Sports Car Insurance
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UPDATED: Mar 19, 2021
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Whether it’s for nostalgia or a high-performance engine, owning a sports car can bring a lot of enjoyment. There is a variety of coverage and price points available from a multitude of insurance providers.
When you’re choosing the best insurance company and coverage for your needs, it’s essential to conduct thorough research. Finding a company that offers multiple coverage options, exemplary customer service, and a speedy, reliable claims process doesn’t have to be a difficult task.
Let’s talk about sports car insurance and what specifically you need to look and know when buying insurance coverage.
How Much Is Insurance For A Sports Car?
There is a massive variation in sports car insurance costs.
While gathering car insurance quotes, you’ll find insurance premiums all along the price spectrum.
In addition to the different types of coverage included in the price quote, insurance companies consider many other variables that relate specifically to your high-end vehicle.
Auto insurance companies use risk to determine your performance car’s monthly premium. They take into account your driving record, credit score, age, location, safety, probability of theft, and most importantly, the make and model of your sports car.
Safety Ratings and Damage Threshold
The Insurance Institute for Highway Safety (IIHS) performs safety testing and provides safety ratings for hundreds of vehicles each year. These ratings largely determine all car insurance prices, especially expensive car prices.
The IIHS rates vehicles in several safety categories and offers one of four scores:
- G (Good)
- A (Acceptable)
- M (Marginal)
- P (Poor)
The IIHS has tested many brands of sports cars from Ferrari, Lamborghini, BMW, and Nissan to name a few. It would be impossible to discuss them all. Below are a few various sports cars and their crash ratings.
- 2009 Audi A4 Cabriolet: Safety test results for the 2009 A4 Cabriolet are varied. While the vehicle was rated “G” for Moderate Overlap Front, it received lower ratings in other areas. The Cabriolet’s Side received an “M,” while its Head Restraints and Seats got a “P.”
- 2012 Mitsubishi Eclipse Spyder: The 2012 Eclipse Spyder fared quite a bit better than the 2009 Audi A4 Cabriolet when it comes to the IIHS’s safety tests. It was assigned a rating of “G” for both Moderate Overlap Front and Side and a rating of “M” for Head Restraints and Seats.
Comprehensive and Collision Coverage
The overall value of your vehicle plays a significant role in determining the price of your sports car insurance. The make and model of your performance car weigh heavy on the determination on your insurance premiums. The year and specific trim and safety packages also impact the premiums.
According to Kelley Blue Book, the value of a used 2009 Audi A4 Cabriolet 2D with standard features is between $6,557 and $9,182.
On the other hand, the fair market range for a 2012 Mitsubishi Eclipse GS Spyder Convertible 2D is a bit higher at $8,320 to $10,517.
There are two types of coverage: collision and comprehensive coverage.
Collision covers any impacts from other automobiles or objects. Full coverage insurance or comprehensive coverage covers any hail, fire, or vandalism as well as collisions.
Picking full coverage gives you a lot of peace of mind but will generally give you higher rates than just collision insurance.
Claims Frequency and Potential to Cause Damage
The IIHS publishes and analyzes losses to insurance companies each year as these relate to specific vehicles and their auto insurance rates.
Each vehicle in the study receives ratings across several categories:
- Property Damage
- Injury Liability
- Medical Payments
- Bodily Injury
Although details aren’t available for the specific makes and models discussed above, according to the IIHS’s Insurance Loss Report, the Mitsubishi Eclipse did not perform well in the study between 2009 and 2011.
In all categories, the Eclipse was rated substantially worse than average, except for the comprehensive category, in which it achieved an average score.
Another more recent example, the Porsche Boxster convertible, was only rated in the collision category between 2015 and 2017 and also received a rating of substantially worse than average.
These poor ratings are likely to result in a much higher insurance rate for these cars than for many other vehicles.
If your sports car happens to be fully loaded with up-to-date safety features, there’s a great chance that your insurance provider will offer you discounted policy rates.
However, it’s worth noting that most sports cars are designed with fun in mind rather than safety considerations, and many do not come with additional safety features such as anti-lock brakes, multiple airbags, rear/front cameras, or park assist.
This lack of safety features is another reason your insurance rates may be fairly high.
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How To Shop for Sports Car Insurance
When you’re ready to purchase car insurance for your sports car or any other vehicle for that matter, it’s best to shop auto insurance quotes. Try to obtain quotes from at least three car insurance companies to understand the different coverage offerings and rates.
Several companies will offer bundling services with your home insurance to lower your car insurance.
Take time to research the ratings and reviews of each provider. This will help you decide which company is best suited to your needs. Typically companies like Geico, Allstate, and State Farm are great places to start. However, don’t discount independent companies due to their size or notoriety.
Here are a few other important factors to consider about each company:
- Financial strength –though often under-valued or little thought of, your insurer’s financial strength is what eventually determines its ability to pay out claims
- Customer service
- How comfortable you feel with the agent
When you do meet with a representative from your chosen provider, be sure to ask some of these questions to secure the best rates:
- Are there discounts available to good drivers or to those who drive less?
- Is it less expensive if I bundle my policies?
- What discounts are available for my vehicle’s safety features?
- If I pay in full or set up automatic payments will I receive a discount?
- Would a defensive driving course help lower my payment?
What to Know About Sports Cars
Most automakers manufacture sports cars at a variety of price points, from simpler, more inexpensive models to veritable speed machines.
Whether you’re buying new or used, chances are that the cost of insurance will be relatively high.
You may be able to find a second-hand high-performance car at a reasonable price and save that way, but it’s important to look into insurance rates before committing to a purchase. Keep in mind many makes and models of sports cars have limited safety features, affecting insurance rates.
Hopefully, you feel more confident in searching for car insurance rates. Use these details to help find the best coverage and rates for your needs.
*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.