Full Coverage V10 Audi R8 Insurance Is Less Than $1,000 Annually

"Wobbles the Mind" (wobblesthemind) 05/15/2020 at 13:18 • Filed to: Quotes

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With a $1,000 deductible on Comprehensive Coverage and Collision Coverage, the quote was $438 for 6 months on a 2010 Audi R8 with the 5.2L V10 engine.

A 2014 V10 Audi R8? Exact same price for full coverage.

Dropping the deductibles down to $500 each and the quote skips up to   $489 for 6 months .

Just seems like an oddly affordable car to insure to me. I think that the Alfa Romeo 4C is like that too.

I’m also using Bodily Injury & Property Damage Liability limits of   $250,000 each person/$500,000 each accident/$50,000 each accident.

Honestly, I think exploring the costs to own certain cars is a lot of fun. 

Captain of the Enterprise > Wobbles the Mind 05/15/2020 at 13:20

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Why the fuck is my 2011 Camry like $600 more per year to insure than that??

Thisismydisplayname > Wobbles the Mind 05/15/2020 at 13:22

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It all depends on what state you’re in though. MI has some of the highest insurance premiums due to the medical portion and no fault.  It gets silly expensive for some cars.

davesaddiction @ opposite-lock.com > Wobbles the Mind 05/15/2020 at 13:23

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Check an ‘08 M3 sedan manual (my car).

I need to switch to Hagerty (or something), since it’s not my daily anymore. 

TheRealBicycleBuck > Captain of the Enterprise 05/15/2020 at 13:26

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Probably because of the number of people who a) own them and b) crash them.

Actuarial tables are funny things. Although the cost to repair an R8 would be much higher, there are fewer of them, they are better cared for, the risk profile of the typical driver is better (being driving by older, wealthier people), there are fewer of them being wrecked, and as a result, the insurance risk is much lower than with a Camry.

bob and john > Captain of the Enterprise 05/15/2020 at 13:27

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how many camrys get into crashes VS those?

as a percentage. not a raw number.

eg: if 10% of R8s get into crashed, but 20% of camrys do, then the camry will be more expensive to insure. 

Sovande > davesaddiction @ opposite-lock.com 05/15/2020 at 13:31

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Hagerty is nice for agreed value, but I found them too restrictive for garaging. It was also far more expensive. I think I pay about $35 a month for full coverage including comprehensive with Geico . Hagerty was about $110 a month. My car is only worth about $8-9k.

RPM esq. > Captain of the Enterprise 05/15/2020 at 13:34

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Maybe you just live in a state where it’s more expensive to insure cars. That makes a huge difference...I just looked where I lived and the quote was more close to three times his result.

Wobbles the Mind > davesaddiction @ opposite-lock.com 05/15/2020 at 13:35

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With $500 deductibles:

$244 BI & PD + $144 Comp + $293 Collision = $681 for 6 months.

Being in New Mexico probably helps a lot.

Highlander-Datsuns are Forever > Wobbles the Mind 05/15/2020 at 13:37

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Clearly a sign you should get a V10 R8.

Wobbles the Mind > Thisismydisplayname 05/15/2020 at 13:38

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Big time! Plus, I know the guys up in Canada get killed on car insurance.

RPM esq. > Wobbles the Mind 05/15/2020 at 13:39

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Where do you live? I just checked and it’s more than double that here.

Milky > Thisismydisplayname 05/15/2020 at 13:40

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I f it aint the truth. $2400 a year for my Miata.

RPM esq. > bob and john 05/15/2020 at 13:41

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It’s not quite as simple as that because the value and cost of repair factors into it...I bet less R8s get crashed than C63s as both a percentage and a raw number but I just looked and an R8 (same year, same mileage, same coverage) would be considerably more expensive to insure than my C63, which is already pretty high.

MKULTRA1982(ConCrustyBrick) > Wobbles the Mind 05/15/2020 at 13:50

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Yeah, I’m in one of the most expensive regions in the Country, but I pay about 2200$ (1100 toonies) for a year on a 2011 Fiesta hatch, full coverage 1mil liability 1000$ deductible I think 

Wobbles the Mind > RPM esq. 05/15/2020 at 13:52

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I’m in Albuquerque, New Mexico. As I get older, I’m appreciating the cost of living out here. Pay isn’t as high as other areas though so I guess it all evens out.

Wobbles the Mind > Highlander-Datsuns are Forever 05/15/2020 at 13:53

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Yes! T hat would look so nice next to my Kia Amanti!!

BeaterGT > Wobbles the Mind 05/15/2020 at 13:54

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Don’t remind me :/

Highlander-Datsuns are Forever > Wobbles the Mind 05/15/2020 at 13:59

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Me: next to my 2006 Mazda 3.

Wobbles the Mind > Captain of the Enterprise 05/15/2020 at 14:00

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Honestly, that’s one of the cheapest quotes I’ve seen for anything out here. A 2011 Hyundai Accent Sedan is about the same price for the same coverage.

