Most Expensive Cars to Insure: Mitsubishi Lancer Evolution

The Mitsubishi Lancer Evolution has carved out a niche for itself as an affordable performance car. With an MSRP of just over $30,000, the car offers sleek styling and a powerful engine at a very reasonable price. However, the actual price of a vehicle is only one factor that influences the cost of ownership. When you look at the total cost of ownership, the Lancer Evolution is anything but affordable. But if the car is so cheap, why is it so expensive to drive? The answer is simple: the Mitsubishi Lancer Evolution ranked #1 on the list of the most expensive vehicles to insure according to the Highway Loss Data Institute. Thus, the cost of buying a Lancer might not be prohibitive, but the cost of actually driving one might be enough to break your budget. In this post, we'll explain why insurers charge so much for coverage of the Lancer Evolution.

What's So Bad about the Lancer?

So why do insurers pick on the drivers of the Lancer? Premiums are based on one thing: statistical risk. If statistical data for the Lancer indicate that it is at a higher risk for collision, then you can count on the fact that your premiums will be higher. It's all about the numbers. Even though the following features may seem like selling points to you, insurers see them as red flags:

• Goes 0-60 mph in 4.9 seconds (2008 model year)
• Packs 291 horsepower
• Turbocharged 2.0 L inline 4-cylinder engine
• Aggressive, sporty styling
• Marketed as compact sports sedan
• Starts at $32,990

Risk and Premiums

When insurers are determining car insurance premiums for the Mitsubishi Lancer Evolution, they will ask three questions:

1. How likely are drivers of this vehicle to crash? Given that the Lancer Evolution claims the top spot on the Highway Loss Data Institute's list, you can be sure that the Lancer has more accidents than other vehicles and that these accidents result in more costly damages than those involving other vehicles. More frequent and more costly accidents mean more risk for insurers, and that translates into higher premiums for drivers.
2. How high is this vehicle's theft risk? Sporty, foreign cars are at an especially high risk for auto theft because they are always in demand and have very valuable parts. This makes them a gold mine for auto thieves, and a potential financial disaster for insurers. To mitigate this risk, insurers raise premiums.
3. How much would this vehicle cost to repair or replace? Because the Lancer is a fairly expensive foreign vehicle, it's a safe assumption that it will cost more to repair or replace than other cars. It requires imported parts and generally costs more than most vehicles.