Image via Flickr by Alexandre Prevot
Dodge Challenger insurance can be higher than with other vehicles as the more powerful engine and sporty design can make it more costly to repair. However, if you want to own this car, there are several ways you can lower your payments as much as possible. Here’s a guide to seeking insurance for a Dodge Challenger.
The Average Cost for Dodge Challenger Insurance
The national average for insuring a Dodge Challenger per six-month policy is $1,692 for full coverage. This includes between $400 and $700 for collision and $400 and $500 for liability. Older Challenger models may have a lower average, running around $1,396 per six-month policy for full coverage.
Insuring a Dodge Challenger is more expensive on average than other vehicles, running roughly $173 more per year with similar age and driving records.
Which Companies Offer the Cheapest Dodge Challenger Insurance?
Progressive typically has the lowest average cost for insuring a Dodge Challenger. The company’s average six-month policy rates run around $1,135, which is significantly cheaper than the national average. State Farm is a close second for most affordable Dodge Challenger insurance, running around $1,147 for a six-month policy.
What Factors Affect Dodge Challenger Insurance Rates?
Many factors can affect your insurance rates in general, and some will affect insurance specifically when insuring a Challenger, such as:
Driver Age
A Dodge Challenger is considered a muscle car or sports car by insurers, which means age will have a drastic effect on insurance rates. Young drivers will pay significantly higher rates for a Dodge Challenger, with teens paying the most. A teen driver may have to pay as much as $3,600 for a six-month policy to insure a Challenger.
In most cases, rates for a Dodge Challenger will become closer to the average for other vehicles when a driver reaches middle age. Younger drivers will find that they can secure the best rate for their Dodge Challenger from GEICO, which runs an average of $3,076 per six-month policy for full coverage for teen drivers. Progressive also offers reasonable teen rates, which average around $4,424 for a six-month policy.
Model
Other factors that can drastically affect your Challenger insurance rates are the model and trim level you choose. With the different Challenger models come different engines, and the more powerful the engine, the higher your premiums will be. Other models also come with different price tags, which make raise insurance rates as well, since the cost to repair or replace them will likely be higher.
The highest-priced Dodge Challenger is the limited edition Demon, which is also the most expensive to insure. The vehicle has a starting cost of over $83,000, three times higher than the base model. It also boasts an 808 horsepower engine which provides it with significant power and the ability to accelerate to 60 mph in 2.3 seconds. These models will be the most expensive to insure, with an average six-month policy running around $3,983 for drivers with a clean driving record. Other models will have varying six-month average policy costs, as well.
- Base/SXT model: $2,428
- R/T model: $2,599
- SRT8/SRT Hellcat: $3,298
Model Year
The model year of your Dodge Challenger will also impact the cost of your insurance premium. One reason this occurs is that the vehicle value will go up with each year, and typically the engine power will as well. You will be paying the depreciated value with an older car, which will be much lower than the value of more recent models. Also, older car parts tend to be priced lower than newer ones, which may decrease the overall cost of repairs.
If you have a newer model Challenger, you may still be able to find more reasonable rates from companies like Progressive. GEICO and Farmers tend to give lower rates for older cars. On average, you can expect to pay $2,814 for a six-month policy on a 2012 Dodge Challenger and $2,729 on a 2019 model.
Safety Ratings
The safety features on your Dodge Challenger will also play a role in the total cost of your insurance premium. Newer and more advanced safety features mean that you are less likely to suffer a significant injury in a crash, which will save insurance companies on the claim cost.
The 2014, 2016, and 2019 Dodge Challenger base models all received five-star safety ratings from the National Highway Traffic Safety Administration. This may lower their cost to insure since they meet and exceed normal safety standards. Additionally, newer driver assistance features reduce your risk of an accident occurring, which means fewer claims for the insurance company.
How To Lower Your Dodge Challenger Insurance Premiums
Since insuring a Dodge Challenger is more expensive for most drivers than for other types of vehicles, it’s important to save in any way that you can. Here are some ways you can lower your premiums:
- Shop around for rates: Always shop around for rates, even if your previous insurer had good rates on another car.
- Take advantage of available discounts: Find out what discounts you qualify for and how they can affect your rate before settling on an insurer. Some of the most popular discounts are multi-car, good student, low mileage, and safe driver.
- Shop for insurance before choosing your Challenger: Talk with the different insurance companies about the rates based on the specific models you are interested in. You may find that one model will be significantly cheaper to insure, which may alter your original purchase decision.
- Consider storage: If your Dodge Challenger is a secondary or fun car and you do not plan to use it for the whole year, ask your insurer if you get discounted insurance if your vehicle stays stored for a month or longer.
- Boost your credit score: If you have average or poor credit, improving your score can save you money on your insurance and vehicle financing.
Insuring a Dodge Challenger can be more costly than other vehicles due to its power and expensive parts. If you consider your vehicle model and its safety features before purchasing, you may find the insurance cost is less than you expected.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.
