Convertible Car Insurance

How insurance companies calculate convertible car insurance premiums

When it comes to calculating insurance premiums for convertibles in Canada, insurance companies work by looking at a mix of factors. Things like the type of vehicle you own and how often you drive all play a role. Convertibles tend to come with higher premiums due to their repair costs, soft tops, and greater risk of theft or damage.

It's important to note that every insurance company has their own rating system for each factor, but here are a few key things they’ll look at when setting your convertible car insurance rate:

Car make, model, and year

According to Statistics Canada, the cost of vehicle parts, repairs, and maintenance rose by 22.3% between December 2019 and December 2024, and the price of new vehicles shot up by 61.5%. These increased costs translate into your premiums to ensure your insurance can cover these higher costs if your car needs repairs or replacement.

Add that to driving a convertible, and your insurance costs might be even higher. Most convertibles are two-door vehicles, which tend to come with higher premiums because they’re often considered sportier and more expensive to repair. Plus, parts for convertibles, like soft tops or unique structural components, can cost more to replace if they’re damaged.

So if your convertible is newer, higher-end, or considered a “high-performance vehicle,” expect that to reflect in your premium. That said, if your car has built-in safety features or anti-theft tech, be sure to tell your insurance broker, as those features could help you qualify for valuable discounts.

Annual mileage

If your convertible is your weekend cruiser or a sunny-day-only kind of ride, your annual mileage is likely low, and that can work in your favour when it comes to insurance rates. Driving less means you’re less exposed to accidents, which could help lower your premiums. You may even qualify for low-mileage insurance.

But if you’re using your convertible regularly throughout the year, insurers may see that as a higher risk, especially if you’re frequently on highways or busy city roads. Be sure to update your own insurance company or broker about how often you actually drive. They can help tailor your policy and possibly find discounts that match your driving habits.

Driving history

It's not just the vehicle itself and how you use it that determines your premiums. Your driving history matters just as much as the car itself. For many experienced drivers, years of experience behind the wheel can help bring premiums down, but only if that experience is paired with a clean record.

Speeding tickets, collisions, or DUIs can push your rate higher as insurance companies see drivers with these on their driving records as higher risk. On the other hand, if you’ve maintained a clean driving record, you’re more likely to qualify for lower premiums, even on vehicles like convertibles that tend to cost more to insure.

Location

If you live or work in a busy city like Montreal, Toronto, or Vancouver, expect higher premiums than someone who lives or works in a more rural area. More traffic, more congestion, and more chances for collisions all raise your risk in the eyes of insurers. This goes for all types of vehicles, not just convertibles.

The weather also plays a role. Living in a region prone to severe storms or hail, like Alberta, can also push premiums up. Convertibles, with their soft tops and specialty parts, may be especially vulnerable in extreme weather.

Coverage levels

How much you pay to insure your convertible also depends on the coverage you choose and what your province requires you to carry. Every province and territory in Canada has its own minimum auto insurance rules. In most places, you’ll need at least $200,000 in third-party liability coverage, but in others, like Nova Scotia, you’ll need a minimum of $500,000.

Convertibles are often higher-value vehicles with pricier repairs, which means you may want more than the legal minimum for peace of mind. Choosing higher coverage limits (or adding optional protections like collision or comprehensive) will increase your premium, but it also gives you greater financial protection if something goes wrong.