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The Best Guide You'll Find to Sports Car Insurance

From being heavy on horsepower to being light on fuel efficiency, sports cars have played a significant role in automotive culture since Ferdinand Porsche designed one of the first, The Prince Henry Vauxhall, in 1910. So, how much does it cost to insure a sports car compared to other vehicles? Let’s take a closer look at sports car insurance and the cheapest sports cars to insure - read on to know more!

What factors affect sports car insurance premiums?

Revved up horsepower can also mean you end up paying higher insurance premiums. Insurance companies consider several factors when helping you find the cheapest sports cars to insure:

Things to Consider When Buying Sports Car Auto Insurance

There are many factors that determine your car insurance rate. Everything from the type of car you drive and your driving record affects your auto insurance rates. Other factors like your age, credit score, where you live, and even your gender will also impact your rates. Not all companies will charge the same rates based on all of those factors. In fact, companies can't even consider your gender or credit score when writing a policy in some states.

How to Pick the Best Sports Car Auto Insurance Companies

Price is not the only thing to consider when looking for an auto insurance company. Check out ratings with A.M. Best and J.D. Power to see how financially stable the company is and how they rate for customer service before you commit to an insurance plan. Another tip we recommend is to spend some time checking out the company website and app to see how user-friendly it is.

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Can you use online search tools to buy affordable sports car auto insurance?

This technique is probably a given in our wired society today. Several websites are available to the consumer to help one shop for cheap auto insurance quotes for a sports car. From the comfort of your home, you can compare quotes from dozens of different insurance companies quite easily. Most of these online tools will allow you to customize your information to match your particular situation, thus helping you find the cheapest sports cars to insure. Information regarding engine size, mileage, number of miles driven per year, etc., are also variables that one can enter to compare different scenarios. With some of these sites, proof of insurance can be instantly available and printed immediately, providing peace of mind for the driver and their dream machine. A sports car that is garaged overnight is going to earn a discount as well! Looking to compare monthly vs. annual rates? One can compare possible savings almost instantly using sites like Way.com - you're guaranteed to find the cheapest sports cars to insure right here!

What Do Insurance Companies Classify as a Sports Car?

There are several key factors that insurance companies consider when it comes to defining a sports car. Most providers evaluate this on a case-by-case basis, though some are the same from one carrier to the next.

Here are some of the common factors that define a sports car:

According to surveys conducted, sports cars include passenger cars of an average footprint around 44 sq. ft, an average mass of around 3450 lbs. They are usually two-seaters that are designed for quick response, easy maneuverability, and high-speed driving. Sports cars are often further differentiated from so-called performance cars by their luxury aspects and high price.

Some of the most common sports cars/makers include:

Sports cars are known to be some of the most expensive cars on the market. Most car companies have a sports model vehicle in their car roster.

Sports Car and Regular Car Insurance - What's the difference?

The biggest difference is the risk that's involved. By nature, when you're driving a car that has more power, you're likely to drive faster. The faster you drive, the more at risk you are to have an accident. Since car insurance is primarily based on how high or low your risk factor is, your minimum coverages and rates will need to increase.

Some of the common risks not typically associated with a standard vehicle include:

Bottom of Form What Does Sports Car Insurance Cover?

Just like your basic auto insurance plan, sports car insurance plans will provide you with general collision and liability. Most full-coverage sports car insurance policies, though, will include a combination of:

While this is the typical offering of auto insurance, there are also a variety of coverages that can be added to protect against unique risks and curb out-of-pocket spending. Some of these include:

How Much Does Sports Car Insurance Cost?

Not only will the make, model, and engine size of your car affect the cost of your policy. Other factors like your location, gender, age, driving history, and how you often drive also help determine your rates. For example, a 40-year-old male driving a brand-new Ferrari as his everyday mode of transportation can expect to pay hundreds more than someone the same age who drives their sports car once or twice a month. Insurance is based highly on risk, so the more often you drive, the higher of a risk you are to your insurance company.

An average driver with a good driving record can expect to pay around $800 for a standard vehicle. Switch that to a sports car, and you're looking at an average of $1500 a year. However, an 18-year-old driving a Porsche can expect to pay even more in premiums because of their age and inexperience in driving. And if the driver has any accidents on their record, the premium can grow to several thousand for a sports car. If you’re choosing between a family minivan and a sports car, the difference in premiums will be significant. However, if you’re choosing between a luxury SUV and a sports car, rates may not be that different. Always be on the lookout for the cheapest sports cars to insure.

