Why do convertibles cost more to insure?

A convertible may cost more to insure because of the higher purchase price they carry. In general, vehicles with a high price tag will cost more to repair or replace, so insurers charge more to cover the higher cost of a potential physical damage claim. This is why insurance for sports cars tends to be higher too.

Convertibles are often seen as easy targets for car theft, too. A thief can easily remove items out of a convertible or access the ignition if the top is down. Although roofing materials tend to protect the vehicle, there's an increased risk of leaks and exposure to the elements in a convertible versus a hardtop vehicle. Leaks can cause damage to seats and promote mold and mildew growth inside the vehicle.

How can I lower my car insurance rate for a convertible?

The simplest way to lower your rate is to raise your deductible — the higher your auto insurance deductible, the lower your premium, and vice-versa. You can also take advantage of auto insurance discounts to lower your overall rate. For example, paying for your policy in full or bundling your auto and home insurance policies together can earn you discounts and save you more.