Auto Insurance for Sports Cars
Car insurance for sports cars is typically more expensive than average car insurance. Insurance companies typically base their car insurance rates on the cost of repairing or replacing your vehicle. Since sports cars tend to be more expensive, car insurance rates for sports cars tend to be higher too. Unfortunately, sports cars are also costly to insure because they are seen as more likely to be driven less safely. After all, cars designed to be fast and powerful are likely to be driven fast. Most auto insurance companies will provide insurance for sports cars, but don't expect it to be cheap.
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Mary Martin
Published Legal Expert
Mary Martin has been a legal writer and editor for over 20 years, responsible for ensuring that content is straightforward, correct, and helpful for the consumer. In addition, she worked on writing monthly newsletter columns for media, lawyers, and consumers. Ms. Martin also has experience with internal staff and HR operations. Mary was employed for almost 30 years by the nationwide legal publi...
Published Legal Expert
UPDATED: Aug 14, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
UPDATED: Aug 14, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
On This Page
- The type of car you drive will impact your auto insurance premiums.
- Insurance companies generally classify sports cars by looking at the number of cylinders, the horsepower, the make and model, and the weight and height of the vehicle.
- Owning a sports car will likely increase the cost of your auto insurance because they run a higher risk of accidents and theft, and are very expensive to repair or replace.
- Even if you are a safe sports car driver with a good driving record, you will still pay more for auto insurance than a standard vehicle because, statistically, sports cars are high risk. t
Now that you’re the proud owner of a sports car, you’ve probably fantasized at least once — ok, maybe more than once — about speeding down the autobahn in your sleek, high-powered driving machine. You may not be sitting around dreaming about car insurance, but getting the right car insurance for your sports car is where your fantasy meets reality.
While not cheap, auto insurance for sports cars is money well spent for the peace of mind knowing that you’re covered if your beloved two-seater baby is damaged or stolen, or causes injuries to other people or property in an accident.
If you’re fortunate to own your dream sports car, the fantasy doesn’t end with the purchase. Be sure to protect your prized possession, and yourself, by finding the right coverage, which may go beyond the basic types of auto insurance. Be prepared that insurance is higher for sports cars and that may mean yours too.
Keep reading for tips on finding the right coverage, including information on how insurance companies classify sports cars and why driving a sports car will likely increase your premiums. Start comparison shopping today by entering your ZIP code to get quotes for your sports car insurance.
Definition of a Sports Car
There are specific things insurance adjusters look at when they classify sports cars. Insurance companies classify a vehicle as a sports car by looking at the number of cylinders, horsepower, make and model, and weight and height of the vehicle, among other specifications.
Typically, sports cars have two seats, a softback, and race-quality high-performance mechanics. However, the definition of a sports car for insurance purposes can vary between providers, so check out all your options to find the best rates.
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Sports Car and Insurance Rates
Does having a sports car increase insurance? You’re not surprised the answer is “yes.” Insurance rates for sports cars are going to be elevated due to the high-performing capabilities of the model you choose to drive. Intuitively, you knew that owning a sports car would increase the cost of your auto insurance. But do you know why? It all comes down to risk to the insurance carrier.
There are standard risk factors auto insurance companies use to determine car insurance rates. The type of vehicle you own and drive is just one of several risk factors that providers look at when calculating insurance premiums. In addition to vehicle type, factors like your age, education, gender, location, marital status, credit history, prior coverage, claim history, and driving record go into determining auto insurance rates.
If you have low mileage on your sports car, your insurance could potentially not be as high. Insurance companies often offer discounts for vehicles that aren’t driven very often because it’s a risk reduction.
The car you drive directly impacts your auto insurance premiums in two major ways: the probability of claims and the expense to repair and/or replace. There’s no denying that sports cars have a strong correlation to a high probability of claims and high expense. So, insurance companies charge high premiums to cover sports cars to balance the increased risk they are undertaking.
Increased Claims for Sports Cars
Before buying a sports car, it’s important to know that the average sports car insurance tends to be higher than the more standard vehicles. This is partially due to factors like the high-performance capabilities and higher increased repair costs associated with performance car insurance.
Yes, auto insurance is more expensive for sports cars because industry data from the Insurance Institute for Highway Safety (IIHS) shows a high number of insurance claims for sports cars. That means more people make more claims for damages related to or caused by, their sports cars than for other vehicles, like sedans, SUVs, and economy vehicles.
