Most Expensive Cars to Insure: Lexus IS 300

You might think that the car insurance premiums for a vehicle depend primarily on the cost of repairs. Though this is one important factor, it's not the only one. The kinds of drivers that own the car and how fast the vehicle is driven also play a major role in determining your car insurance rates. This is why even modestly-priced vehicles can cost a bundle to insure. When shopping for a new vehicle, many consumers fail to factor insurance costs into their decision. As a result, they could end up with an affordable car that is unaffordable to drive. The Lexus IS 300 could very well be one of those vehicles. This car ranked sixth on the list of the top ten costliest cars to insure, according to the Highway Loss Data Institute. We'll try to make sense of this ranking for you in what follows.

Background on the IS 300

You probably already realize that the Lexus IS 300 is a high-end vehicle, but you might not know that it is also considered a high-performance vehicle. This proves to be a very expensive combination as far as insurance costs go. Here are a few features of the IS 300 that aren't good news for insurance adjusters:

• 215 horsepower, V6 engine
• 0-60 mph in 7.0 seconds (manual)
• Top speed of 143 mph
• Marketed as a luxury performance vehicle
• Starting price of over $30,000

When Performance Meets Premiums

Performance cars are not a favorite of auto insurance companies. These cars tend to be driven faster and more recklessly than other vehicles. In addition, the drivers of such vehicles tend to take more risks and get into more collisions than other drivers. On top of that, the Lexus IS 300 is a luxury vehicle, which means it costs a pretty penny to repair. Combine all of these features, and you get one of the most expensive cars to insure. Insurers base your premiums on risk, and, in their eyes, the Lexus IS 300 is full of it.

Statistically, the car is more likely to be involved in an accident and is also more likely to be involved in serious accidents. All of this spells risk for the insurer, which means there's a good chance they will have to pay out on a claim you make. Given that the car is not cheap to fix or replace, they don't want to do this. To offset the risk they take in issuing coverage on the IS 300, they raise premiums, almost to unaffordable rates for many.