ItalianJobR53 - now with added 'MERICA and unreliability > Wobbles the Mind 05/15/2020 at 14:15

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That wobbles my mind.

ItalianJobR53 - now with added 'MERICA and unreliability > BeaterGT 05/15/2020 at 14:16

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Buy it! You need something as fast as the Vette

diplodicus forgot his password > RPM esq. 05/15/2020 at 14:41

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Ya, I'm pretty sure he lives in Michigan as well. We have the highest rates in the country I think. I pay more for liability only on my e30 than wobbles was quote for the r8

fintail > RPM esq. 05/15/2020 at 14:44

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I pay $130/month for full coverage on the E wagon, and compared to some people I know, and the relative expense and complexity of the car, that isn’t so bad around here.

RPM esq. > fintail 05/15/2020 at 14:54

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Yeah that’s not bad . That’s about what I pay ( each) for the 4Runner and C63, although I suspect it breaks down more like 120/150 at best.

RPM esq. > Wobbles the Mind 05/15/2020 at 14:56

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Maybe... I used to think those differences evened out but the vast difference in housing costs between places sometimes more than makes up the difference in wages.

BeaterGT > ItalianJobR53 - now with added 'MERICA and unreliability 05/15/2020 at 14:58

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Ok, ok. I’ll throw a bigger turbo on the Subaru.

ranwhenparked > Wobbles the Mind 05/15/2020 at 15:11

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That’s right about exactly what I’m paying to insure a damn Camaro.

I’ve long speculated that I’m being screwed, except I never seem to find anything appreciably lower when I shop around. Really thought there’d be more of a noticeable drop in rates in my mid 30s vs my 20s, but not so far. 

ItalianJobR53 - now with added 'MERICA and unreliability > BeaterGT 05/15/2020 at 15:15

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Why not both?!?

V10 R8 AND big turbo subie

punkgoose17 > Wobbles the Mind 05/15/2020 at 15:16

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Saw an Amanti thought of you, end of work too tired to walk over for proper pictures.

DasWauto > MKULTRA1982(ConCrustyBrick) 05/15/2020 at 15:33

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Oof. I pay a bit under that for my ‘17 WRX in Ontario, with double the coverage, iirc. Amusingly, my 128i costs half that. Are you under 25?

Wobbles the Mind > punkgoose17 05/15/2020 at 16:09

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You spoil me!

bob and john > RPM esq. 05/15/2020 at 16:20

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100%. But keep in mind the payout. The car is a small portion of the payout, medical bills are far higher.

And those stay the same if you are in a camry or a r8.

fintail > RPM esq. 05/15/2020 at 16:30

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This area isn’t as bad as say MI or FL/GA, but is still far from cheap, I suspect due to the derpiness on the road here.

Fortunately, the fintail averages to something around $10/month with Hagerty, so that evens it out a little.

davesaddiction @ opposite-lock.com > Wobbles the Mind 05/15/2020 at 16:57

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I’m pretty sure I can pay that for a year by changing insurers (a less than 5k miles  per year policy).

davesaddiction @ opposite-lock.com > Sovande 05/15/2020 at 16:57

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I thought they were pretty comparable when I checked, but maybe I need to get new quotes. My car is probably worth $15-20k. 

Sovande > davesaddiction @ opposite-lock.com 05/15/2020 at 17:01

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I would think it makes more sense as the value of the car increases. If I owned something I was going to keep forever I would certainly think about it. Or if 5th Gen El Caminos become  sought after or desirable. 

davesaddiction @ opposite-lock.com > Sovande 05/15/2020 at 18:09

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I don’t think my car will depreciate too much more, especially if the miles don’t keep getting racked up. It’s at 126k, and I’ll drive it 5k per year. I assume they’ll level out close to where E39 M5s have. 

Spasoje > Wobbles the Mind 05/15/2020 at 19:30

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“I’m also using Bodily Injury & Property Damage Liability limits of $250,000 each person/$500,000 each accident/$50,000 each accident.”

I was wondering why it was so damn cheap, until I got to this part. Around here, people buy $2-3m liability. I don’t think you can even choose under $1m, unless you don’t buy optional coverage at all.

Spasoje > TheRealBicycleBuck 05/15/2020 at 19:40

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Funny story. My friend (with about the same years experience as me) was complaining how the cost to insure his ‘03 Corolla w/ his GF was $2.7k a year.

A couple days later, I was talking to my insurance agent about how much it would cost me to insure a ‘20 M4 - that quote was $3k per year.

I asked my agent about my friend’s situation, specifically asking if the high price he’s paying was because of the number of people who own and crash Corollas versus something like an M4.

The agent’s response: “that has absolutely nothing to do with it. There’s something your friend’s not telling you.”

Looks like common cars being expensive to insure is just a myth.