The Porsche Boxster insurance cost is notably higher because of not only the high car value but also the expensive repair costs.
What causes an increased risk of insurance claims for sports cars? Sports cars have higher accident and theft rates.
Higher Accident Rates
The truth is, that motorists are more likely to drive fast behind the wheel of a sports car, and speeding causes accidents. Add the fact that sports cars are high-performance vehicles, which in unskilled hands can lead to unsafe and reckless driving.
According to AutoInsurance.org, statistics show there are a higher number of accident claims for sports cars as compared to other vehicles. Smaller sports cars with more horsepower present even higher risks for insurers. They protect themselves by charging higher rates for sports car policies.
Greater Theft Risk
Sports cars, like other expensive high-end cars, have a higher risk of being stolen or vandalized. Auto theft and vandalism are covered by comprehensive insurance, which is add-on coverage. Sports car owners should expect to pay more for comprehensive coverage.
High Dollar Value of Sports Car-Related Claims
Remember, it’s not just the increased number of accidents and damage claims for sports cars. It’s also the high-dollar value of the claims that are paid out relating to these very expensive cars. The cost to repair or replace high-end sports cars is, on average, higher than other automobiles.
High Replacement Cost
If your sports car is totaled in a wreck or never recovered from a theft, your insurance company is obligated to pay you the actual car value, or an agreed replacement cost, of the car (minus your deductible). That’s what you’re paying insurance for, after all. Insurance is higher on sports cars because they are expensive to replace, especially given that some collectible and other high-end sports cars increase in value over time.
High Repair Cost
Sports cars are rare and expensive. So are their parts. Sports cars also typically require custom parts and paints, as well as specialized mechanics to do the repairs.
Sports car repairs tend to take longer than for other cars, and the insurance company is on the hook for temporary transportation for the duration of the repairs. These incidentals hike up the overall repair-related costs.
Insurance for high-performance cars is going to be more expensive because these types of vehicles, which are known and designed for speed and higher-performing agility, tend to be more expensive to repair.
Insurance Costs for a Sports Car
There isn’t one answer to the question of how much it costs for sports car insurance. Your quote will depend on how you rate against the standard risk factors insurance companies use to determine rates for sports car insurance.
When looking at sports car insurance, make sure you shop around and get quotes from several different insurance companies. You should also ask about all of the factors they used to calculate your rate. You may find a factor that you can use to adjust your rate downward.
The average sports car insurance cost leans to be higher because of the capabilities of a sports car. Sports car insurance varies per car and driver. The more exotic the car and insurance coverage, the higher the costs are going to be for you.
Sports cars with cheap insurance aren’t usually a paired circumstance, but there are some companies where the cheapest insurance for sports cars can be found. If you’re checking insurance as part of your due diligence before you buy a new car, definitely ask the different providers you speak to what is the cheapest sports car to insure with them.
What sports car has the cheapest insurance?
Autobytel is a good resource for which sports cars have the cheapest insurance. Their top ten list of the cheapest insurance for sports cars includes some surprises, like the Chevrolet Corvette convertible, the Porsche Boxster, the Chevrolet Camaro SS coupe, and the Ford Mustang GT coupe.
There was a two-way tie in Autobytel’s rankings of the cheapest sports cars to insure. The FIAT 124 Spider and Mazda MX-5 Miata siblings took the top spot on their list with annual insurance premiums between around $1,350 and $1,290, which was significantly less than any of the other cars ranked. Although neither car has been crash-tested, they are known to be some of the best-handling on the road as well as having advanced safety features.
While some cheap to-insure sports cars include the Mazda MX-5 Miata and the Subaru BRZ, other options with Chevrolet and Ford offer a good mix of performance and lower insurance costs.
Finding the cheapest car insurance for sports cars can be a challenge, but if you put in time to research and shop around, have a clean driving record, and pick a lower to medium-risk sports car, then you can secure a more affordable rate.
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Sports Car Insurance for Under 25
A quick note on how age affects the cost of sports car insurance. If you’re between the ages of 30 and 69, you’ll likely get the most favorable rates. Sports car insurance costs are extremely high for younger drivers.
Insurance companies already consider teen and young drivers as one of the highest-risk groups. Insurance for young drivers is usually a little steeper, which makes sports car insurance for young drivers particularly pricey. Obtaining a sports car insurance quote can help you understand the total cost of a sports car.
If you’re looking at car insurance quotes for sports car insurance for any under 25-year-old driver, including a 16-year-old driver, 17-year-old driver, 18-year-old driver, 19-year-old driver, or even 20-year-old driver, you can expect high premiums and deductibles.
