How much does it cost to insure a luxury car?

I’ve inherited a 2015 Mercedes Benz M. I’m looking forward to driving it but I want to make sure I can afford to insure it. How much is it going to cost to insure a luxury car?

Insurance companies use a lot of different factors to determine how much your insurance is going to cost. But you are in luck—this is one of the cheaper luxury cars to insure.
On average it costs about $3492 per year to insure a luxury vehicle. But other factors, such as your age, location, and driving history, can factor into your car’s total coverage.
Luxury cars might be more expensive than regular cars because the parts needed to repair them can be more expensive. They also often need to be repaired at a repair shop specializing in the particular luxury car, which generally means a higher cost of labor.
The type of coverage you choose will also determine the price. Because it’s a luxury car, you’re going to want coverage well beyond the minimum liability coverage, which only covers other people if you get into an accident. Consider getting comprehensive coverage, which will cover your car in case of an accident or other unexpected occurrence, like a weather event or vandalism.
When you’re looking for car insurance for your luxury car make sure to check out Jerry. Jerry pulls quotes from the top 50 companies in under a minute and delivers the best deals right to your phone. No long forms. No calling around. Just savings. The average Jerry user saves $879 a year on car insurance.
Lauren Smith
Answered on Nov 02, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.

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