When calculating your auto insurance premiums, your provider will examine a number of criteria, including the type of vehicle you drive. You should know which cars are the most expensive to insure before you buy a new car. While you may be able to afford the car payments, the cost of luxury car insurance may be prohibitive.

Third-party insurance is a form of car insurance coverage that protects the insured from loss or damage to a third party. The Motor Vehicle (Third Party) Insurance Act of 1950 makes third-party insurance mandatory in Nigeria. It is one of the six types of insurance required by the Federal Republic of Nigeria’s laws.

Group Life Insurance, Health Care Professional Indemnity Insurance, Insurance of Public Buildings, Insurance of Buildings in Construction, and Employers Liability Insurance are some of the other mandatory insurances.

So here are the top five most costly vehicles to insure this year.

2021 Maserati Quattroporte – at 2.5 million Annually

A Maserati Quattroporte is the most costly car to insure in 2021. Keeping your investment in this piece of Italian automotive magnificence secure will cost you a whopping ₦2.5 million each year – or roughly ₦210000 every month (on average). That’s around 240 per cent more money than the average American driver spends on a full-coverage, top-of-the-line auto insurance policy.

A 2021 Maserati Quattroporte is aimed at the affluent, nonconformist luxury automobile consumer, with prices equal to an Audi A8, BMW 7-series, or Mercedes-Benz S-class. And it’s unquestionably beautiful, with just the right amount of exclusivity. It can be equipped with either a twin-turbocharged V6 or a twin-turbocharged V8 engine, both of which produce around 500 horsepower. It also has the expected supple leathers, silky silks, eye-catching metals, and buttery smooth woods.

As a result, a high-performance set of wheels like the Quattroporte will almost certainly cost a lot more to insure. Add in criteria like the driver’s age, past driving record, fines or accidents, and the owner’s credit score, and insurance premiums can skyrocket.

2021 Audi R8 – at 2.3 million Annually

The R8 sports car, Audi’s highest model, has a raging 602-hp V-10 engine hidden under its cramped two-seat cabin. The R8 has many similarities to the Lamborghini Huracán, however, it is less flamboyantly styled. It’s also less fun to drive, but consumers looking for a supercar they can use every day could like Audi’s elegance.

Although the cabin is sparingly equipped, with all infotainment features handled through the digital gauge cluster, it is nonetheless a comfortable and upscale atmosphere worthy of the R8’s high starting price. It would be nice to have more cargo room, but that isn’t why you buy a car like this. You buy an R8—or one of its competitors, the Porsche 911 or McLaren 570S—for the thrill of driving it. 

2020 BMW i8 – at 2.2 million Annually

Electricity’s performance-enhancing properties are making hybrid sports vehicles more prevalent, but the 2020 BMW i8 is more about looking fast than going fast. Regardless of whether the BMW’s dihedral doors open on the hardtop coupe or convertible roadster, it’s a show-stopping entry.

While its plug-in hybrid motor is respectably powerful—and faster than weaker hybrids—you’re more likely to witness one blast through a Whole Foods parking lot than a racetrack. The 2020 i8 is useful every day because of its user-friendly ride and comfy front seats; nevertheless, its limited storage capacity and restricted cabin access may put most people off. 

2021 Mercedes AMG GT – at 2 million Annually

The 2021 Mercedes-AMG GT’s beautiful bodywork will undoubtedly catch your eye, but it’s more than just a pretty face. The GT is a high-performance sports automobile with a low and wide profile. This is Mercedes’ front-engine response to Porsche’s rear-engine 911. The GT is a hand-built twin-turbo V-8 that is available at various price tiers.

Although this AMG isn’t quite as absorbing to drive as its Porsche counterpart, it’s still incredibly agile, and most models are remarkably civil on roads that aren’t exactly racetrack smooth. The 523-hp GT and 550-hp GT C are for those who prefer a more refined grand tourer, while the 577-hp GT R and GT R Pro are for those who prefer a sportier grand tourer. The majority of variants come in coupe and soft-top-roadster configurations, while the track-focused Pro and the monster 720-hp Black Series are only available in the hardtop.

2022 Nissan GT-R – at 2 million Annually

The 2022 Nissan GT-R, with up to 600 horsepower under the hood, is a powerful and tenacious-handling sports car that earned the moniker Godzilla. Unfortunately, the formula hasn’t altered much since 2009, but the sports cars it competes with have. The GT-age R’s is more apparent on the inside, with an out-of-date design and low-cost materials that are common with other Nissan cars.

The GT-R, on the other hand, has a number of advantages. For starters, all-wheel drive is standard on all models, which aids handling and gives the vehicle a rooted, assured feel. It’s also more uncommon than a Porsche 911, so you’ll be noticed in traffic or on your next track day.