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 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

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.

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.