10 Cheapest Convertibles to Insure

Although it’s widely believed that drop-tops cost more to insure than other cars, that’s not necessarily the case. The cheapest convertibles to insure can, in fact, be very cheap to insure.

According to some experts, the vehicle with the industry’s second-lowest insurance rates in the industry is an open-air model. And a number of our favorite convertibles actually have insurance costs that are below the national average for vehicles of all types. What’s more, in some lineups, coverage for the drop-top version of a car can even be less pricey than for the same model with a fixed roof. Just remember that insurance costs can vary widely depending on factors such as the exact trim level of the vehicle, your past driving history, and where you live. Our starting point: premium estimates from our friends at Insure.com

The cheapest convertibles to insure are mostly — but not only — passenger cars. But the 2020 Jeep Wrangler SUV also qualifies thanks to its standard removable soft top. Nor is that all that comes off of a Wrangler. You can remove the doors and front windshield, too, for an extreme open-air driving experience like no other.

For insurance purposes, keep in mind that it’s the entry-level Wrangler trims that tend to have the very lowest rates. One important reason is that these basic vehicles have less equipment to repair if there’s an accident. So in the case of the Wrangler, you can expect the lower rates to come with a six-speed manual transmission plus manually operated door locks, windows, and side mirrors. You do get standard four-wheel drive, though.

The 2020 FIAT 124 Spider shares its platform with the Mazda MX-5 Miata, and it’s no surprise that both are among the cheapest convertibles to insure. Indeed, you can expect similar rates for similarly equipped models from each of the brands — with coverage likely to cost a few percentage points higher than for the Wrangler.

There are plenty of differences between the Fiat and the Mazda, however, and that starts under the hood. The entry-level Spider sports a turbocharged four-cylinder engine with 160 horsepower and 184 pound-feet of torque. It may not seem like a lot of output, but it’s enough for spunky performance in this lightweight roadster. More importantly for today’s rankings, the Spider’s relatively low power rating helps keep down insurance premiums.

As we mentioned, despite its relation to the Fiat 124 Spider, the 2020 Mazda MX-5 Miata joins our list of the cheapest convertibles with its own engine choice. The naturally aspirated four-cylinder engine from Mazda puts the ponies first with 181 horsepower and 151 pound-feet of torque. That gives the Miata 21 more horsepower and 9 fewer pound-feet of torque than the Fiat.

The result is a different kind of driving experience but almost the exact same cost for insurance — as long as we focus on the Miata soft top. If you opt for Mazda’s power-retractable hard top, you’ll enjoy improved all-weather comfort and a dramatic sports-car-style design. But a higher starting price and the more complicated roof mechanism also translate into higher insurance costs.

The cheapest convertibles to insure are often the cheapest to buy. This makes sense, since it obviously costs less for insurance to replace an inexpensive small car than it does to replace a full-size flagship sedan.

This brings us to the smallest drop-top of the year, the 2020 MINI Convertible. Beyond its nimble size, the Mini Convertible’s MSRP starts thousands of dollars below the current average transaction price for a new car. Those are both important factors for holding down the cost of auto insurance. Mini’s approach to performance is another. The base-model convertible — with the lowest-priced coverage — emphasizes hot handling over horsepower. The Mini is still plenty fun to drive; you just aren’t dinged by insurance companies for having hundreds of horses on board.

The cheapest convertibles to insure also include a pair of modern-day muscle cars. Luckily for drivers, both can be relatively affordable to cover. We’ve even seen some insurance estimates for the 2020 Chevrolet Camaro convertible that are well under the national average.

Now, the Camaro’s estimates are a few hundred dollars a year higher than for the previous cars we’ve discussed today. Yet that’s what you should expect from a bigger, more powerful entry like the Camaro. It’s about 3 feet longer than the Mini Convertible and carries more than twice the horsepower. Shoppers should also know that only the Camaro coupe is offered in an entry-level trim, which means the least-expensive convertible is better equipped and more costly to insure than the base coupe.

At this point, finding the cheapest convertibles to insure becomes a relative proposition: Cars like the 2020 Ford Mustang convertible don’t have “cheap” premiums compared to the rest of the industry, but they are less expensive to cover than truly high-end drop-top models. Besides, the Mustang isn’t any more costly to insure than the average vehicle either — it’s right near the industry average for coverage.

What’s far above average is the Mustang convertible’s combination of performance and features. For the former, you can count on a standard 310-horsepower twin-turbo engine, launch control, and an upgraded suspension. The drop-top Mustang’s list of standard luxuries includes heated and ventilated front seats, a leather-wrapped multifunction steering wheel, Android Auto, Apple CarPlay, and mobile Wi-Fi.

The 2020 BMW 2 Series presents an interesting case if you’re shopping for the cheapest convertibles to insure. That’s because the difference between premiums for the 2 Series coupe and convertible is one of the largest in the industry. You could be charged close to 10% more on annual insurance just for the thrill of open-air motoring.

Of course, that’s a price many people are willing to pay for a unique and sporty ride like the 2 Series drop-top. Neither Audi nor Mercedes-Benz offers a convertible at this price point, giving BMW a cost benefit that’s also reflected in the car’s relatively low insurance rates. Oh, and the smallest cars from BMW’s rivals are front-wheel drive. The BMW 230i convertible appeals to enthusiasts with standard rear-wheel drive.

The 2020 Audi TT shows the unexpected flipside to the 2 Series. The roadster is both one of the cheapest convertibles to insure and one of the few drop-tops with lower premiums than its fixed-roof counterpart (based on national averages).

Insurance policies for the open-air TT still tend to be higher than for the 2 Series convertible, and Audi’s entry is also more expensive to start despite being the smaller car. Advantages for the four-rings brand start with the fact that even the entry-level TT has all-wheel drive. Further, the TT wears an exotic sports-car design that’s complemented by a standard 12.3-inch digital instrument panel, an adaptive rear spoiler, a racing-style steering wheel, and leather and Alcantara seating surfaces.

The cheapest convertibles to insure from Mercedes include one with a standard power-retractable hardtop: the 2020 Mercedes-Benz SLC. That solid roof does increase insurance rates versus a soft top.

But the SLC remains cheaper to cover than most of the convertibles from the luxury brands — perhaps because there’s less of it to cover in the first place. The SLC is about the size of a subcompact Toyota Yaris, and it’s a true roadster with seating for only two people. Also working to lower the SLC’s insurance costs is its somewhat Spartan cabin. With an MSRP of about $50,000, this sleek and sexy convertible does without convenience technologies like Android Auto and Apple CarPlay.

Detailed information about insurance costs for the brand-new 2020 Jeep Gladiator is still a work in progress. Nonetheless, there are good reasons to think this mid-size pickup could be among the cheapest convertibles to insure.

The first is that it’s closely related to the Wrangler, which has a proven track record for moderate insurance costs. The Gladiator even follows the Wrangler template for cheap-to-fix standard content such as manually operated side mirrors, door locks, and windows. Then there’s the Gladiator’s segment. Policy rates for most mid-size pickups are well below the national averages, and there’s no reason to think the Gladiator will be an exception. The exceptional part of the Gladiator is a manually removable soft top that makes this the only convertible pickup in production.