Sports Cars and Affordable Insurance: A Guide

Are you looking for the best auto insurance companies for sports cars? Luckily, you can compare car insurance rates from the top companies, since they will all insure a sports car. You should be aware that it will cost more to cover your sports car, but there may be ways to save if you lower your risk.

If you’re a sports car owner, you may be frustrated with high rates. We’ll help you find the best coverage at the best cost with the tips below, so read on.

If you’re looking for the best auto insurance companies for sports cars, enter your ZIP code into our free quote tool to see what you could pay today.

What companies offer the best insurance for sports cars?

With the costs associated with owning a sports car, it makes sense that you would want to protect it in the future. First, however, you should know how much you’ll have to pay to cover the vehicle. Owning and operating a sports car can get expensive, especially when considering auto insurance.

While it will likely be more expensive than standard auto insurance, some companies will be willing to give you a better deal. Some of the auto insurance companies that are best for insuring sports cars include:

• State Farm
• Allstate
• Geico
• Progressive

These top companies can all insure most sports cars, but if you have a specialty vehicle, you might need special insurance. For example, a sports car that is also a classic needs insurance from a company like Hagerty, which specializes in that type of car.

For high value sports cars, consider an insurer like Chubb.

While these are a few of the best, many others will be willing to insure your sports car. So if you want to get the best auto insurance rates, consider looking at many different insurers to find the policy that works for you.

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What is considered a sports car?

While the definition may change between insurance companies, many will agree that a sports car is a vehicle that is designed for dynamic function, such as increased top speed, handling, and acceleration. Because these cars are designed to be faster, they cost more to insure to cover that risk.

If you’re unsure if your car is labeled as a sports car or not, consider discussing the vehicle with an insurance agent. It may also occur that one insurer views your vehicle as a sports car while another may not. In this instance, it would further benefit you to compare multiple insurance companies.

What does sports car insurance cost?

The average cost for insuring a sports car will depend on your vehicle, where you leave it, and how far you drive it daily. If your car is seeing a lot of use, you’ll have to pay more to cover the higher chance there will be some incident on the road.

The average cost for just having liability on a sports car comes out to around $192 a month for liability coverage. However, if your vehicle needs additional auto insurance, you will pay about $382 per month for comprehensive and collision coverage. So for everything together, it can cost over $550 per month for full coverage.

How much is insurance for a sports car for a 21-year-old?

Your auto insurance cost will likely depend on more than your age, as auto insurance companies examine a lot during the underwriting process. For example, if you have a bad driving record as a 21-year-old, you will have to pay more to cover the risk that you pose. On the other hand, if youkeep a clean record, you may pay less.

That said, 21-year-old drivers do pay more due to their youth and inexperience.

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What are cheap sports cars to insure for 17-year-olds?

Auto insurance can be more tricky for teenagers, as they are often viewed as high-risk drivers. High-risk individuals will always pay more for car insurance due to inexperience or issues while on the road. When you are insuring a sports car for that teen, the rates begin to go through the roof.

A teenager with a sports car won’t be a cheap option to insure, but there are options to save on your premiums. Enrolling in a driver education course as a teenager can show your insurer that you’re dedicated to staying safe on the road. If you have to insure a sports car, consider one with lower value and a common spare parts market.

What are the cheapest sports cars to insure?

If you drive a sports car, your insurance will be more expensive. However, that doesn’t mean that you won’t have an option to save on your auto insurance, as many companies will provide discounts, depending on your car insurance.

The reason that sports cars cost so much to insure has a lot to do with:

• Horsepower – Faster and stronger cars mean they have a higher likelihood of damage on the road.
• Costly repairs – Sports cars are more expensive to repair and replace.
• Young drivers – Inexperienced drivers have the highest chance of you getting into a wreck with a sports car.
• Risk of theft – Some vehicles have a higher chance of being vandalized or stolen, making them cost more to insure

As with all vehicles, your insurance will charge you based on the likelihood of a claim. Many auto insurance companies will charge more for auto insurance due to the level of risk. They will review things like your driving record and what kind of car you drive to determine that risk.

That being said, some sports cars won’t cost as much to insure. Also, you can get lower auto insurance rates if you choose the right vehicle because it is more common or older.

Some of the cheapest sports cars to insure in the United States include:

• Fiat 124 Spyder
• BMW Z4 Roadster
• Subaru BRZ
• Porsche Boxster

While these may be cheaper than with other sports cars, you should still be prepared to pay a fair amount for your car insurance. Many of these vehicles will cost around $1,500 a year to insure. This comes out to about $125 per month for car insurance.

When should I decrease sports car insurance?

If you feel overwhelmed by your auto insurance rates each month, consider how you can lower risk or get a new vehicle that won’t cost so much to insure. However, getting a new car isn’t always as easy as it sounds, and it may take some time.

If that isn’t an option, consider how you can reduce coverage to get lower rates each month. While reducing coverage isn’t always a great idea, you should get to a place where you can pay your bill.

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What coverage is needed for sports cars?

Multiple types of auto insurance coverage are avaialble. However, you should know that your car may impact your insurance coverage. If you drive a sports car, for example, you will pay more for nearly every type of insurance.

According to the Insurance Information Institute, three three basic popular types of auto insurance are:

• Liability – This coverage protects other vehicles and people during accidents. It is required in nearly every state.
• Comprehensive – Protects your car against theft and damage caused by something other than a collision, including severe weather damage.
• Collision – If you’re worried about potentially paying for repairs after an accident, collision coverage will help cover those costs when you collide with someone else.

As you can see, these coverage types will be great for insuring your sports car, and it would seem that you should get all of it. However, that isn’t always an option. You will likely have to pay much more to insure your sports car than you would for standard auto insurance.

How do insurance companies determine rates?

Your auto insurance rates will be determined by a process called underwriting. During this process, your insurance company will evaluate the risk you pose to paying out a large sum during the policy. If you are a higher-risk individual, you will likely have to pay more to cover that risk.

Some of the areas that your company will examine during underwriting include:

• Your car’s make and model
• Where you leave it at home and work
• Driving incidents like tickets, DUIs, or past claims
• Your age and how long you’ve been driving

Many auto insurance companies will examine these areas because it is the most impactful in determining your risk. If you want to get better auto insurance rates, consider implementing new theft and safety measures in your vehicle. For example, if you can move your car into an enclosed structure, it will show you want to protect the investment.

How can I lower my rates on sports car insurance?

The way you’ll lower your auto insurance rates often depends on what areas you pose a risk in. For example, if your insurer is worried about your car being damaged while parked on the street, consider placing your car in an enclosed space like a garage.

If you have harmful traffic incidents like many tickets or DUIs, you’ll need to put some time between incidents. Your auto insurance company will only look at incidents that have happened in the last three to five years. If you can wait that amount of time and drive safely, you should have no issue getting it off your record.

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Sports Cars and Affordable Insurance: The Bottom Line

Some of the best auto insurance companies for sports cars are the same ones you’d use to insure a standard vehicle. However, you should be aware that you’ll pay more to cover a sports car no matter where you go. If you want to get lower rates on your sports car, consider lowering the risk of an accident or vandalism during the policy.

Now that you know how to find the best auto insurance companies for sports cars enter your ZIP code into our free quote tool to see what you could pay today.

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