Captain of the Enterprise > TheRealBicycleBuck 05/15/2020 at 20:41

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That’s a good point. 

Captain of the Enterprise > RPM esq. 05/15/2020 at 20:42

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Wayne county Michigan which I think is highest in the country. 

Captain of the Enterprise > Wobbles the Mind 05/15/2020 at 20:43

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Yeah I pay like 1700 a year for mine. 

MKULTRA1982(ConCrustyBrick) > DasWauto 05/15/2020 at 22:48

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Just turned 25 this year a nd I need to shop around for insurance

Longtime Lurker > Wobbles the Mind 05/16/2020 at 00:19

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Neat. I got a slightly different price for Saskatchewan

TheRealBicycleBuck > Spasoje 05/16/2020 at 01:39

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Funny story. I was an agent for a year, so I learned a bit about how it all works. What I shared was part of the training to become an agent. Rates are a function of risk. Part of it is the person, part of it is the property being insured, and part of it is the insurance agreement - deductibles, total coverage, etc.

TheRealBicycleBuck > RPM esq. 05/16/2020 at 01:44

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There are many factors that go into a specific quote, but when you compare total risk for a given vehicle versus other vehicles for all drivers , then it’s not surprising that the average rate for a more expensive vehicle can be less than the average rate for a more common vehicle. I’d bet the total risk for any given insurance company tied up in Camrys is an order of magnitude higher than is tied up in R8s.

RPM esq. > TheRealBicycleBuck 05/16/2020 at 02:25

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Sure. Go quote an R8 on your personal insurance vs. a Camry. I did, it’s three times more expensive.

RPM esq. > Captain of the Enterprise 05/16/2020 at 02:26

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That would do it as opposed to the OP in New Mexico.

RPM esq. > fintail 05/16/2020 at 02:27

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Yeah, my wagon is cheap on Hagerty. Low miles, of course, but it accurately reflects the manner and infrequency with which I drive it.

DasWauto > MKULTRA1982(ConCrustyBrick) 05/16/2020 at 09:16

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That’ll do it. I think mine dropped around 30% when I turned 25. Luckily my renewal was less than a month after my birthday so it took effect quickly. 

TheRealBicycleBuck > RPM esq. 05/16/2020 at 11:03

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I think you missed the point. I said average rate. For any given person with the exact same usage (daily driver, same mileage, etc.), then you expect the cost to be higher. But when you look at the average cost and all the the things that are different between insuring a Camry and an R8, then the cost can be and often is lower to insure the less expensive vehicle. What makes the difference? Lots of things. Miles driven per year, age and driving record, number of vehicles on the policy, credit rating, where they live, etc.

B y the way, comparing a Camry to an R8 on my policy with the exact same deductibles and miles driven , an R8 would be about 1,000 more to insure. However, if I keep the same deductibles and treat it as a second car driven fewer miles and for “pleasure” instead of commuting, the cost to insure is only $200 more than the cost to insure the Camry. This is how most of the supercars are insured.

Once my truck got old enough that it was practically worthless, the insurance cost started going up on our comprehensive policy. It wasn’t that it was a more expensive vehicle. It wasn’t because of a higher cost of repair. It was probably because the risk profile was shifting to a lower economic class and that was driving up losses. 

Spasoje > TheRealBicycleBuck 05/16/2020 at 13:19

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This is exactly it. For every agent you talk to that says the common car thing is a myth, you’ll find another who says it’s true. How do I, as a consumer, know which one of you to believe?

TheRealBicycleBuck > Spasoje 05/16/2020 at 13:37

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Good question. Although I’m not aware of an insurance company that releases its actuarial tables, you can get some sense in some states where the state insurance commission sets the rates. Texas, where I was licensed, sets the median   rate and gives companies leeway to be 20% higher or lower. I can tell you that when a company feels it cannot cover its costs at median + 20%, they put a moratorium on writing additional policies. This happened twice when I was an agent. Both were moratorium on new policies. Once due to excessive losses due to flooding, the other due to losses from a major hail storm. Only the first one affected me since I lived and worked in the area which flooded. They basically made it impossible for a new agent to make a living since my salary was directly tied to sales. I decided to stick with my day job (many agents, especially new ones, have two careers).

So, to get back to your question, in Texas, the state sets the rate. Insurance companies have their own actuarial tables that tell them where they want to be on rates given the state rate, their costs, their losses, and the risk level for both the car and the  driver. If a certain model becomes popular with thieves, you can bet that the rate is going to go up. If it’s a common car with a high loss rate, the cost to insure is going up. If it’s a common car with a low loss rate, the cost to insure should go down. 

RPM esq. > TheRealBicycleBuck 05/16/2020 at 14:10

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Yes, I definitely missed the point insofar as “it’s not surprising that the average rate for a more expensive vehicle can be less than the average rate for a more common vehicle” apparently meant “ the more expensive vehicle can be cheaper to insure if you change every single assumption in the equation to make it that way.”