Final Thoughts
In a nutshell, if you drive a sports car, your auto insurance rates probably will increase. The chance of getting in an accident is higher for sports cars than most other cars. They also are at greater risk of being stolen or vandalized. High-performance sports cars are extremely expensive to replace and repair if you get in an accident. Because the claims paid on these expensive cars usually have a high dollar amount, the cost to insure one is going to be amplified.
What’s considered a sports car on insurance? Remember, these will be your higher-performing, faster, 2-door vehicle types. While there are some higher-performing sedans, their higher-rated safety features keep them in the standard category.
Car insurance for sports varies from car to car. Researching cheap sports car insurance for young drivers may be challenging. For your young drivers, it’s good advice to buy them a vehicle that has less powerful features and may also offer discounts for your insurance.
Regardless of why sports car insurance is likely higher, don’t put off getting the right insurance for your dream car. Otherwise, your dream could become a nightmare by being uninsured, or underinsured, if your sports car is in an accident or stolen.
The best insurance for sports cars will include coverage tailored to the vehicle’s performance capabilities, while the best sports car insurance rates can be found by comparing different providers and understanding what each policy covers.
Ultimately, you need to understand all the different sports car insurance rates. By researching and seeking insurance on a sports car you can help to balance the cost and coverage to meet your needs.
Talk to an agent in your area now about getting the best auto insurance for high-performance cars by putting your ZIP code into our search tool.
Case Studies: Sports Car Insurance Premiums and Risk Factors
Case Study 1: High Premiums for Sports Cars
John, a sports car enthusiast, discovered that insuring his dream car came with a hefty price tag. Insurance companies considered his high-speed vehicle a higher risk, resulting in increased premiums. Despite his impeccable driving record, Sarah, another sports car owner, faced the same issue. Mark, who owned a standard car, paid significantly less for insurance.
Case Study 2: Increased Risk Factors for Sports Cars
In analyzing insurance data, it was evident that sports cars, like those owned by John, Sarah, and Mark, had higher claim rates. Accidents were more common due to increased speeds associated with these vehicles. Moreover, sports cars face a greater risk of theft. Insurance companies, aiming to mitigate these risks, charged higher premiums to offset potential claims.
Case Study 3: Cost Factors for Sports Car Insurance
John, Sarah, and Mark encountered higher insurance costs due to the expensive repairs and replacements associated with sports cars. The limited availability of specialized parts, longer repair times, and higher overall repair expenses contributed to the elevated premiums. Furthermore, the high value of sports cars amplified the financial risk for insurance companies.
Case Study 4: Cheapest Sports Cars to Insure
When researching insurance options, John, Sarah, and Mark found surprising variations in insurance premiums among different sports car models. For example, the Mazda MX-5 Miata and the FIAT 124 Spider had lower annual premiums compared to other sports cars. These vehicles had advanced safety features and excellent handling, factors that positively influenced their insurance costs.
Case Study 5: Impact of Age on Sports Car Insurance
John, Sarah, and Mark discovered that age played a significant role in sports car insurance costs. Younger drivers, including those under 25 like Mark, faced considerably higher premiums due to their perceived higher risk. Insurance companies deemed younger drivers more likely to engage in reckless behavior with sports cars. This higher risk perception led to increased insurance rates for this demographic.
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FAQs
How much does insurance go up for a sports car?
On average, insurance premiums for sports cars could increase by a minimum of 20 percent compared to a standard vehicle. The insurance premiums will depend on the make and model of the car.
How much does it cost to insure a Porsche Boxster?
Insurance premiums continuously depend on many factors related to the driver, but the estimated annual insurance cost is $1,500 to $3,000 per year.
How much is insurance for a sports car for a 16-year-old?
Insurance for a 16-year-old driving a sports car is going to be very expensive due to the combination of age, inexperience, and vehicle type. The insurance premium rate could range from $5,000 to $10,000 per year.
How much more is a sports car insurance?
Sports car insurance compared to insurance for a standard car is going to be more. For example, if you’re used to paying around $1500 for your sedan, sports car insurance would be around $1800-$3000 more annually.
What are the least expensive sports cars to insure?
Insurance for a sports car can be pricey, but there are options for you to have a fun car without all the additional costs of insurance.
