How to Insure a Sports Car – Protect Your Dream Machine
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Driving a sports car is a lifetime thrill that lives up to the hype. I drove a friend’s convertible Volkswagen Karmann Ghia through the winding hills of San Jose, Calif., years ago in college, and it was a high-end drive I’ll never forget.
The stick shift rattled in my hand as we revved through the hills with the top down and wind sailing through our hair. It was a lot of fun. We arrived at our destination safely, and the drive back down to our college dorm later that afternoon was just as safe and fun.
Thankfully, I didn’t have to pay the car insurance bill for the speedy little sports car. My friend, or maybe her parents, did.
People who own a sports car, or are thinking of buying one, have the unenviable task of buying auto insurance that’s probably going to be more expensive than it is for a regular car that might not be as sporty and doesn’t accelerate as quickly. The cost can be about double, in fact.
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Buying sports car insurance for less
There are ways to lessen that pain in your wallet. Many are the same ones that get drivers of regular, everyday cars discounts, such as having a good driving record and having anti-theft devices. Others may be less obvious as ways to lower insurance costs and find the lowest rates.
But before we get to those, we’ll go over what car insurance companies define as a sports car, how sports car insurance is almost the same as other auto insurance, the costs, and why it costs so much.
We’ll provide short reviews of three companies that insure sports cars and give examples of how much various sports cars cost to insure.
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What is a sports car?
A sports car traditionally has two seats, race quality performance from a high-horsepower engine, and is smaller than a sedan. A performance car is more likely to be driven faster than a larger car and thus more likely to be involved in accidents and traffic citations.
Insurance companies can differ in defining sports cars, but in general, they consider four main factors. An insurance company will consider all four before it gives you a price quote for a policy.
Make and model
The brand is important in classifying it as a sports car, but sometimes specific brand models are the primary sports car it sells. Porsche, Lamborghini, and Ferrari are car brands known for their fast, expensive, and unique sports cars
Some car brands that sell everyday cars for families or daily commutes also sell sports cars. These include the Tesla Roadster, Dodge Challenger, Ford Mustang, Chevy Camaro, and Chevrolet Corvette.
Cylinders and horsepower
More speed and power are standard in sports cars. They also often lead to more accidents, which raises the risk factor and insurance premiums for even the cheapest sports cars.
The number of cylinders is a significant factor in how much power can be generated, and how quickly. The more cylinders in a car engine, the faster power can be generated. A six-cylinder car will be faster than a four-cylinder or one-cylinder one. Fuel efficiency will drop with more cylinders, however.
Price
The more a car costs to buy, the higher insurance rates are to replace or repair them. A vehicle with high-performance specs and a higher than average value is typically classified as a sports car.
Height and weight
Sports cars usually weigh less and have a lower profile than other cars, making them quick and easy to maneuver. They’re typically coupe-style cars with two doors and two seats. The small sports car I drove was a lot faster, making hairpin turns in a windy road than in any other car I’ve driven.
Most sports cars are designed for the quick response and high-speed driving, packing in all of the fun and risk into a small car that often equates to high insurance costs.
Risks not associated with standard vehicle
A sports car carries a higher risk for insurers than most standard vehicles. Here are some of them, which can make insurance coverage more expensive for sports cars.
Performance
Accelerating fast, stopping quickly, and entering turns at high speed make a sports car riskier and a crash more likely. The driver may also be more likely to get speeding tickets.
Repair expenses
Some sports cars can be expensive to repair, especially a classic car where finding parts is difficult. Foreign or imported vehicles can be costly to fix too.
Theft
Thieves often target sports cars and replacing a new car, or even an older sports car can be expensive. Having anti-theft devices can lower insurance premiums.
Driver age
Young, inexperienced drivers are more likely to own sports cars. Insurers see that as a risky group of drivers and charge them more than they do someone 25 or older.
What is sports car insurance?
A typical auto insurance policy for a sports car covers the same things a standard policy does for a non-sports car. Coverage can include:
- Collision
- Comprehensive coverage
- Property damage liability
- Personal injury protection
- Uninsured/underinsured motorist protection
If you have a car loan, the lender will often require full coverage. Sports car owners may want to add more insurance to minimize their out-of-pocket expenses after an accident. Or, they can lower insurance premiums by raising the deductible.
Additional coverage can include:
- Classic car insurance: If your sports car is also considered a classic car, then this type of car insurance will pay for the total cost of replacing the car. That’s important because many classic cars gain value as they get older. If a classic car isn’t driven often, it can be cheaper to insure than a standard car.
- Sound system coverage: Replace or repair damaged or stolen sound system equipment from the car.
- Medical payments coverage: Statistically, small cars and their occupants are more likely to be severely injured in a crash than other vehicles, so you may want higher amounts of this coverage to pay costs from injuries to yourself or your passengers in an accident.
- Personal injury protection (PIP): Helps pay medical bills after an accident and cover lost wages or child care expenses.
How to keep rates low
We’ll go into auto insurance costs for sports cars, but in general, you should expect car insurance rates to double, even for the cheapest sports cars. Here are a few ways to lower rates:
Shop around
Shopping for auto insurance should be an annual chore. Getting multiple insurance quotes can help you compare prices and policies for the best coverage at the best price.
This is especially true with sports cars because some insurers won’t cover a performance car, and one insurance provider may charge much more than another. Check with your current insurance agent first to see what they offer.
Bundling your sports car insurance with another car you own can also get you a lower rate.
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Add safety features
Lower rates can be obtained by having safety features and anti-theft devices. They include adaptive headlights, crash imminent braking, forward collision warning, blind-spot detection, lane-keeping system, and a rear-view camera.
Drive safely
A good driving record and credit score will help lower auto insurance rates, no matter what type of car you drive.
