Are Convertibles More Expensive To Insure?

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Auto insurance tends to be more expensive for convertibles than for other vehicles due to the high value of convertibles and their increased exposure to various types of covered losses. Nevertheless, there are several ways for convertible owners to earn discounts that can help them save money on car insurance.

Keep reading for more details on why convertibles are more expensive to insure and how much you can generally expect to pay for car insurance coverage.

Key Takeaways

  • Convertibles usually cost between $1,500 and $3,500 per year to insure, meaning most convertible owners can expect to pay more than the $1,700 average that owners of all vehicles across the country pay for full coverage auto insurance.
  • Some of the factors that contribute to high insurance costs for convertibles include their high retail value, heightened exposure to theft and weather-related damage and capacity to inflict greater property damage on other vehicles and more severe bodily injury on people involved in an accident.
  • To make convertible coverage more affordable, consider shopping around, raising your deductible and asking your selected insurance carrier about discounts you may qualify for.

Why Are Convertibles More Expensive To Insure?

You will likely have to pay more to maintain full coverage for a convertible than you would for many other vehicles because of the reasons outlined in the following sections.

High Purchase Price

Oftentimes, convertibles cost more to purchase than comparable coupes. For example, the suggested retail price of a 2024 Mustang GT Premium Convertible is $5,500 higher than that of a 2024 Mustang GT Premium Fastback.[1] As a result, insurers may charge higher comprehensive and collision insurance premiums if you want to cover a convertible since it will generally cost more to replace it in the event of a total loss.

Exposure to Theft

Your convertible may face a higher risk of being stolen not only because of its high value but also because prospective thieves will have an easy time getting into it to hotwire it if you leave it alone with the top down, so insurance companies may be inclined to charge you more for comprehensive insurance to offset the increased chance of you filing a claim for car theft.

Minimal Protection From the Elements

While soft-top roofs won’t be dented up during a minor hailstorm like a hard-top roof might, larger chunks of hail could more easily tear through and destroy a convertible roof. Similarly, convertibles may be more exposed to other types of storm damage including wind damage to the roof and water damage to the interior of the vehicle, which can also increase the odds that you will need to file a claim on your comprehensive insurance.

Injury Risk During Crashes

A 2020 study found that, even though convertible drivers don’t experience a higher rate of crashes or traffic fatalities than drivers of other vehicles, they are a bit more likely to be ejected from the vehicle after a collision.[2] For some insurance carriers, this statistic could be enough to justify charging you more for medical payments coverage (Medpay) or personal injury protection (PIP) if you have a convertible.

Greater Potential To Cause Property Damage and Bodily Injury to Others

Convertible models tend to be a bit heavier than their nonconvertible counterparts since the manufacturers account for the lack of a hard-top roof by adding extra weight to make the overall frame of the vehicle stronger.[3] Heavier vehicles may cause more damage or serious injury during a crash than lighter vehicles, so your convertible could require a slightly higher liability insurance premium because of the added weight.

How Much Does Convertible Car Insurance Cost?

According to Paul Schneider, president of Schneider & Associates Insurance Agencies, insurance for convertible cars typically costs around $1,500 to $3,500 per year. In comparison, the national average cost of full coverage car insurance across all vehicles falls toward the bottom of this range at a little over $1,700 per year.[4]

“More luxurious and high-performance convertibles attract higher premiums,” Schneider said in a message to SmartFinancial. “For instance, high-end convertibles like the BMW Z4 or the Mercedes-Benz SL-Class often fall on the upper end of this range due to their higher value and expensive repair costs. Your location also heavily influences costs — urban areas with higher traffic and crime rates usually result in more expensive insurance.”

What Should I Consider When Insuring a Convertible?

As you shop for auto insurance for your convertible, you need to make sure you buy a policy that at least meets the minimum car insurance requirements in your state. It’s even better if you can exceed your state’s minimum requirements, with many insurance experts recommending that you buy a policy with $100,000 in bodily injury liability coverage per person, $300,000 in bodily injury liability coverage per accident and $100,000 in property damage liability coverage.[5]

In addition, you should consider whether you need full coverage for your vehicle. Full coverage isn’t required by law but your lender will likely require you to maintain comprehensive and collision coverage if you are financing a new vehicle. However, if you instead opt for an older, used convertible that you can pay for out of pocket, then you can likely drop full coverage if the car is worth less than 10 times the amount you would have to pay for physical damage coverage.[6]

How Can I Get Car Insurance Discounts for My Convertible?

There are numerous ways you can earn discounted car insurance rates for your convertible including the following:

  • Driving safely: Insurance providers commonly offer good driver discounts to people who participate in driver safety training courses or go an extended period of time without getting into any accidents or filing any claims.
  • Maintaining good grades: If you or someone in your household is in school, then you may qualify for a good student discount by maintaining a grade point average (GPA) of 3.0 or better.
  • Installing anti-theft devices: Anti-theft devices like kill switches and car alarms can lower your exposure to theft, making many insurers more likely to offer you a lower premium.
  • Bundling policies: You may be eligible for a discount if you bundle multiple policies such as homeowners insurance and auto insurance from the same insurance company.
  • Adding multiple vehicles to your policy: Several insurance carriers offer a multi-car discount, meaning you may secure lower rates by simply adding your convertible to the same policy as your family’s other vehicles.
  • Raising your deductible: While it’s not explicitly a discount, choosing a higher deductible will generally lower your auto insurance premium since your insurance company will be responsible for a smaller portion of the costs whenever you file a claim.
  • Shopping around: Comparing quotes from multiple insurance companies is the best way to make sure you’re getting the coverage you need at the best price possible. Click here to compare car insurance quotes for free through SmartFinancial.

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Are convertible car tops covered by insurance?

Your car insurance policy should cover convertible car tops as long as it includes physical damage coverage.

Do I need additional coverage if I have a convertible?

A standard full coverage policy should provide a sufficient amount of coverage for your convertible, although you may want to consider purchasing a policy with 100/300/100 liability coverage limits.[5]

Are Mustang convertibles expensive to insure?

Mustang convertibles are more expensive to purchase than Mustang fastbacks, which means you can also expect them to be more expensive to insure.[1]


  1. Ford. “2024 Ford Mustang | Available Models.” Accessed June 11, 2024.
  2. Insurance Institute for Highway Safety. “Crash Statistics Show No Added Risk for Convertibles.” Accessed June 11, 2024.
  3. Lamborghini Palm Beach. “Why Are Convertibles Heavier Than Hardtops?” Accessed June 11, 2024.
  4. NerdWallet. “Average Cost of Car Insurance.” Accessed June 11, 2024.
  5. Oklahoma Insurance Department. “Auto Insurance: Common Myths.” Accessed June 11, 2024.
  6. Insurance Information Institute. “How To Save Money On Car Insurance.” Accessed June 11, 2024.

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