Buying tips: Insurance for sports cars

Overview: Insurance for a sports car typically costs more than standard car insurance due to higher risk factors such as increased speed, theft rates and expensive repairs. Understanding which vehicles qualify as sports cars and the key factors affecting insurance premiums, including risk predictors or characteristics (such as age and driving history), location and coverage choices, is important before purchasing coverage. To help reduce costs, consider options such as higher deductibles, bundling policies, maintaining a clean driving record and installing anti-theft devices. Being aware of these factors can help you better budget for your new vehicle.

Buying a sports car is exciting, but it’s important to consider how owning one can affect your insurance costs. Sports cars tend to be costlier to insure because of their higher power, greater value and increased repair expenses. Before choosing your new ride, it’s helpful to understand what makes sports cars riskier to insure, which vehicles are generally considered sports cars, the coverage options available and ways to potentially lower your insurance costs. Always get insurance quotes before making your purchase to avoid surprises and ensure your dream car fits your budget.

What vehicles are considered sports cars?

Sports cars stand out from typical vehicles because of their design and performance. Insurers typically classify a “sports car” based on these characteristics:

• Higher-performance engines (turbocharged, V6 or V8)
• Lightweight body and sleek aerodynamic shape
• Two-door coupes or convertibles and occasionally certain luxury hatchbacks
• Models like Porsche, Corvette, Mustang, BMW M-series, Nissan Z-series, Audi RS and Mercedes-AMG
• Special trim levels with increased horsepower and sport-tuned suspensions

Exotic cars such as Ferraris or Lamborghinis represent the extreme end of the spectrum and may require specialized exotic car insurance.

Why sports cars have higher risk profiles and premiums

Several factors contribute to the higher insurance premiums associated with sports cars. These risk factors include:

• Performance capabilities — sports cars are designed to go faster and handle sharp turns. While these features enhance driving performance, they can also increase the likelihood and severity of accidents, especially when driven by inexperienced or aggressive drivers.
• Higher repair costs — if your car is damaged or totaled, repairs or replacements tend to be more expensive because sports cars often incorporate specialized materials (such as carbon fiber and aluminum) and unique parts that require expert servicing.
• Increased theft risk — some sports cars, like Camaros, have higher theft rates, as their high horsepower and desirability make them attractive targets for thieves.

Key factors that affect sports car insurance

Key factors that may influence the cost of insuring a sports car. Here are some points to consider:

Understanding basic coverage types

When insuring a sports car, it’s important to understand the different types of coverage available, including:

• Liability — pays for injuries and property damage you cause to others. All vehicle owners should consider buying more coverage than minimum state requirements.
• Collision — pays if your car is damaged in a crash, regardless of fault.
• Comprehensive — covers non-crash damage like theft, vandalism, fire or natural disasters.
• Uninsured/underinsured motorist — provides coverage if you are injured or your vehicle is damaged in an accident caused by a driver who is at fault but has little or no insurance.
• Custom parts/equipment coverage — optional coverage that helps protect aftermarket additions or modifications to your vehicle.
• Gap insurance — if you lease or finance your vehicle, this coverage pays the difference between your loan and the actual cash value of your car in case of a total loss. It is usually offered through your auto loan provider and not necessarily by your insurance company.

How to help make sports car insurance less expensive

There are strategies that may help reduce your insurance premiums for a sports car. Consider the following tips:

Key considerations before buying insurance for a sports car

Before purchasing insurance for a sports car, consider the following factors to help ensure you get adequate coverage and avoid unexpected costs:

• Get insurance quotes for each model before you buy. Premiums can vary wildly by car.
• Use a vehicle rating tool.  These tools are helpful when comparing how different makes and models impact insurance costs.
• Factor the cost into your overall budget. Don’t let car payments distract from insurance costs.
• Understand limitations on modifications. Not every upgrade will be covered — discuss with your insurer.
• Consider asking about specialty coverage for exotic or high-performance car insurance. Some cars may need unique policies.

If you’re thinking about buying a sports car, planning for insurance is vital. For personalized insurance for a sports car quotes and advice, reach out to your insurance agent or start your quote online today.