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 and has an undergraduate degree from Manhattan College in ...

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Content Writer & Entrepreneur Shuman Roy

Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP® Joel Ohman

UPDATED: Jun 6, 2022

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Here’s what you need to know…

  • Car insurance for convertibles is more expensive
  • Repairs are more expensive for convertibles
  • Convertibles are more easily stolen

Will the insurance cost of a convertible be higher than any other vehicle? Owning a convertible is cool, but being cool isn’t cheap.

Are insurance rates different by car? The short answer to this question is yes. In addition to normal factors like driver age, the car owner’s credit and driving histories, car insurance companies also look at other factors such as the type of car, the overall price of the convertible, the standard features that come with it, and the horsepower of the car in order to determine your insurance rates.

These factors can end up driving your rates through the roof. So is insurance higher on convertibles, and why? Convertibles can be expensive vehicles to own, but we’ll help you to better understand what goes into figuring out the price of coverage.

Understanding different insurance terms and types of insurance for your convertible will help you compare rates. That’s why we’ve also created a glossary of insurance terms.

Every company charges different rates for the same coverage. Shopping around is the only way to make sure you are getting the best deal out there. You want to make sure that you have an affordable insurance policy that will also keep your vehicle safe no matter what. Before learning more about if car insurance is higher on convertibles, compare convertible insurance today just by entering your ZIP code now.

What does the cost of insurance look like for convertibles? 

Thankfully, the many types of auto 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.

So, are convertibles safe? 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). Check out the comparison car insurance rates we have below for the Ford Mustang:

Annual Average Ford Mustang Car Insurance Rates: Hard Top vs. Convertible
StateHard Top Annual Average RatesCompared to U.S. AvgPercent DifferenceConvertible Average Annual Rates
New Hampshire$1,204-$462-27.70%$1,704
New Jersey$1,864$19811.90%$2,364
New Mexico$1,476-$190-11.40%$1,976
New York$1,756$905.40%$2,256
North Carolina$960-$706-42.40%$1,460
North Dakota$1,366-$300-18.00%$1,866
Rhode Island$2,226$56033.60%$2,726
South Carolina$1,512-$154-9.20%$2,012
South Dakota$1,408-$258-15.50%$1,908
West Virginia$1,528-$138-8.30%$2,028
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You can see rates are generally around $500 more for a convertible annually or roughly 30% of the cost of a hard top.

Let’s look at the factors that affect your car insurance rates for convertibles before making your purchase.

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Do expensive cars cost more to insure?

Is it expensive to insure a convertible? 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.

Convertibles are generally more expensive than their hardtop versions. Combining that with factors such as higher maintenance needs and being easier to steal, which means that insurance rates are generally higher for convertibles. 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.

According to the Insurance Institute for Highway Safety (IIHS),  convertibles are not more likely to be involved in an accident. However, the damage can be more severe because of the structure of the car.

Although basic liability insurance is required by most states according to, you will need more coverage for your convertible. You will want to consider adding coverages including different types of car insurance coverage, like collision and comprehensive, to help with expensive repair costs.

Let’s look at average annual rates for different levels of coverage to give you an idea of the price difference for low and high coverage.

Average Annual Car Insurance Rates by Coverage Level
CompaniesAverage Annual Rates
for Low Coverage
Average Annual Rates
for Medium Coverage
Average Annual Rates
for High Coverage
American Family$3,368.49$3,544.37$3,416.40
Liberty Mutual$5,805.75$6,058.57$6,356.04
State Farm$3,055.40$3,269.80$3,454.80
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Adding additional coverage can cost more upfront, but it will really pay off when you don’t have to pay as much out of pocket in the event of an accident or repairs.

Being that your convertible costs more to purchase and repair, your insurance rate will be higher than these average rates. Don’t expect to see double the insurance rate, 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. However, there are ways that you can bring your insurance cost down. A few of the discounts that may be available to you are:

Look into what sort of safety ratings your car has, and if you’re talking to an agent or looking online, drop your age and how long you’ve been driving too. Always tell the truth, but it’ll be easier to find lower rates if you have a good driving record. Make sure you check with your car insurance company to determine how many discounts you are eligible for; it will make a huge difference in your rates.

