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One of the most important things that many car shoppers fail to account for is how much their insurance is going to cost them. They're happy to take the brand new 2021 Dodge Charger SRT out for a test-drive, set aside thousands of dollars for a down payment, and rationalize a way to make their monthly payments on time...
...but they forget how much Dodge Charger insurance is going to cost them. Insuring a brand-new Dodge Charger isn't as cheap as insuring the old beater Honda that you used to drive. It's likely going to cost double or even triple of what you would pay for an older, used vehicle.
However, as the saying goes, "You only live once." So, if it makes you happy, then why not?
Your Dodge Charger insurance cost is going to depend on a lot of different factors. Auto insurance rates typically differ based on the model of your vehicle, your driving record, credit score, years of experience behind the wheel, and whether or not other drivers are going to be sharing your policy as well.
In today's article, we're going to discuss how to insure a Dodge Charger so that you can be road-legal and enjoy the awesomeness of American muscle!
If you didn't already know, it's legally required in all 50 states for car owners to purchase auto insurance policies for their cars. While most states only require a limited amount of auto insurance, some states require you to purchase a policy that covers higher amounts of damage coverage.
The most expensive cities and states are areas where there is a higher percentage of vehicular accidents (such as Miami, Florida, or Las Angeles, California), while the cheaper cities tend to be smaller towns and states where there isn't a high percentage of car accidents.
Most states require basic liability insurance, which includes a small amount of property damage coverage and bodily injury liability coverage. These cover the other driver's vehicle repair and medical costs should you be found to be "at-fault" in an accident. Basically, it saves you from getting sued should the worst-case scenario occur.
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No doubt, sports cars are more expensive not only in terms of price but also in terms of insurance costs.
Dodge Charger, a popular American sports car, has an average insurance cost of $2,400 per year or $200 monthly.
That's almost 2.5 times the national average.
However, these values are only an average as the real values vary according to different individual factors and companies.
For your convenience, please find more information below.
| Year | Average cost per month | Average cost per year |
|---|---|---|
| 2010 | $190 | $2,300 |
| 2011 | $195 | $2,350 |
| 2012 | $200 | $2,400 |
| 2013 | $200 | $2,400 |
| 2014 | $300 | $3,600 |
| 2015 | $325 | $3,900 |
| 2016 | $325 | $3,900 |
| 2017 | $340 | $4,100 |
| 2018 | $340 | $4,100 |
| 2019 | $350 | $4,200 |
| 2020 | $350 | $4,200 |
| 2021 | $355 | $4,250 |
As we mentioned above, insurance rates for your Charger are going to differ greatly, depending on a number of different factors.
But if you're looking for an average number: $2,076 per year.
On average, we found that a new Dodge Charger costs $700 more to insure per year than a typical 4-cylinder economy sedan. They're definitely not the cheapest cars to insure. This is likely due to the following factors:
Chargers are typically driven by younger individuals.
Chargers are sports cars that are more likely to be involved in reckless accidents and drivers are more likely to receive tickets for traffic violations.
Dodge Chargers are more expensive than economy cars. The higher the value of the vehicle, the higher the insurance premiums will be.
However, keep in mind that this is merely an average number obtained from a nation-wide study of Dodge Charger drivers. You could pay a lot less if you have a great driving record, you're in your mid-thirties and have a good credit score. You could also pay a lot more if you're under 25, don't have great credit, and have a prior accident on your record.
So, all of that being said, you're probably wondering about some of the different factors that affect your car insurance rates for this popular American sports car.
The biggest factor that will affect the cost of your Charger insurance policy is the year of the vehicle. For instance, a 2020 or 2019 Dodge Charger is going to be a lot more expensive to insure than a 2016 or 2017 Dodge Charger. This is because most new cars lose up to 10% as soon as you drive them off of the lot!
If you own a historic or classic model, these can also be expensive to insure since they have a far higher value that depends on their restoration’s depth.
In general, the smaller your engine is, the less you'll pay for insurance costs. Below, the most common Dodge Charger trim packages are listed in order from least expensive to insure to most expensive to insure:
SXT/GT (Cheaper insurance costs)
R/T or Dodge Charger Daytona (Average insurance costs)
Scatpack or SRT Hellcat Package (Highest insurance costs)
If your new charger has a basic silver, white, or black paint color, then you'll usually pay a little bit less than somebody who has a bright red, blue, or green paint color. This is because bright-colored cars are statistically likely to be in more accidents and commit more traffic violations.
Insurance companies like State Farm (and most other insurers) charge car owners more if they plan on driving their car over 12,000 miles per year (the national average). If you drive less than this, however, you might stand to save a bit of money on your insurance quotes.
If you have a clean driving record (no recent accidents, tickets, or tax liens), then you'll get a better insurance rate. However, if you have been in past accidents or have had points added to your license from tickets, then you'll pay more.
Drivers under 25-years-old are, by far, the most expensive to insure. Once you hit age 35, though, you'll see a considerable drop in your monthly premium costs. Senior drivers (65 or older) have the best eligibility for cheap insurance.
Your credit score also affects your premium costs per month. If you have a low credit score, you're more likely to miss a payment or have your insurance lapse, costing the insurer more time and money to get your account up to date.
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