Most and least expensive convertibles to insure

Convertible cars offer a unique driving experience, combining the thrill of open-air travel with the luxury and performance often associated with these vehicles. But insuring a convertible isn’t cheap; the average annual cost of a full-coverage policy is $2,305. Depending on the vehicle you own – particularly a luxury model like an Audi, BMW, or Porsche – you could pay hundreds if not thousands more for coverage due to their high-performance capabilities and costly replacement parts.

Read on to learn more about which convertibles are the cheapest and most expensive to insure.

How much does it cost to insure a convertible?

According to our data, insuring a convertible costs an average of $3,408 a year or $254 per month. That’s considerably more expensive than insuring a sedan like a Honda Accord, which averages $1,895 annually. Convertibles also often have a higher purchase price and increased repair or replacement costs. Their open design also makes them more vulnerable to theft, especially when the top is down.

Insurance premiums can vary based on numerous factors, including your driving history, where you live, and the specific make and model of the convertible. To get the most affordable rates, make sure you compare quotes from multiple insurance companies for the same coverage limits. 

Why convertibles cost more to insure

Convertibles are almost always more expensive to insure than a hardtop for several different reasons:

• Purchase price. Droptops tend to be more expensive than hardtops, which can significantly impact insurance costs. “The price of the car itself can be a major rate factor, as are repair costs,” says Loretta Worters, vice president of media relations for the Insurance Information Institute (Triple-I), an industry research and education organization.

• Repair costs. Convertibles are mechanically complex vehicles that can be costly to repair, making them more expensive to insure. Consider the components required to raise and lower a power convertible top — parts that a fixed-roof vehicle doesn’t require. In addition, manufacturers build far fewer droptops, making replacement parts harder to come by and more costly to purchase.

• Weather damage. A convertible top – especially a soft top – increases your risk of weather damage. A tear in the roof or broken seal can result in water damage from heavy rain, leading to an insurance claim.

• Theft risk. Insurers also consider theft rates when determining premiums, and convertibles are more vulnerable to theft than other vehicles. “If it’s a soft top, it’s very easy to break in and steal the car,” says Worters. “In fact, convertibles are consistently listed among the most stolen cars in the U.S. and are a constant target for thieves simply because it’s easier to break into them.”

• Big engines. Many convertibles are equipped with large, powerful engines that deliver enhanced performance. For example, the Audi R8 Spyder has a V10 engine that produces a blistering 562 horsepower. Those high-performance engines can tempt drivers to push the limits of safe driving and increase the risk of an accident or a traffic violation.

Insurance providers have varying rates and discounts. Comparing quotes from multiple insurers can help find more competitive rates.

Most affordable convertibles to insure

Mini Coopers are the cheapest convertible to insure at an average annual cost of $1,953 a year or $163 per month. Below, you’ll find the most affordable convertibles to insure, along with their average annual and monthly insurance rates.

2023 Mini Cooper

Average annual insurance cost: $1,953

With an annual premium of $1,953, the Mini Cooper took the No. 1 spot on our list of the least expensive convertibles to insure.  The entry-level Classic trim level starts at $28,400.

The baseline 1.5-liter inline three-cylinder engine only produces 134 horsepower, which insurers like. That, along with standard safety features such as an accident avoidance system, electronic traction and stability control, anti-lock brakes, and emergency braking assist, makes the Cooper very cheap to insure.

“The Mini Cooper has rock-bottom theft rates, often making least-stolen car lists, which is a big reason it is so affordable to insure,” says Chris Riley, founder of Gearheads.org, which is now part of Autowise.com, an enthusiast website.

2023 Chevrolet Camaro 3LT

Average annual insurance cost: $2,114

The Chevrolet Camaro 3LT claims the No. 2 spot on our list of the cheapest convertibles to insure. It is $161 more expensive to insure than the cheapest car on our list. The 2.0-liter turbocharged four-cylinder engine produces 275 horsepower, significantly more than the 2023 Mini Cooper. The 3LT model starts at around $36,475. 

2023 Ford Mustang Ecoboost

Average annual insurance cost: $2,225

This American muscle car classic wrings a whopping 310 horsepower from its 16-valve, 2.3-liter four-cylinder EcoBoost engine. While the price tag is significantly less than the Camaro, starting at $33,270, the Ford Mustang is still more expensive to purchase and insure than the 2023 Mini Cooper.

2023 Chevrolet Camaro LT1

Average annual insurance cost: $2,251

The 2023 Chevrolet Camaro LT1 is a high-performance version of this General Motors classic sports car. It boasts a 6.2-liter V-8 engine that delivers an impressive 455 horsepower, coupled to a standard six-speed manual transmission for an engaging driving experience.  That muscular performance comes at a cost, though, with a starting price of $42,400.

