Some Americans are paying exorbitant prices for their auto insurance premiums yearly without even being aware that they could be paying less.

According to several news agencies, the difference between the least costly and the most expensive auto insurance rates can add up to several thousand dollars.

To make sure you’re not overpaying for your auto insurance premiums, check your vehicle model and ask yourself: is my car one of the pricier, fancier models available in the market? Truth of the matter is: expensive cars are usually much more expensive to cover.

Although auto insurance companies base their premiums on details regarding the car owner’s address, gender, age, driving record and even credit score, some models may also make the difference. Vehicles that are manufactured with exotic materials like carbon fiber or aluminum can be more expensive to cover as well.

Another factor may be the amount of damage certain models incur in the event of an accident. Accident ratings associated with the type of vehicle you’re driving and how likely it is to be stolen can also increase your premium.

Experts say that depending on the type and severity of infraction, having any moving violation registered can end up boosting your car insurance rates. CarInsurance.com and Insure.com have been conducting researches that demonstrate the importance of keeping the incident rates low and the focus on safer, more popular models in order to keep your premium low. Also, keep in mind that if your vehicle is expensive, its parts will surely be just as expensive. The more costly your vehicle is when it comes to repair costs, the more costly your insurance premium will be.

Some of the most expensive vehicles to ensure and cover include the Audi R8 Spyder Quattro, Mercedes-Benz CL600, Porsche Panamera Turbo, BMW ActiveHybrid 7, Porsche 911 Turbo Convertible, Mercedes CL65 AMG Coupe, Mercedes-Benz SL63 AMG, Jaguar XKR Supercharged Convertible, Audi A8 L Quattro and the Nissan GT-R.

With average premiums that range from $3,307 to $2,457, these vehicles could make your fuel-efficient ride turn into not such a great idea after all.

To keep your auto insurance premiums low and continue to own a vehicle that is completely affordable, cheap to maintain and to drive, make sure you do your homework before purchasing any car just because you thought it was the luxurious ride you deserve.

For more on this subject, click here for more tips on how to keep your auto insurance premiums low.