Do Convertibles Really Have Higher Car Insurance Rates?

Feeling the wind in your hair as you cruise around in a sleek convertible is a dream for many drivers. But before rushing out to buy that flashy drop top, it’s important to understand how it could impact your auto insurance rates.

You may have heard convertibles cost more to insure. Is this actually true? Or is it an outdated myth? This article will examine the factors that determine convertible insurance costs.

Why Convertibles Might Have Higher Premiums

There are a few reasons why insurers may charge more for convertible policies:

Purchase Price

In general, more expensive cars cost more to insure. Convertibles often have higher price tags than their hardtop equivalents.

For example, a base 2022 Ford Mustang convertible starts around $33,000 while the hardtop model is about $28,000. Higher sticker prices mean higher insurance premiums to cover potential losses.

Repair Costs

The complex convertible top mechanism can be expensive to repair or replace if damaged. Some luxury convertible tops cost over $5,000 just for parts. Higher potential repair bills may be reflected in premiums.

Theft Risk

Some insurers view convertibles as having greater risk of theft, especially soft tops. Thieves can slash soft tops to steal belongings or hotwire the vehicle. However, modern security features have reduced this risk.

Performance Styling

Convertibles are often styled as performance or luxury vehicles. Sports cars tend to have higher insurance rates due to their power. Insurers may group convertibles into these higher risk categories.

Factors That Determine Premiums

While convertibles may face general rate assumptions, your specific policy is based on your circumstances and history. Key factors that determine your premiums include:

Driving Record

Your personal driving history has a major impact on rates. A clean record with no accidents or violations will qualify you for the lowest rates. Even one recent incident can drive your premiums up.


Insurance costs vary by where you live. Urban areas with more traffic and crime typically have higher base rates. But differences between neighborhoods can also affect premiums.

Coverage Limits

The amount of liability and deductibles you choose changes rates. State minimum liability provides less coverage for lower premiums. Higher limits cost more but reduce personal risk.

Driving Habits

How much and how far you drive affects premiums. Commuting long distances daily adds risk versus occasional recreational driving.

Vehicle Use

Using your convertible as a primary vehicle will cost more than if you have it as a weekend car. Insurers price for your main transportation needs.

Anti-Theft Devices

Modern convertible security features like interior motion sensors and GPS tracking lower your comprehensive premiums. Lacking these can mean higher rates.

Safety Features

Advanced safety equipment like collision avoidance and lane keep assist can slightly lower premiums by reducing accident risk. But these systems are not as common on convertibles.

Credit History

In most states, insurers run your credit report as a factor in setting premiums. Better credit scores typically earn lower rates. Poor credit bumps rates higher.


Teen and elderly drivers pay the highest base rates due to increased accident risk. Middle-aged drivers with experience pay the lowest premiums on average.

How to Save on Convertible Insurance

While some cost factors are out of your control, you can take proactive steps to reduce your convertible insurance premiums:

  • Ask about discounts – Inquire about multi-policy, multi-car, bundled, and other discounts your insurer offers.

  • Raise deductibles – Accept higher deductibles on collision and comprehensive to lower rates.

  • Limit use – Be listed as an occasional driver if the convertible isn’t your primary vehicle.

  • Check mileage – Keep annual mileage under 10,000 or 15,000 miles to qualify for low mileage discounts.

  • Enroll in telematics – Drive safely and allow monitoring through a program like Progressive’s Snapshot®.

  • Improve credit – Work on improving your credit score before getting a new policy.

  • Enhance security – Add antitheft deterrents like car alarms, wheel locks, VIN etching, or vehicle tracking systems.

  • Review coverage – Work with an agent to analyze your current coverage and look for opportunities to optimize or reduce overlapping areas.

The Truth on Convertible Insurance Costs

There’s no definitive answer on whether convertibles have universally higher or lower insurance rates. The reality is it depends on your specific risk factors and policy limits.

Convertibles don’t automatically mean sky-high premiums, especially if you have a clean driving history. But style and price considerations may bump rates moderately above similar sedans.

The best way to find affordable convertible insurance is to compare personalized quotes from multiple providers. Be sure to ask about any discounts you may qualify for as well.

And remember to reassess your coverage at renewal time. Life changes and evolving driving habits can present new opportunities for savings. With some research, you can find reasonably priced insurance protection to enjoy your convertible without financial worry.

Cruise Confidently with the Right Protection

Owning your dream convertible is an attainable goal with the proper insurance coverage. Work with an independent agent to shop quotes and find a policy tailored to your specific needs.

Their expertise saves you time and money while making sure you have adequate protection. Don’t let insurance costs deter you from buying the convertible you’ve always desired. With the right policy, you can cruise around town or hit the open highway while covered against surprises.

Four things you must know before buying a convertible


Is insurance high on a convertible?

Convertibles, compared to other cars, are more expensive to insure thanks to their actual cost and overall repair costs. The average cost of car insurance for convertibles is $1,873 per year, which is $449 more than the national average cost to insure a car.

What are the downsides to owning a convertible?

The lack of a fixed roof makes the car less rigid, which is a big factor in how a car sits on the road and takes corners. Although extra bracing is used to make up for this, convertibles often shake more over bumps than a hard-top car. In terms of speed, convertibles are slightly slower than fixed-roof cars.

Are convertible tops covered by insurance?

What can we expect the insurance company to do for us? A. If you have full coverage the insurance will pay to replace your convertible top, less your deductable. * However a convertible top is considered a wear item, meaning that every year older the top is, it is worth less (prorated).

Are convertibles as safe as normal cars?

When the top is down, everyone in the car is exposed to all the elements. This may sound hazardous or risky. However, according to the Insurance Institute for Highway Safety, convertible cars or no riskier than non-convertibles. The difference in driver deaths are not that much different.

Leave a Comment