That hot new car you've been eyeing will cost you some cold hard cash to insure. If the thought of cruising in a rugged 2002 Mitsubishi Montero Sport sends thrills down your spine, get ready for some eye-popping statistics. This car ranks as the most expensive vehicle to insure, according to the top auto insurers in the country.

And before you dream of letting your hair blow in the wind while driving a 2002 Chevy Corvette convertible, make sure you shop around for car insurance rates. It is the second most expensive car to insure.

The 10 most expensive 2002 vehicles to insure are:

1. Mitsubishi Montero Sport
2. Chevrolet Corvette Convertible
3. Lexus GS 430
4. Cadillac Escalade
5. BMW 7 Series
6. Honda Civic Coupe
7. Chevrolet Corvette Coupe
8. Mitsubishi Mirage Coupe
9. Toyota 4Runner
10. BMW 5 Series

While cars like Porsches, Ferraris, and Lamborghinis are also incredibly expensive to insure, they don't factor into this compilation because they are limited-production cars and therefore don't generate enough claims data to make the list.

The 2002 Montero Sport isn't costly to insure because it's expensive to buy. It's because it has the highest number of claims for injury, collision, and theft. Its rollover rating is a dismal two stars out of five from the National Highway Traffic Safety Administration, meaning there is a 30 to 40 percent chance of rolling over in a one-car accident.

The car you buy makes a huge difference in how much you pay for insurance. For instance, in San Diego, Calif., according to the California Department of Insurance, a 25-year-old male can get liability and collision auto insurance on a mid-size sedan for about $2,000. For the same male, the average annual insurance bill for an SUV such as a Montero Sport increases to $2,800, or 40 percent higher.

Drivers may be surprised to find their Honda Civic in the top 10, but Hondas such as the Civic and the Accord are repeatedly high on the theft list, since parts are so valuable on the street, thus pushing premiums up.

BMWs make the list because they are initially expensive to buy and just as expensive to repair. "People who buy cars like this don't buy them to drive them 55 miles per hour," says Donald Griffin of the National Association of Independent Insurers. "So when they have accidents, the repairs are usually much more extensive and costly.

The hidden costs of leasing

If you have enough money to buy your car outright, whether it is a $89,000 BMW or a $22,000 Honda Civic, you have more control over your insurance cost because you can set your auto insurance deductible amount.

"Even if you have an expensive car, if you own it outright, you can decide to have say a $10,000 deductible on a $95,000 car," says Griffin. "But if you finance or lease a car, the lienholder still has an investment in the car, so they can require you to have low deductibles." They can also require you to carry collision insurance in addition to liability to make sure your car is repaired after an accident. Finance companies and dealers don't want you to end up defaulting on your lease because you didn't have enough insurance to cover repairs and have to pay out of pocket, and they don't want to get a damaged vehicle returned to them at the end of the lease.

Insurance costs vary widely from insurance company to insurance company. Griffin advises people who have cars on the "most expensive list" to read their insurance policies carefully to be sure they understand their coverage. "It pays to do some homework before you buy a car so you know all the costs associated, not just the purchase price," he says.

Tips for lowering your premiums

If you have one of these vehicles you can still find discounts for your policy if you know where to look. Be sure to ask about specific discounts when you apply for or renew your policy. Auto insurers offer numerous ways to reduce your premiums but don't expect them to be handed to you. Make a list of possible discounts before you visit your agent or contact your company. Each company has some offerings that are specific, but there are quite a few that are general in the insurance industry.

Insuring more than one car with an insurance company will get you a discount, as well as insuring your home with the same insurance company as your car. And these days, auto insurers offer discounts to nonsmokers.

But did you know that in some states you can get a discount just for buying a brand-new car ? If your car has never been titled, you could get as much as a 5 percent discount on your policy.

You can also get discounts if you are over age 55 and have voluntarily taken a defensive-driving course and/or are not employed full-time.

If you own your car outright, or if your finance company allows it, you can lower your premiums by 15 to 30 percent by raising your deductible on collision from $200 to $500. You can reduce your premiums by as much as 40 percent by increasing your deductible to $1,000.

For those of you whose rates went up when you listed a teen on your policy, there is some heartening news. If your licensed child is under 21 and goes to college more than 100 miles from home you can save a few pennies because it's assumed they won't be driving your car year-round.

You can also get "safe car" discounts of up to 5 percent in some cases for having air bags or factory-installed mechanical seat belts, antilock brakes, and antitheft devices such as alarms.

And finally, if your profession is farming or ranching and you use your car for work, you can get as much as 5 percent taken off your auto insurance bill.

Always make sure you ask your agent about discounts on anything that makes your car safer or makes you a better driver.