What you should know about insuring a convertible

June 30th, 2016  |  Auto Insurance

When summer rolls around and the weather gets nice, there’s nothing quite like taking a drive in a convertible with the top down. While driving usually involves sealing yourself inside a box to move from point A to point B, there’s something unabashedly fun about convertibles that can’t be denied.

But driving for fun isn’t cheap. If you’re thinking about getting a convertible (or cabriolet for you enthusiasts), here’s what you should know about insuring a convertible:

More expensive cars cost more to insure

No matter what car you’re buying, going with the convertible option will run you a few extra thousand dollars as a rule. The higher dollar value of the car means it will likely cost more to repair or replace. For that, you can be sure your insurance provider will charge you a higher premium.

Of course, just like with anything, there are ways to avoid paying through the nose for a convertible. If you aren’t afraid to drive something from decades past, it is possible to find some affordable convertibles.

Convertibles are easier (and more likely) to get stolen

Since convertibles are usually on the more expensive side and that means they’re a higher value target for thieves. While the area you live in has a greater effect on your premium, that doesn’t mean the company won’t factor in the fact that your car is a bigger risk for theft.

Don’t forget that a missing roof poses a slight security risk for the car and its contents. If your convertible is a soft top, that bit of fabric won’t present much a barrier to thieves intent on stealing your items or the vehicle. Insuring a convertible usually means a premium that takes easier potential theft into account.

High performance, high premiums

With higher costs and low mainstream appeal, convertibles lend themselves to offering sporty, higher-end performance. Just because you drive a fast car doesn’t mean you’re going to be a dangerous driver, but in an insurance company’s eyes, high performance vehicles tend to be driven a little more dangerously. That risk is factored into your car insurance premium in Canada.

Should you stay away from convertibles?

If you just want a daily set of wheels to take you from work to home and the grocery store, a convertible is probably not necessary. On the other hand, if you care more about looks and a fun time than gas efficiency or flexibility then go ahead and buy a convertible. You will definitely pay more for it than with a different car but there are lots of ways you can save on car insurance that can offset the higher cost of insuring a convertible. Feel free to cruise with the top down this summer!

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