Whether you have dreamed of purchasing a sports car for years or it was one of those spur-of-the-moment decisions, it is essential that you have the right auto insurance policy to protect your purchase. The last thing that you want is for your sports car to be damaged during an accident, only to find that you do not have the proper coverage.
To help you avoid this unsavory scenario, we have created this useful guide to sports car insurance. Below, you will find everything you need to know about getting insurance for your high-performance vehicle. We can even help you to find free quotes on sports car insurance coverage.
Our experts have reviewed every major insurance provider and have identified the best car insurance companies in the industry. To see how much you would pay for coverage, enter your zip code above.
Overview of Sports Car Insurance
As long as you are not using your sports car for business purposes, sports car coverage is very similar to that of any other vehicle.
You will have the opportunity to purchase full coverage or build a custom plan, as long as your sports car is paid off. You can choose from options like collision coverage, comprehensive coverage and bodily injury protection. It is important to remember that most finance companies will require you to have full coverage if you are still making payments on your vehicle. However, full coverage will mean higher insurance premiums.
The type of car that you drive is one of the most important factors that will influence your rates. Since sports cars are high-performing machines that are expensive to repair or replace, they tend to cost more to insure and have high deductibles. This is true even if you have a clean driving record that is completely free of moving violations or at-fault accidents.
The good news is that it is still possible to find cheap rates if you are willing to shop around. Our advice is to take your time and make sure to do your research.
How Do Insurers Determine Whether a Vehicle is a Sports Car?
As the saying goes, “If it quacks like a duck and walks like a duck, then it is probably a duck.” This same basic principle applies to sports cars. If your vehicle has lots of horsepower, a big engine and can accelerate quickly, then it will likely be classified as a sports car by your insurer.
When the insurers are making a decision on this classification, providers will consider factors like the horsepower and the number of cylinders that the engine contains. The company will also want to know the specific make and model of your vehicle.
Why Auto Insurance Is More Expensive for Sports Car Drivers
Many drivers wonder why sports car insurance is so expensive. The most obvious reason is that sports car drivers are considered to be high-risk. Even if you are a safe driver, not every sports car owner is. Unfortunately, statistics support the practice of charging more for sports car insurance. There are over a dozen models of popular sports cars that are at least twice as likely to be involved in a fatal accident as non-sports cars. A few of these vehicles are involved in fatal crashes nearly five times as often as average cars.
The average fatal accident rate (FAR) for all vehicles is 2.6 cars per billion vehicle miles. For comparison, the Chevrolet Corvette has a FAR of 9.8. The Dodge Challenger and Chevrolet Camaro both have FARs of over 5.5. The Nissan 370Z is also at higher risk, with a FAR of 6.2.
As you can see, the danger is real when these vehicles are driven in a reckless or careless manner. It is important that you operate your vehicle safely, especially when driving a high-performing sports car.
With all of that added risk, you may want to opt for higher coverage limits or choose add-ons like replacement car insurance. This will ensure that your vehicle is covered in the event of a crash. However, doing this can drive up your premium costs.
What to Consider When Buying Sports Car Insurance
The phrase “sports car” is a general term used to describe a vehicle with a powerful engine and high-performance capabilities. Most insurance providers do not use the term as broadly as the general public does. In fact, insurers actually offer several specific types of coverage for especially unique high-performance cars.
For example, luxury vehicles – like Ferraris, Lamborghinis, or Porsches – will need exotic car insurance. This type of coverage far exceeds traditional insurance limits and will also have higher rates. However, it is essential that you have the right type of coverage to protect yourself and your ride.
Some providers also offer something known as classic car insurance. This coverage may be a good fit for muscle cars and older sports cars, like the Ford Mustang. Because it may be difficult for providers to repair old-school vehicles, classic car insurance can give you financial compensation if your vehicle is severely damaged.
When you are shopping for sports car insurance, pay special attention to the coverage limits that you choose. Be sure to throw in any extras that you need to protect your car.
Tips for Saving Money on Sports Car Insurance
Since most sports car insurance works like any other type of coverage, you can take steps to keep your rates low. You should be on the lookout for common discounts when searching for coverage. These discounts includes safe driver, multi-car, and multi-vehicle discounts.
You should also maintain a clean driving record, as insurance companies will certainly obtain a report of your driving history. The report will let the company know whether you have any driver’s license restrictions or past suspensions. The company will also be able to find out if you have received any speeding tickets or been involved in any traffic accidents.
As noted above, you should be willing to shop around. If you have not already purchased a sports car, take your time to obtain multiple quotes. Doing so can save you hundreds of dollars.
Our Recommendations for Auto Insurance
Our team of experts reviewed every major car insurance provider in the industry in areas such as cost, coverage, customer service and reputation. Two of the providers that came out on top were GEICO and State Farm. Read on to learn more about these insurers, and enter your zip code below to start getting free quotes from top providers in your area.
GEICO: Best Overall
GEICO earned a total score of 9.5 out of 10.0 in our industry review. The company also earned a 9.5 for reputation and a 9.0 for both cost and customer experience. GEICO offers standard coverage plus extras like mechanical breakdown insurance and roadside assistance. The company might be able to provide you with the best sports car insurance rates.
State Farm: Best for Student Drivers
State Farm has been in business for about a century. During that time, the company has become a market leader in the auto insurance industry. Our experts gave the company a total score of 8.9 out of 10.0. State Farm has a multitude of discounts and great policy options for sports cars, too.
Methodology
The Detroit Bureau collects data from every major car insurance provider to formulate rankings of the best insurers. Our in-depth rating system takes into account market share, coverage, pricing, customer satisfaction, and ratings from industry experts. Each insurer is given a weighted score in four categories, as well as an overall score out of 10.0.
We recommend auto insurance companies based on these rankings, but we also encourage you to perform your own research and compare quotes to find the best coverage.
