What Sports Car Lovers Need to Know About Insurance

Whether you own an American made or foreign sports car, or are planning on buying one in the future, you’ll need to purchase insurance coverage. The kind of car you own will definitely influence the cost of your insurance premiums especially when insuring a sports car. 

How Does an Insurance Provider Classify a Vehicle as a Sports Car?

Insurance providers will classify certain vehicles as sports cars based on: 

  • the car manufacturer – Audis, Corvettes, Ferraris, Porsches and more
  • the car model – coupes are generally categorized as sports cars, and most will have only 2 doors and 2 seats
  • the vehicle’s horsepower 
  • the number of cylinders the engine has – cars with more cylinders are considered high-performance vehicles so they are more expensive to insure
  • the car weight – sports cars weigh less than sedans or SUVs, so they boast increased speed and maneuverability placing them more at risk for accidents.
  • the car height
  • any expensive modifications – these may include stereo equipment, exhaust systems, car interiors, exterior paint and design, or ground effects

Generally speaking, sports cars tend to weigh less and be smaller in overall size.  They tend to have only two seats and a softback. They also have a higher speed performance. This increases the probability of high speeds on the road together with maneuverability. These two characteristics translate into higher collision insurance costs. 

Even if you have a perfect driving history, you will still pay more to insure a sports car and the reason isn’t the risk of collision alone. These cars are particularly attractive for car thieves, so an increased risk of theft means more expensive premiums. If you are a younger driver, expect rates to climb even more.

Which Cars do Insurance Providers Consider to be Sports Cars?

Larger cars offer better performance when involved in collisions although they can do more damage to any others involved in an accident. Collision statistics indicate that smaller cars are driven at higher speeds. They are more likely to be involved in collisions or receive traffic tickets. This means premiums are more expensive to cover these eventualities. 

Examples of cars that are classified as sports cars include the

  • Aston Martin Rapide S
  • Audi
  • BMW Z4 Roadster
  • Chevrolet Corvette Stingray
  • Dodge Charger SRT Hellcat
  • Ferrari 
  • Fiat 124 Spider
  • Ford Mustangs
  • Lamborghini 
  • Mazda MX-5
  • Porsche 
  • Subaru BRZ

What Else Will Affect a Sports Car Insurance Premium?

What factors can influence how much sports car insurance costs? The first consideration will be what car group a vehicle falls under. Sports cars are one of the top groups in terms of expense. After the car group, insurance providers will also consider

  • purchase price of the car
  • potential repair costs
  • cost of replacement parts

Any security features included in the car or lack thereof can also be crucial for some insurance providers when calculating costs. These might include locking systems, tracking systems, or immobilizers that render theft difficult.

Foreign sports cars may also present more difficulties when attempting to procure parts or finding a shop that does repairs on foreign vehicles.

Then your age, where you live, where you park, your credit score, and your driving history are several aspects among other considerations that will be factored in.

What Should Sports Car Owners Do When Looking for an Insurance Policy?

To get the best deal on insurance coverage for your sports car, it’s recommended that you

  • Request various quotes from a variety of insurance providers before you select.
  • Tell the truth and inform companies of all modifications or special features. Companies will be reluctant to pay for things they didn’t know about.
  • Ask for a full coverage plan that will protect you and your vehicle in any circumstances including accidents, theft, vandalism, weather damage, etc. Comprehensive plans might also include protests, riots, third-party liabilities, and natural calamities.
  • Consider extra riders when insuring a sports car, these might include zero depreciation, no claim bonus, engine protection, roadside assistance, key replacement, and return to invoice coverage.
  • Request a money-back insurance policy, so that your provider will return your money should the property change hands or if the car is stolen.
  • Consider bundling insurance policies. If you already have other vehicles insured or homeowners’ insurance, ask your provider if they will discount sports car insurance for you as you are already a customer.
  • Check to see if you are eligible for other kinds of discounts such as affiliation, low-mileage, defensive driving course or other discounts that can lower your premiums. 

Where Can You Find Good Sports Car Insurance?

Many reputable and well-known insurance providers offer sports car insurance. Shopping around is the best way to find a good deal that meets your needs.However, the internet offers multiple choices and insurance websites where you can request estimates. 

Buying insurance through an agent is another possibility. Start early and take your time. Read policies thoroughly and compare quotes, after all you are not insuring just any car, but your passion.