2023 Chevrolet Camaro 1SS

Average annual insurance cost: $2,366

The 2023 Chevrolet Camaro 1SS is a performance-oriented sports car that combines classic muscle car aesthetics with modern engineering. Like the Camaro LT1, it has a powerful 6.2-liter, 16-valve V-8 engine with 455 horsepower and a six-speed manual transmission. Unlike its slightly cheaper sibling, the 1SS offers more performance-oriented options, like an upgraded braking system. Its starting price is $45,900.

Most expensive convertibles to insure

The 2023 Audi R8 Performance Spyder is the most expensive convertible to insure, costing an average of $5,452 a year or $454 per month. Other expensive convertibles include the BMW M8 ($4,971 a year) and the Porsche 911 Turbo ($4,564 annually). 

These rates may vary based on your driving history, location, and age, among other factors. Compare quotes from multiple insurers to find the best deal for your convertible. 

2023 Audi R8 Performance Spyder

Average annual insurance cost:  $5,452

The 2023 Audi R8 Performance Spyder is the pinnacle of Audi’s supercar lineup. It features a potent 5.2-liter V-10 engine that delivers up to 602 horsepower, enabling the R8 to sprint from 0 to 60 mph in an estimated 3.3 seconds. The R8 has a seven-speed dual-clutch automatic transmission and four-wheel-drive. But that performance could cost $225,000 or more.

2023 BMW M8

Average annual insurance cost:  $4,971

The 2023 BMW M8 is powered by a 4.4-liter turbocharged V-8 engine that generates an impressive 617 horsepower. This potent engine propels the M8 from 0 to 60 mph in about three seconds. The M8 boasts an excellent suite of advanced driver aids and a near state-of-the-art virtual voice assistant that rivals Mercedes-Benz’s popular MBUX system. It retails for about $143,000.

2023 Audi R8 Spyder

Average annual insurance cost:  $4,811

This version of the Audi R8 has a 5.2-liter V-10 engine like its sibling, the Performance Spyder. However, this model’s engine is slightly less powerful, producing 562 horsepower. It has a seven-speed automatic transmission and rear-wheel drive rather than all-wheel drive like the Performance. The Audi R8 Spyder retails for about $174,000

2023 BMW M850i xDrive

Average annual insurance cost:  $4,584

The 2023 BMW 8 Series exemplifies luxury and performance, offering a range of models, including the 840i, 840i xDrive, and M850i xDrive, each available in coupe and convertible body styles. The M850i xDrive Convertible, for instance, features a 4.4-liter V-8 engine producing 523 horsepower and 553 lb-ft of torque. This model costs an estimated $112,100.

2023 Porsche 911 Turbo

Average annual insurance cost:  $4,565

The 2023 Porsche 911 Turbo has a 3.7-liter twin-turbocharged flat-six engine that delivers 379 horsepower and 331 lb-ft of torque, ensuring rapid acceleration and dynamic responsiveness. Paired with an eight-speed dual-clutch automatic transmission and rear-wheel drive, it offers exceptional handling and stability. This model costs about $118,000.

Essential tips for insuring your new convertible

Insuring a new convertible can be more costly than insuring a standard vehicle. Here are some tips to help you insure your new convertible while potentially saving money:

• Shop around for quotes. Rates can vary significantly between insurance companies. Get quotes from at least three providers to find the best coverage at the most competitive price. Be sure you’re comparing policies with the same coverage amounts and levels to get an accurate comparison.
• Get adequate coverage. Every state except New Hampshire requires drivers to obtain a minimal amount of liability coverage. But it’s rarely enough to cover the costs of a serious at-fault accident. Given the amount of money you’ve likely invested in a convertible, you’ll want to add comprehensive and collision coverage to protect your investment should it be damaged in an accident. If you’ve leased or financed your vehicle, your financing agency will likely require you to get gap insurance, which bridges the gap between the car’s actual cash value and the amount you owe on your loan if the car is totaled.
• Ask about discounts. Insurers offer dozens of ways to save, and getting all the discounts you qualify for can help lower your insurance costs. Bundling your auto and home policies with the same insurer will always result in savings, making it a good place to start saving. A convertible is unlikely to be your daily commuter car, so you may be able to take advantage of a low-mileage discount, too.

The bottom line

When it comes to insuring convertibles, the cost can vary significantly. The Mini Cooper is the least expensive vehicle in our analysis, with an average annual insurance cost of $1,953. On the other hand, the Audi R8 Performance Spyder is the most expensive, with a yearly insurance cost of $5,452. Factors such as the car’s market value, its make and model year, and standard safety features all play a role in determining insurance premiums, with high-performance vehicles often commanding a much higher average insurance premium than a less powerful model.

Resources & methodology

Methodology

Insure.com commissioned Quadrant Information Services to get car insurance rates for convertibles. The rates are based on the sample profile of a 40-year-old male with a clean driving record and good insurance score carrying a full coverage policy with limits of 100/300/100 and a $500 collision/comprehensive deductible. To evaluate the premiums, we compared 28,561,720 insurance quotes for 1,439 makes and models from 58 national and regional car insurance companies across 510 ZIP codes.