Most and least expensive convertibles to insure

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Convertibles are among the pricier cars to insure, averaging $4,071 a year, or $339 a month — well above the $2,804 you’d pay for a sedan like the Honda Accord. Higher purchase prices, costly repairs, and greater theft risk all push the rate up, especially on soft-top models that are easier to break into. But the range is wide, and the car you pick matters as much as the category. A Mazda MX-5 Miata averages just $2,438 a year, while a BMW M8 runs $6,345.

That variation in rates is exactly why it pays to shop. Rates for the same convertible vary widely between insurers, so comparing quotes from at least three companies—and pricing insurance before you buy, since some models cost far more than others—is the surest way to land a lower rate.

How much does it cost to insure a convertible?

Insuring a convertible costs an average of $4,071 a year, or about $339 a month, though the specific model drives that figure up or down by thousands. The cheapest convertible to insure is the Mazda MX-5 Miata at $2,438 a year, while the most expensive is the BMW M8 at $6,345. 

Insurance providers have varying rates and discounts, so comparing quotes from multiple insurers can help you find more competitive rates.

The table below shows average annual and monthly premiums across popular convertibles, ranked from most to least affordable.

Most affordable convertibles to insure

The Mazda MX-5 Miata is the cheapest convertible to insure, averaging $2,438 a year, or $203 a month. Here are the five most affordable convertibles to insure:

Most expensive convertibles to insure

The BMW M8 is the most expensive convertible to insure, averaging $6,345 a year, or $529 a month. Here are the five priciest convertibles to insure:

Why do convertibles cost more to insure?

Convertibles cost more to insure than hardtops because of their higher purchase price, more costly repairs, greater weather exposure, higher theft risk, and powerful engines. Insurers price in all of these factors when setting your premium.

Here’s a closer look at what drives the cost up:

• Purchase price: Convertibles tend to cost more than hardtops to begin with, and a pricier car usually means a pricier policy. “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. 
• Repair costs: Convertibles are mechanically complex, with extra parts needed to raise and lower the top that a fixed-roof car simply doesn’t have. Since fewer convertibles are built each year, replacement parts can also be harder to find and more expensive to buy.
• Weather exposure: A convertible top, especially a soft top, is more vulnerable to weather damage. A tear or broken seal can let in water during heavy rain, leading to a costly claim.
• Theft risk: “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.”
• Engine performance: Many convertibles come with large, powerful engines built for performance. That extra horsepower can tempt drivers to push the limits, raising the odds of an accident or a ticket.

How can you save money on insurance for a convertible?

You can save money on convertible insurance by comparing quotes, bundling policies, raising your deductible, and asking about discounts like low-mileage savings.

Here are a few ways to bring your costs down:

• Shop around for quotes: Rates can vary significantly between insurers, so get quotes from at least three providers. Make sure you’re comparing the same coverage amounts and levels across each one for an accurate comparison.
• Get adequate coverage: Every state except New Hampshire requires a minimum level of liability coverage, but that’s rarely enough for a serious at-fault accident. Given how much you’ve invested in your convertible, comprehensive and collision coverage can help protect it.
• Bundle your policies: Combining your auto and home insurance with the same provider is one of the easiest ways to save.
• Raise your deductible: A higher deductible usually lowers your monthly premium, as long as you can cover that cost out of pocket if needed.
• Ask about discounts: Depending on whether a convertible is your daily car, you may qualify for a low-mileage discount. It’s worth asking your insurer about every discount you might be eligible for.
• Consider insurance costs before buying: If you’re still shopping for a convertible, get an insurance quote before you commit — some models cost significantly more to insure than others.

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What coverage do you need for a convertible?

Every state except New Hampshire requires liability coverage, but liability alone won’t repair or replace your convertible after an accident, theft, or weather damage. Given the higher purchase price and repair costs, full coverage — adding comprehensive and collision — is the right call for most convertible owners, especially on a newer or financed car.

Comprehensive matters more for convertibles than for the average vehicle, since it covers theft and weather damage, the two risks these cars are most exposed to. If you’re financing or leasing, your lender will require both comprehensive and collision anyway.

Gap insurance is worth a close look too. Convertibles often depreciate faster and hold less resale value than hard-tops, so if yours is totaled early in a loan, you could owe thousands more than the insurance payout. Gap insurance covers that difference. This makes it a smart addition for anyone who financed a convertible with a small down payment.

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, driving 10,000 miles a year with a 12-mile commute. To evaluate the premiums, we compared 15,534,318,960 insurance quotes across 1,549 makes and models from 174 companies and 77 company groups, spanning all 51 states, 29,159 cities, and 34,595 ZIP codes. The national average premium is $3,037 a year.

Alisha Ambre

 

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Alisha Ambre holds a Bachelor of Arts with honours in English Literature and Media Studies. She focuses on crafting clear, engaging content that makes complex information feel practical and approachable for everyday readers. When she’s not writing, she’s likely on the volleyball court or immersed in a good video game.