Taking a defensive driving class can also help lower auto insurance rates, often by around 10%.
Wait until you are 25 or older
Once you hit age 25, your rates should drop. This is the age when most insurers deem drivers to be less of a risk.
Drive less
If your sports car is your daily commuter car, then you should expect the highest insurance rates. But if you don’t use it every day and only drive it on special occasions, then you’ll probably get a discount. You can also save money by keeping your sports car in a locked garage.
Using a classic car as a second car can be cheaper to insure than a regular car, sometimes half the cost.
Sports car insurance providers
Shopping for auto insurance is easy and should only take a few minutes online or talking with an insurance agent.
Just be aware that not all insurers cover sports cars, so you may have to get a few more price quotes than you usually would. Here are three sports car insurance providers:
Geico
Geico is a standard insurance carrier, covering everything from the family minivan to high-end cars such as Ferrari, Porsche, Bugatti, and others.
To get the most accurate price quote from Geico, you’ll need your car’s VIN and license number. You’ll also need to share your personal information and driving history.
The company’s online insurance quote calculator shows options for different levels of coverage, depending on the requirements in your state. The online calculator gives the lowest-priced option and the recommended coverage amount that will likely be higher. Minimum coverage, for example, can cost around $800 annually, while full coverage can cost $1,900 per year.
Geico advertises itself as a low-cost insurance provider that can help with the most basic auto insurance needs. It also goes beyond basic coverage with insurance for sports cars and other expensive cars.
State Farm
State Farm relies heavily on thousands of local agents to help people through the quote and claims process. This is great if you want a live person to talk to or can be a headache if you’d rather do most of it online. State Farm also has mobile apps and online tools to help manage your policy.
State Farm is the largest insurance company in the United States, with about 16% of the auto insurance market.
State Farm aims to tailor policies to customers' individual needs, including insuring a high-end sports car. It insures classic cars.
The company has an interesting video of a 1968 Chevrolet Camaro RS convertible that in 2005 was rebuilt as a training aid to show how car modifications affect insurance rates. Half of the car is painted yellow and is restored to its factory specifications, and the other half is painted red and modified to how a classic car owner might want it with upgrades and inexact repairs.
Allstate
Allstate also has an extensive network of insurance agents. It’s a national leader in insurance, providing insurance policies to more than 16 million households.
Allstate’s standard auto insurance covers the basics and some extras that other insurers may not offer as standard coverage. For instance, Allstate’s standard coverage includes sound system insurance, a personal umbrella policy to cover liability beyond a policy’s standard limits, and personal injury protection to pay your bills if you’re injured in a car accident.
The company offers many discounts, including its Milewise program for people who only drive occasionally. This can be best for a second vehicle, such as a sports car that’s only driven on weekends or less often.
Costs of insuring a sports car
Many factors determine how much auto insurance costs, even for sports cars. Age, gender, driving history, where you live, credit score, car safety features, and how often you drive help to determine rates.
A 35-year-old man driving a new sports car every day as his regular mode of transportation can pay hundreds of dollars more per year for insurance compared to driving it twice a month.
An average driver with a good driving record pays around $800 for auto insurance for a year for a standard vehicle. If they get a sports car, the annual cost can be about $1,500.
Here are some examples of what some sports cars cost to insure per year:
- Lamborghini Aventador: $6,000 - $360,000
- Porsche: $2,400
- Chevrolet Corvette C8: $2,300 - $2,500
- La Ferrari: $4,000 - $180,000
- Dodge Challenger: $2,000
- Ford Mustang: $2,200
- Chevy Camaro: $3,000
The more money a car costs, the higher the insurance rate will be. High-end sports cars are some of the most expensive cars on the market. The starting price of a 2021 Lamborghini Aventador is $573,966, which is by far the most costly Lamborghini sold.
Cheapest sports cars to insure
Whether sports cars or not, bigger cars cost less to insure because they are damaged less in accidents than smaller cars.
While you’re unlikely to find a big sports car, some sports cars are cheaper to insure than others. Here are the cheapest insurance rates for full annual coverage for some such cars:
- Mazda MX-5: $1,100
- Subaru BRZ: $1,300
- BMW Z4 Roadster: $1,400
- Fiat 124 Spider: $1,500
- Chevrolet Corvette Stingray: $1,800
Pros & cons of insuring a sports car
Pros
- Insuring a classic car can be half the price of insuring a regular vehicle.
- Coverage can be the same as it is for any other vehicle.
- The cost may be high, but at least your expensive sports car will be covered in the event of an accident.
Cons
- One of the most significant ways to save on insurance for a sports car is not to drive it often, which may not fit in with why you bought the car in the first place.
- Insurance can be twice the cost of insuring a standard car.
- Insurers consider sports cars a high risk because they can be driven faster than regular cars and are more expensive to repair or replace.
The bottom line
There’s no doubt that a sports car can be a fun car to drive. If you can afford the high purchase price, you can probably afford the high cost of insuring it.
But it can’t hurt to try to save some money when buying car insurance. Auto insurance companies often offer many types of discounts for sports cars. Having anti-theft devices, a clean driving record, and not driving many miles are some of the most significant ways to save on car insurance for a sports car.
Be sure to shop around for the best insurance quotes. Start by checking with your current insurance agent, and then compare prices online at a handful or more of other insurers. You should be able to find the best coverage you need at a price that should be affordable.
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Writer
Aaron Crowe is a freelance journalist who specializes in personal finance writing and editing. He has worked at newspapers, where he won a Pulitzer Prize, and has written for numerous online publications. These include AOL, US News & World Report, WiseBread, Bankrate, AARP, and many websites focusing on housing, credit and insurance. He lives in California with his wife and daughter.
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