How to Get Affordable Sports Car Insurance

When it comes to protecting your fancy sports car, you've already seen that the rates are going to be much higher. But with the right moves, there are ways you can help lower the cost, like:

Good auto insurance companies offer their customers more than just the insurance coverage they want at a fair price. However, the best insurance businesses practice personable customer-first service right from getting you a quote to reimbursing a claim. The best auto insurance providers also have in place hassle-free methods to handle plans and make payments. Based on a host of factors, like who's got the best discounts and deals to how transparent their website is, we've lined up our top picks for the best car insurance companies of 2020.

Shelter Insurance

This Missouri-based insurance company also offers home and life insurance policies besides car insurance. With an impeccable record of low complaints over the years and a continually growing customer base, Shelter Insurance offers several coverage options and discounts to its customers. Shelter Insurance is available in the following states: Missouri, Louisiana, Mississippi, Nebraska, Nevada, Ohio, Oklahoma, Arkansas, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, and Tennessee. Shelter offers complete car replacements if you happen to total a new car that has run under 15,000 miles. A great choice in your hunt for sports cars with low insurance premiums.If you're faced with extended periods of time away from your job due to an auto-related injury, Shelter will pay you a weekly stipend as part of your coverage for up to a year.

Amica Insurance

With some of the best customer ratings amongst insurance companies across America, Amica, a small player among insurance giants like Allstate Insurance, has a loyal customer base. Amica is the ideal choice if you're looking to purchase an insurance policy that comes with added perks and benefits, along with a plethora of discounts. Some of the perks included in an Amica auto insurance policy include free replacement of lost keys, free post-accident airbag repair, and depreciation free claims. A great choice in your hunt for sports cars with low insurance premiums. If you stick with Amica for a couple of years, you'll get access to a loyalty discount. What's more, if you've had an incident-free three years, you'll get additional discounts for your claims-free status.

NJM Insurance

Available in Pennsylvania and New Jersey, NJM (New Jersey Manufacturers) sells policies to its customer over the phone and via the internet instead of employing insurance agents. With great customer satisfaction ratings, NJM Insurance offers complete car replacement if your car has been stolen or totaled within 12 months of its purchase. A great choice in your hunt for sports cars with low insurance premiums. Getting yourself an NJM comprehensive and collision coverage bundle to gain access to the gap insurance, which will aid you in paying off any loans or balances on leases in the case of an accident or theft.

Erie Insurance

Erie operates in over 12 states and is a popular choice amongst customers across the country, thanks to its consistently good customer satisfaction ratings and benefits like locked-in rates on your policy. Erie also offers "accident forgiveness" - this prevents you from facing any surcharges in your first accident if you've been an Erie customer for three years. Erie Insurance offers some of the additional benefits, such as pet injury coverage, travel expense coverage, and locksmith services. A great choice in your hunt for sports cars with low insurance premiums.

Best Sports Cars with Cheap Insurance Rates

Here's the general rule of thumb - sports cars with low insurance premiums can be hard to find. A premium sports car that's fast around the corners comes with some of the auto industry's highest insurance premiums. A tier-one brand vehicle like a Maserati or a Lamborghini could set you back by thousands of dollars in insurance premiums a year! However, there still are plenty of fast sports cars in the market that comes with affordable insurance. What's more, these fast cars come with insurance premiums that are comparable with significantly slower vehicles. Now, if you ask us, that's the best of both worlds - cheap car insurance for a premium fast car -, and that's one deal you won't want to miss out on. From the Ford Mustang GT to the Dodge Challenger, we've listed the top fast cars that come with cheap car insurance - read on to know more!

Chevrolet Camaro

Capable of attaining 60 mph in just 5 seconds, the Chevrolet Camaro is fast - and then some. Surprisingly, however, insurance premiums on this much sought after fast car can get as low as $1,600 per year, depending on the state you're in!

Audi S5

The Audi A5's high-performance counterpart, the Audi S5, hits 0-60 mph in about five seconds and comes with a multitude of options and add-ons. This particular fast car won't break the bank either, with insurance premiums for the S5 starting at a surprisingly low $2,000 per year.

