Do Convertibles Cost More to Insure?

Last Updated on August 13, 2020

For true auto enthusiasts, getting a convertible is a dream come true. They look luxurious and allow you to enjoy nice warm weather while you are driving. However, before you purchase a convertible, you’ll need to look into what it costs to maintain the car, and that includes insurance. Generally, convertibles cost more to insure than other types of cars. Here’s everything you need to know about auto insurance for convertibles before purchasing one of these stunning cars.

Why Does Insurance for Convertibles Cost More?

Do Convertibles Cost More to Insure?There are a few reasons why convertibles are more expensive to insure. Being informed about convertible insurance policies before you go shopping can help you make the best decision for your budget.

  • The most common and straightforward reason your car insurance will go up when you buy a convertible is that they are typically more expensive. The price of your car insurance is directly related to the value of your car, so if you buy an expensive convertible, you can expect a correlating price jump in your insurance. This is particularly true if you buy a convertible sports car that has more power and speed. Not only does this inherently increase the value of your car, but many insurance companies will make the assumption that a car that goes faster has a higher chance of getting in an accident.
  • Convertibles are often considered to be more prone to vandalism and theft than closed-top cars. If they have a soft top, there’s always the chance that someone could cut into your convertible and steal it or your personal belongings. Insurance companies like to safeguard themselves against this possibility by charging you more for your premiums.
  • Some convertibles are heavier than the equivalent closed-top car, which can also affect insurance premiums. Some companies factor in the weight of the car when calculating premiums.

How to Get Lower Insurance Rates on Your Convertible

Yes, convertibles can be very expensive, but there are still some strategies you can use to save money on your insurance costs. Just because you are investing in a convertible doesn’t mean you should be forced to pay unreasonably high rates. Here are some ways you can save money on insurance for your convertible.

  • Shop around before committing to an insurance company. Rates can vary widely depending on which company you are working with. If you’ve only used national insurers in the past, try looking at a local or regional carrier, and vice versa. Insurance companies want your business, so be sure to make it clear that you’re looking around. They might be willing to offer you a deal or discount in an effort to bring you on as a customer.
  • Look for a smaller car with less horsepower. If you are more into the look of a convertible than the performance power, this is a great way to save a bit of money while still driving in style. Smaller, lighter convertibles typically don’t cost as much to insure, because insurance companies will often assume that they can’t be used to drive as recklessly.
  • Make sure your car’s security features are kept up to date. If your convertible is outfitted with technology that could prevent it from being stolen or damaged, your insurance company will likely consider it less risky and lower your insurance prices accordingly.
  • Drive safely. Insurance companies like to reward drivers who have a good record, and they will often give you a discount if you’ve proven yourself to be a safe driver over the years.
  • Increase the deductible on your insurance policy. This is an easy trick to lower your monthly premiums on any car, not just a convertible. A higher deductible means you will pay more out of pocket if you do experience an accident and need coverage, so you are taking a risk. However, your monthly premiums will go down, so it can be worth it if you are a safe driver and saving money is your biggest concern.
  • Bundle your convertible insurance with insurance for other cars or even other types of insurance, like home or life insurance. Many companies offer discounts for customers who buy multiple types of insurance at once. Ask your insurance agent to see what sort of deals they have running – you might be surprised by what sort of discounts you are eligible for.

Final Word – Are Convertibles More Expensive to Insure?

Yes, convertible insurance is more expensive than insurance for a hard top car. However, that doesn’t mean you should skimp on coverage for your vehicle. Talk to your insurance agent to make sure you have full coverage for your new convertible so that you’re protected in the event of a collision, theft, or any other damage to your vehicle. Having full coverage will ensure you have peace of mind, particularly for a car that’s such a big investment.

James Shaffer
James Shaffer James Shaffer is a writer for and a well-seasoned auto insurance industry veteran. He has a deep knowledge of insurance rules and regulations and is passionate about helping drivers save money on auto insurance. He is responsible for researching and writing about anything auto insurance-related. He holds a bachelor's degree from Bentley University and his work has been quoted by NBC News, CNN, and The Washington Post.
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