Dodge launched the latest generation Challenger back in 2008 as a homage to the original model, and it has remained mostly the same over the years. Unlike its modern competitors, the Challenger focuses on giving its owners the traditional muscle car experience, offering superb straight-line performance and a comfortable ride, making it an excellent daily driver that can set the drag strip on fire during the weekends.
However, being classified as a sports car has its drawbacks when we consider insurance rates and renewal costs. With the Dodge Challenger, the average insurance costs come to around $2,400 for a year, translating to $200 every month, and can go as low as $1,600 per year depending on the insurance provider and several other factors.
Insurance is one of the biggest ownership expenses whether you’re buying a brand new or a used Dodge Challenger, and finding the best deals can save you a ton of money in the long run.
Finding the cheapest insurance package
Before you jump the gun and get an insurance policy, it always pays off to do your research and find the right agency. Collecting several quotes from different companies will allow you to compare them and find the best package that suits your needs.
As of today, the most expensive quotes are from Allstate at a whopping $7,094 per year, a glaring difference from Progressive who quoted $1,135 for the same car. Not only does this prove the significant difference in quotes by different companies, but it also proves that it’s worth spending the extra time to sort out your insurance. Finding the lowest insurance rate will help ease the ownership expenses, especially with high-maintenance sports cars.
You should also take note of the coverage offered by these companies and opt for a comprehensive package that includes most options and add-ons.
It’s also recommended to shop around and review several quotes and compare them to find one that suits you. According to thezebra.com, the cheapest insurance provider for the Dodge Challenger is from Allied, amounting to just under $100 per month.
The most expensive model year to insure is the 2019 Challenger coming in at $2,554, while the cheapest model year is the 2017 Challenger at $1,575.
Factors that affect the insurance rate
After collecting several samples ranging from 17-24, it’s clearly evident that younger drivers have to pay substantially more for sports car insurance, especially when we consider the Dodge Challenger. On average, a 17-year old will have to pay more than twice the amount of a 30-year-old. The premium keeps on decreasing for older drivers.
To keep the premiums low, it’s recommended for teen drivers to share a plan with an older family member to reduce prices significantly. However, teenagers with demonstrated driving skills are eligible for lower premiums, almost matching older adults.
Models and Trims
The Challenger is available in a wide range of trim levels with several engine options. As such, it comes as no surprise that there’s a difference in insurance rates depending on the model and its base price.
The high power and torque figures of the higher-end models also increase premiums accordingly. For comparison, the Challenger SRT Hellcat model with the massive V-8 engine costs nearly $3,300 compared to $2,428 of the base SXT model. The limited-production Dodge Challenger Demon model is the most expensive to insure, setting owners back by nearly $4,000 for six months because of the high $84,000 price tag. Opting for liability coverage will add an additional $678 annually, translating to around $60 per month.
Surprisingly, there’s no major difference when comparing quotes between two model years. Even models that are 10 years old will have to pay nearly the same insurance rates as brand new models. In fact, in some cases, the newer model actually comes out cheaper because of the higher safety ratings and features. Based on safety ratings, some model years will also come out ahead despite the age.
When calculating insurance rates, the location also plays a major role. If you live in states like Texas, expect to pay a lot more than states like Ohio. High-risk areas will also increase insurance premiums accordingly. Some companies will also consider parking options and will reduce prices if the car is parked in a secure and safe location.
One of the biggest factors affecting insurance rates is the driving history. If there are any driving violations on record, the rates could significantly increase, especially between the ages of 20 and 29.
Insurance costs are also affected by the safety score of the particular model. Fortunately, the Dodge Challenger received high ratings through most model years, especially between 2016 and 2019. Opting for safety packages and driver assistance features can also reduce insurance rates accordingly. But, some models like the Challenger SRT have no reported ratings, boosting their insurance premiums. The exclusive SRT Demon model also falls in this category, resulting in a premium of over $4,000 in some cases.
Compared to rivals
When compared to the industry average, the Dodge Challenger costs almost $200 more to insure annually. Rivals like the Nissan 370Z, and Audi S5 cost similar in insurance, with the Audi topping the list at $1814.
Important insurance add-ons
Personal Injury Protect (PIP) – PIP will provide a full coverage health plan, protecting involved occupants against personal injury by covering medical expenses, medicines, surgical treatment, ambulance fees, and more. In some cases, lost wages and rehabilitation. PIP coverage can provide up to $250,000 depending on the circumstances and is well worth the price increment.
Uninsured motorist- This can potentially be a lifesaver in a hit and run case, and in areas where there are a lot of uninsured drivers. In case of a collision and the other party doesn’t have any valid insurance, this add-on will come in handy.
Roadside assistance- In case of any mishaps on the road, opting for roadside assistance coverage will include several services from basic battery jump-starts and emergency gasoline deliveries to towing.
In conclusion, expect to pay around $2,400 per year on average for the Dodge Challenger depending on the model and trim level.