Ford Mustang GT

One of the most popular cars on the American auto market, the Ford Mustang GT has a sub-five second 0-60 mph starting pace and costs a mere $1,600-$1,800 per year to insure.

BMW M3

A high-performance cousin of the BMW 3 Series of cars, this premium fast car breaks the norm when it comes to BMW's insurance premium brackets. You'll end up paying only $2,000 per year if you're planning on picking up one of these babies.

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Chevrolet Corvette

0-60 in just 4 seconds - the Corvette is a beast of a car - and it's easy on the wallet when it comes to insurance premiums! Expect to pay as low as $1,800 per year for your Corvette's insurance policy.

Dodge Challenger

This one's an American classic - the Dodge Challenger is a muscle car that's also fast - 0-60 mph in only five seconds! You could be paying as little as $1,500 per year in insurance premiums, especially if you're choosing an older model.

There are several ways you can receive free car insurance quotes - start by doing a web search for "car insurance quotes". You could purchase a cheap car insurance policy through an insurance company's website, through a 'captive agent' (who works exclusively with an insurance firm), or by utilizing the services provided by an individual auto insurance agent or an insurance broker. Other common web searches include typing in "cheap car insurance" and "best car insurance companies" - this will help you narrow down your search

Auto Insurance Data Methodology

The auto insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.

Quotes are typically based on a full coverage policy average unless otherwise noted within the content.

These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com

Sports Car Insurance FAQs

How Much Is Insurance for a Sports Car?

Not only will the make, model, and engine size of your car affect the cost of your policy. Other factors like your location, gender, age, driving history, and how you often drive also help determine your rates. For example, a 40-year-old male driving a brand-new Ferrari as his everyday mode of transportation can expect to pay hundreds more than someone the same age who drives their sports car once or twice a month. Insurance is based highly on risk, so the more often you drive, the higher of a risk you are to your insurance company.

Does having a sports car increase insurance?

An average driver with a good driving record can expect to pay around $800 for a standard vehicle. Switch that to a sports car, and you're looking at an average of $1500 a year. However, an 18-year-old driving a Porsche can expect to pay even more in premiums because of their age and inexperience in driving. And if the driver has any accidents on their record, the premium can grow to several thousand for a sports car. If you’re choosing between a family minivan and a sports car, the difference in premiums will be significant. However, if you’re choosing between a luxury SUV and a sports car, rates may not be that different. Always be on the lookout for the cheapest sports cars to insure.

Why should I compare auto insurance quotes?

Shopping around and taking the time to compare car insurance quotes will make sure your wallet stays healthy while getting more than adequate car insurance coverage for your vehicle. What's more, you're never short of options either! From the biggest auto insurance companies like Allstate Insurance to more affordable policies from Erie and Country Financial, you'll get quotes that are tailor-made for your budget. We recommend revisiting your policy options once a year - remember to check online for any updates or add-ons to your existing policy as well.

Can I get cheap insurance on rideshares?

Many auto insurance companies will let you add-on rideshare insurance to your existing policy. This generally costs around $15 more per month and is a good idea if you're someone that uses your vehicle in rideshare scenarios. If your auto insurer doesn't provide this add-on, we recommend looking into other insurance options that get you a more comprehensive deal. Note that if your state does not allow for rideshare insurance, you may be required to purchase a commercial insurance policy.

Is cheap car insurance more accessible to homeowners?

Yes, homeowners do tend to get the cheapest car insurance deals on offer. This is especially because most insurance companies offer discounted rates on bundled home and car insurance plans. Besides making your payment process more streamlined, bundling policies lets you track your coverage and claims with ease. If you have an incident-free driving history and happen to own a home, we recommend speaking to your insurance agent or insuring firm for some great money-saving deals on car insurance.

Should I compare car insurance rates when moving states?

This is something that a lot of people tend to overlook. The state you live in has a huge impact on the kind of rates you shell out for insurance coverage. If you find yourself moving between states, ensuring you compare car insurance rates online makes for efficient financial planning. What's more, you'll likely find better deals even within your own state, so don't miss out on comparing insurance rates online. 

Learn more by city and state for car insurance



Learn more by city and state for car insurance




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