While drivers may be drawn to the exhilarating ride provided by the increased horsepower of sports cars, car insurance companies represent the other side of the equation, knowing the hazards associated with sports car insurance. As a result, sports car insurance can be more expensive than regular economy car insurance because your insurer will almost certainly demand you have specific safeguards.
So, how much does it cost to insure a sports car compared to other cars? Let's take a closer look at sports car insurance and the cheapest sports cars to insure - read on to know more!
There are many key factors that insurance companies consider when it comes to defining a sports car. Most providers evaluate this case-by-case, though some are the same from one carrier to the next.
Here are some of the common factors that define a sports car:
Sports cars include passenger cars with an average footprint of around 44 sq. ft and an average mass of around 3450 lbs.
Some of the most common sports cars/makers include:
| Porsche | Subaru WRX |
| Dodge Challenger | Toyota TRD |
| BMW Coupe | Honda Civic Type R Touring |
| Audi R8 Coupe | Chevrolet Camaro |
| Ford Shelby | Chevrolet Corvette |
| Lamborghini | Ferrari |
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.
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.
If you own a sports car, you might expect to pay more for insurance than if you own a family minivan. Many sports cars have a higher sticker price, which adds to increased insurance premiums.
When you add in the increased performance power - and the desire for drivers to use that extra power - the danger of an accident skyrockets. In addition, sports cars are typically more tempting to auto thieves. As a result, sports car insurance premiums may be higher than those for most other cars.
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 influence your rates.
For 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.
What is the cheapest insurance for a Sports car?
Finding the cheapest sports car insurance is like finding a unicorn in a rainbow - tricky business! It depends on your specific car, driving habits, and location.
But here's the deal:
Remember, "cheap" doesn't always mean best. Ensure you get the coverage you need, even if it costs more than the flashiest offer. Drive safely, and good luck on your hunt!
Unfortunately, there's no one-size-fits-all answer! Sports car insurance varies greatly depending on your specific car, age, driving record, and location. Think thousands per year, but it could be more or less. Getting quotes from different insurers to find the best deal for your speedy ride is always best.
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, plenty of fast sports cars in the market still come with affordable insurance.
What's more, these fast cars come with insurance premiums comparable to 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!
| Sports Car | Features and Insurance Rates |
|---|---|
| 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 $1830 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 $2000 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 $1600-$1800 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 $2000 per year if you plan on picking up one of these babies. |
| 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 $1800 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 $1500 per year in insurance premiums, especially if you're choosing an older model. |
| Car Insurance Companies | Annual Premium |
|---|---|
| Allstate | $2448 |
| Farmers | $1629 |
| Liberty Mutual | $1980 |
| Nationwide | $1518 |
| Car Insurance Companies | Annual Premium |
|---|---|
| Allstate | $2883 |
| Farmers | $2022 |
| Liberty Mutual | $1962 |
| Nationwide | $1422 |
| Car Insurance Companies | Annual Premium |
|---|---|
| Allstate | $2871 |
| Farmers | $1833 |
| Liberty Mutual | $1845 |
| Nationwide | $1242 |
| Car Insurance Companies | Annual Premium |
|---|---|
| Allstate | $6768 |
| Farmers | $4140 |
| Liberty Mutual | $3426 |
| Nationwide | $2400 |
| Car Insurance Companies | Annual Premium |
|---|---|
| Allstate | $3627 |
| Farmers | $2403 |
| Liberty Mutual | $2397 |
| Nationwide | $1215 |
| Car Insurance Companies | Annual Premium |
|---|---|
| Allstate | $3489 |
| Farmers | $2601 |
| Liberty Mutual | $1989 |
| Nationwide | $1539 |
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 many coverages that can be added to protect against unique risks and curb out-of-pocket spending. Some of these include:
When it comes to protecting your fancy sports car, you've already seen that the rates will 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 many 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.
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
Way.com’s Insurance Broker Quote Data
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.
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.
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.
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.
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.
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