Some of the least expensive sports cars to insure are the Mazda MX-5 Miata, Subaru BRZ, Toyota GR86, the EcoBoost Ford Mustang, Chevy Camaro, Nissan 370Z, and Volkswagon Golf GTI.
What cars are considered sports cars for insurance?
If you’re considering what sports cars are most expensive to insure, consider the key criteria of what insurance companies classify as a sports car.
High horsepower, torque, enhanced acceleration, top speed capabilities, two-door configuration, and lower ride height and weight are some of the most common key criteria that define a vehicle in the sports car category with insurance companies.
Would my insurance be high if I owned a sports car?
Owning a sports car generally yields higher insurance premiums compared to non-sports vehicles. The impact on your insurance premium costs depends not only on the vehicle type but also on the driver profile and driving habits. The coverage package that you choose also plays a part in your insurance cost.
What is the best insurance for exotic cars?
There are some great specialized insurance coverage providers for if you own an exotic car. The top companies are Hagerty, Chubb, American Modern, Grundy Worldwide, and AIG Private Client Group.
Are older sports cars cheaper to insure?
Yes, older sports are going to be cheaper to insure compared to a newer vehicle.
Is a Camaro considered a sports car for insurance?
Yes, the Chevrolet Camaro is considered a sports car by insurance companies.
What color car is the most expensive to insure?
It’s important to note the color of a car doesn’t have a significant impact on insurance premiums. A lot of people assume that having a red car will mean higher insurance premiums, but that isn’t true. The key factors that influence insurance costs are the vehicle type and model, driver profile, coverage options, safety features, and vehicle history.
Does a sports car raise your insurance?
Owning a sports car generally leads to higher insurance premiums. How much more you will pay depends on a few factors. Make sure to shop around for discounts, consider higher deductibles, and choose a less expensive sports car are some ways to manage insurance costs if you own a sports car.
What car brand has the cheapest insurance?
Car brands that tend to have lower insurance costs are Subaru’s, Toyota’s, Honda’s, Hyundai’s, Kia’s Mazda’s, and Ford’s.
What car has the most expensive insurance?
On the other hand, the categories of vehicles that have expensive insurance are going to be high-performance and luxury sports cars. Think of your Ferrari 488, Lamborghini Huracan, McLaren 720S, Rolls-Royce, and Bentley types of cars.
What is considered high mileage for an exotic car?
For an exotic car high mileage is considered anything above 10,000 to 15,000 miles per year.
How much does it cost to insure a Ferrari?
Insuring a Ferrari is quite costly. While overall high, it depends on the model.
Insurance for the Ferrari 488 ranges from $3,000-$6,000 annually. The Ferrari 812 Superfast insurance ranges from $4,000-$8,000 annually. Insurance for the Ferrari Portofino costs about $2,500-$5,000 per year. Finally, the annual insurance for a Ferrari F8 Tributo ranges from $3,500-$7,000.
What year of a car is the cheapest to insure?
The cost of car insurance usually decreases as it gets older. As a car ages, its market value decreases.
What are the cons of buying a sports car?
Buying a sports car can be very exciting. The main cons to buying a sports car though are high insurance costs, high maintenance and repair costs, rapid depreciation, limited space, practicality of the design, and fuel economy.
What are the benefits of buying a sports car?
If you’re intrigued about your driving experience and end up buying a sports car, there are many perks and advantages.
You will be happy with the enhanced driving experience, advanced technology sophisticated features, and my stylish design.
What cars are not considered sports cars for insurance purposes?
For insurance purposes, sedans, SUVs, trucks, minivans, hybrids, electric, company, and economy cars are not considered sports cars.
Is a Honda Civic considered a sports car?
A standard Honda Civic is not considered a sports car, but a sedan or compact car.
Are hatchbacks considered sports cars?
Hatchbacks are not normally classified as sports cars, but it depends on the brand. The Volkswagon Golf GTI and Honda Civic Type R are examples of hatchbacks that are considered sports cars.
Is a Dodge Charger considered a sports car on insurance?
A Dodge Charger is considered a full-time sedan. While it has a powerful engine and some performance capabilities, it is not considered a sports car for insurance purposes.
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Mary Martin
Published Legal Expert
Mary Martin has been a legal writer and editor for over 20 years, responsible for ensuring that content is straightforward, correct, and helpful for the consumer. In addition, she worked on writing monthly newsletter columns for media, lawyers, and consumers. Ms. Martin also has experience with internal staff and HR operations. Mary was employed for almost 30 years by the nationwide legal publi...
Published Legal Expert
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.