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Is Insurance Higher on Convertibles?

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Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001...

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Reviewed byJoel Ohman
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UPDATED: Mar 13, 2020

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convertible

Insurance Q&A: “Is insurance higher on convertibles?”

Owning a convertible is cool. But being cool isn’t cheap. Therefore, insurance for a convertible is more expensive than for a hard top.

Don’t blame us, blame the Fonz. We don’t make the rules, we simply report them.

The “Cool” Insurance Fee

Thankfully, insurance companies aren’t gouging you because they know they can, based on the “cool principle,” which is certainly the case with many other products we use (iPhone insurance), or because convertibles are inherently more dangerous.

It turns out new safety technology makes convertibles about as safe as their helmeted counterparts.

But there is a method to their madness (how car insurance rates are determined).

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Expensive Cars Cost More to Insure

If you decided you wanted a convertible prior to looking up the insurance costs, you’d notice the convertible model of the car costs more than the hard-top version.

Insurance rates for physical damage coverage on a car are based on the cost to repair that car in the event of a covered insurance claim.

Being that your convertible costs more to purchase and repair, your insurance rate will be higher. Don’t expect to see double the insurance premium, but expect it to cost more.

The higher the cost of the topless model, the higher the cost you can expect to insure it. There’s no way around it.

Convertibles Are Easier to Steal

Comprehensive insurance coverage will cover you in the event your car is stolen.

And guess what. It’s easier to steal a convertible than a hard-top, which means the insurance company incurs higher costs associated with convertibles being stolen.

This will add to your overall premium as well.

Get insurance quotes online or visit a local independent insurance agent to obtain quotes from multiple insurance companies before making your purchase.

You might be able to snag a lower premium for the convertible than you old hard-top by finding an insurer with lower overall rates.

(photo: liftarn)

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