expensive to insure:

10. Mercedes Benz SLK

Insurance Group: 16 Insurance cost for 22 year old: $4,200

The new Mercedes Benz SLK roadster which has been launched this year is the third generation version of the model and comes with a much improved and luxurious interior. That gives owners all the more reason to remember to put the roof down if it starts to rain.

On top of that, the general performance has been improved thanks to a brand new chassis design which has not only made the handling more responsive but also made the ride much more comfortable. The power output has not been compromised by these changes, but the 5.5 litre V8 engine has resulted in the SLK being ranked in insurance group 16 out of 20. This means that a 22 year old driver who has five years experience on the road would struggle to get insurance for less than $4,200.

9. Jaguar XKR

Insurance Group: 20 Insurance cost for 22 year old: $4,950

The new Jaguar XKR has a much smaller engine than the SLK, with a 4.2 litre V8 fitted underneath its light weight body work. However, this doesn’t mean that the performance is any less impressive, with the XKR devastatingly quick and being far more attractive on the outside in the opinion of many enthusiasts.

However, there are flaws such as the massively high running costs which are not helped by the model being classed in insurance group 20 which is the highest possible grouping. This means that the same 22 year old driver would be unlikely to get insurance for less than $4,950.

8. Aston Martin DB9

Insurance Group: 20 Insurance cost for 22 year old: $8,250

The Aston Martin DB9 is world famous for its stunning looks and has been the star of many of the latest Bond films. The performance of the model is equally as impressive, with stunning handling and a powerful 6 litre V12 engine which sounds beautiful.

All of this means that the convertible DB9 is another occupant of the insurance group 20 club. However, due to its high initial price tag of $200,000, that 22 year old driver would struggle to get insurance for less than $8,250.

7. BMW M6

Insurance Group: 20 Insurance cost for 22 year old: $8,550

The BMW M6 convertible costs $142,000 to buy from new, which is substantially less than the Aston Martin DB9. However, this doesn’t mean that performance is compromised with the M6’s 5 litre V10 engine having been based on the German manufacturers Formula One power plants in years gone by.

The company have managed to maintain this level of performance without compromising practicality, as it is far more accommodating to every day use than any high performance convertible has any right in being. The high performance of the M6 and stereotyping of BMW car owners means that it will cost that 22 year old about $300 more to insure than the Aston.

6. Ferrari F430 Spider

Insurance Group: N Insurance cost for 22 year old: $9000

The Ferrari F430 Spider in actually classed in insurance group N which basically means that it is officially off the scale. This is due to the fact that it is a track car with performance the only real consideration. The 4.3 litre V8 engine can propel the ultra light weight chassis to 60 mph in about 4 seconds and it has a top speed of about 193mph.

This comes at a price as the car costs over $220,000 to buy initially and its high insurance group rating means that that 22 year old would be forking out over $9,000 per year for insurance.

5. Bentley Continental Supersports

Insurance Group: 20 Insurance cost for 22 year old: $16,500

Unlike the F430, the Bentley Continental is classed in insurance group 20, but the insurance is actually more expensive. The main reason for this is the stereotyping insurers have done when calculating premiums for drivers of this vehicle. It is a car which Jeremy Clarkson described as the ideal vehicle for Footballers, which means a price tag of $215,000 and looks which are ideal for ‘cruising’.

The chassis’s massive frame means that performance and speed are not its selling point, with Bentley’s attentions having been predominantly focused on luxury. All of this means that insurance for the 22 year old motorist (which probably fits the profile of most Footballers) is unlikely to be found for less than $16,500. However, this is likely to be an expense that Bentley owners will hardly notice going out of their bank account.

4. Lamborghini Murcielago LP650-4 Roadster

Insurance Group: 20 Insurance cost for 22 year old: over $16,500

The Lamborghini Murcielago is also classed in insurance group 20 but the insurance is even more expensive. There are two reasons for this, the first being that it costs $370,000 to buy initially. Any insurer which would have to recoup those costs in the event of a claim would be crying all the way to the garage.

The second reason for the higher insurance premiums is its remarkable performance, with the 6.2 litre V12 capable of over 200mph which places it into a special area of risk in the eyes of insurers. Both of these factors mean that a 22 year old motorist would again be unlikely to get insurance for less than $16,500.

3. Rolls-Royce Corniche

Insurance Group: 20 Insurance cost for 22 year old: over $16,500

We have now entered the realm of the insurance group 20 models where the only differentiation is the vehicle value. This single statistic determines how much of an impact a claim from the owner of the vehicle would have on the insurance company’s end of year profits.

The Rolls-Royce Corniche is a collectible classic which warrants an even higher price tag than that of the Murcielago, meaning that insurance premiums will be larger.

2. Rolls-Royce Phantom Drophead Coupe

Insurance Group: 20 Insurance cost for 22 year old: over $16,500

The Phantom Drophead is the contemporary version of the Corniche, with the 6.8 litre V8 hauling around the $410,000 six speed chassis which weighs 5,478 pound to 60mph in six seconds. Despite this weight, it has a top speed of 150mph and looks rather sporty. Insurance cost should be similar to that of its older sister.

1. Bentley Azure T

Insurance Group: 20 Insurance cost for 22 year old: over $16,500 if you are lucky

The Bentley Azure T is the kind of car international politicians and multi-billionaire businessmen will driver around in, which warrants a price tag of $520,000. A massive engine is needed in order to haul around these massive egos, which warrants the 6.75 litre twin turbo V8 motor.

Like with the Continental, Bentley has not predominantly aimed for high performance, with the 2.7 ton chassis only capable of doing 0-60 mph in 5.9 seconds. However, the massive initial price tag, obscene engine size and fuel consumption means that the 22 year old motorist would again struggle to get insurance for less than $16,500, with the Azure costing slightly more on account of its high initial price tag which would make the insurer even more upset in the event of a claim. In fact, only one insurer was willing to cover an Azure owner when a search was conducted demonstrating the high risk nature of the vehicle.