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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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 16, 2021

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Overview

  • 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. 

Auto insurance for sports cars, while not cheap, 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

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.

What is considered a sports car by insurance companies?

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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Does a sports car raise your insurance?

Does having a sports car increase insurance? You’re not surprised the answer is “yes.” Intuitively, you knew that owning a sports car will 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.

The car you drive directly impacts your auto insurance premiums in two major ways: the probability of claims and 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

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.

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, 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.

How much does car insurance cost 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.

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.

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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. 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, even 20-year-old driver, you can expect high premiums and deductibles.

Get Help

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.

Regardless of the reasons why sports car insurance is likely to be higher, don’t put off getting the right insurance for your dream car. Otherwise, your dream could turn into a nightmare by being uninsured, or underinsured, in the event your sports car is in an accident or stolen. Talk to an agent in your area now about getting the best auto insurance for sports cars by putting your ZIP code into our search tool.

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