Do Convertibles Cost More to Insure?

Q: Do convertibles cost more to insure?

The insurance rate for a convertible may be higher for physical damage coverage than an equivalent vehicle with a hard top. The cost of insurance for a convertible car may come down to their higher purchase price, as well as convertibles' greater vulnerability to theft.

Why are convertibles more expensive to insure?

A convertible may cost more to insure because of the higher purchase price it carries. 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. Learn more about how car insurance covers theft.

Pro tip:

Safety may or may not play a role when it comes to insurance rates for convertibles. According to the Insurance Institute for Highway Safety - Highway Loss Data Institute (IIHS-HLDI), modern convertibles show no statistical difference in safety versus non-convertible vehicles, but there are some additional risks associated with them. A 2020 study by IIHS-HLDI showed that 21% of convertible drivers who died in a crash were ejected from their vehicle, versus 17% for non-convertible cars. The risk of ejection was also greater in rollover accidents (43% vs. 35%).

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

The simplest way to lower your insurance rate for a convertible is to raise your deductible — the higher your auto insurance deductible, the lower your car insurance 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.