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Are convertibles easier to steal?

Comprehensive insurance coverage will cover you in the event your car is stolen or damaged. But does car insurance cover convertible tops? For example, if your convertible top is damaged in a hail storm, comprehensive will cover the cost of repairs.

There are places that allow you to order convertible replacement tops. According to Convertible Top Guys, convertible tops vary in fabric and quality. You will want the very best quality for your top to make sure you have no leaks.

And guess what? It’s easier to steal coupe convertible cars than hard-top versions, which means the insurance company incurs higher costs associated with convertibles being stolen. Insurance premiums are going to be higher for coupes because of the risk associated with owning them.

Since comprehensive coverage rates vary from state to state, let’s look at the cost by state. You can search for your state in the box below.

Average Annual Comprehensive Auto Insurance Rates by State
StatesAverage Annual Rates for Comprehensive Insurance
New Hampshire$103.03
Rhode Island$122.17
North Carolina$123.00
New Jersey$123.18
New York$156.66
South Carolina$165.38
New Mexico$166.89
West Virginia$195.04
North Dakota$227.64
South Dakota$228.59
District of Columbia$230.25
U.S. Average$138.87
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The average monthly rate to add comprehensive coverage is only about $12/mo. That is well worth the peace of mind knowing that your car is covered if it’s stolen or damaged.

What is the cheapest convertible to insure?

Even though you can expect your car insurance to be higher in a convertible, some of them are actually cheaper to insure than others.

Some of the less expensive convertibles to insure are the Jeep Wrangler, Fiat Spider, Mazda Miata MX5, Mini convertible, and the Chevy Camaro. The reasons these cars are cheaper include lower horsepower, lightweight build, and less equipment to repair or replace. Safety ratings are definitely a factor when it comes to figuring out how much it’ll cost to insure a vehicle.

The most expensive convertibles to insure are higher-end sports cars, like the Rolls-Royce Corniche, Lamborghini Murcielago LP650-4, and the Ferrari F430 Spider.

Just like with any other kind of car, your insurance rates will vary. You can still live your convertible dream at a reasonable rate if you choose a car that’s cheaper to insure.

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Are there pros & cons of owning a convertible? 

Is buying a convertible a good idea? That really depends on you. While there are certainly reasons why not to buy a convertible, there are advantages too.

What are the cons of buying a convertible?

Some concerns about buying a convertible are:

  • Insurance does cost more
  • Convertibles are more easily stolen, especially soft-top models
  • Safety can be a concern, especially in the event of a roll-over
  • Structural issues like more road noise and more susceptible to leaks
  • Interior maintenance can be expensive due to sun damage

Being aware of the disadvantages of convertible cars can help you be prepared for possible costs and repairs. A fabric roof is going to take a lot more damage than a hard top for instance, so you’ll have to plan for extra repairs if you plan on driving a lot.

What are the pros of buying a convertible?

There are some advantages to a convertible too:

  • Better visibility since there is less structure to the top of the vehicle
  • Better headroom
  • Versatile usage since you can leave the top up or down
  • Style

It really comes down to you as a driver. Since the average cost is going to be higher, the main reason to buy a convertible is simply that you enjoy the wind in your hair.

Since each car insurance company charges different rates for coverage, the best way to get the cheapest rates is to compare quotes. There are cheap auto insurance rates out there, and you might be able to snag a lower rate for the convertible than your old hard-top by finding an insurer with lower overall average rates.

Compare car insurance quotes today to get great coverage for your convertible. Enter your ZIP to get quotes now.

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Frequently Asked Questions: Is car insurance higher on convertibles?

We’ve gathered some of the more commonly asked questions about convertibles. Keep reading to find answers.

How do you wash a convertible car?

Generally, it is recommended that convertibles are hand-washed since the top can easily be damaged. It is not recommended to use a car wash.

How much does it cost to make a car a convertible?

You can make a normal car a convertible, but it will take quite a bit of money and hard work. Costs can range from $2,000-$50,000 depending on what is needed. Having a professional do the work is also recommended so that the structure of the car stays intact.