The cheapest sports cars to insure are ones that have high safety ratings and come with anti-theft devices. If you drive a sports car, it is important to shop around and compare quotes to find the best rates.
Why Are Sports Cars Expensive to Insure?
Sports cars are some of the most expensive cars to insure. This is due to:
- Higher horsepower: Increased horsepower makes sports cars faster. Drivers with faster cars are more likely to speed, which increases the chances of a car accident.
- Costlier repairs/replacement: Sports cars are usually more expensive to repair or replace. Because insurance companies will have to cover this cost, they will charge more in insurance rates.
- Younger drivers: Younger drivers choose sports cars at higher rates. Because age directly correlates with rates, this can also lead to an increase in how much you pay for insurance.
- Increased risk of theft: Some sports cars may be at a higher risk of being stolen, thus increasing insurance rates.
- Modifications: Some sports car drivers add modifications to their vehicle, which can increase rates, or even void your policy.
Other factors, like the body type of the vehicle, also makes a difference. Coupes will usually be more expensive to ensure than convertibles because drivers of coupes are statistically more likely to speed. Having a V-8 engine can lead to higher rates than compared to vehicles with a V-6 due to the higher horsepower. According to ValuePenguin, sports cars that can go from 0-60 in less than 3.5 seconds usually cost 16% more to insure.
Each of these factors increases the chances of a driver filing a claim, so to accommodate this increased risk, insurance companies will charge higher rates.
It is also important to know what is considered a sports car by your insurance provider. A sports car generally has high power capabilities and is smaller in size than when compared to other sedans, but each insurance company has their own sports car criteria. Ask your insurance representative to be sure if your car is considered a sports car by them or not.
Cheapest Sports Cars to Insure
You can still drive a sports car and have affordable insurance rates if you choose the right one. According to Autobytel, these are the cheapest sports cars to insure and their average annual insurance rates:
- Fiat 124 Spyder: $1,353
- BMW Z4 Roadster: $1,561
- Chevrolet Corvette Stingray: $1,562
- Subaru BRZ: $1,580
- Porsche Boxster: $1,580
- Audi TT: $1,584
- Chevrolet Camaro SS: $1,606
- Ford Mustang GT: $1,656
- Subaru WRX STI: $1,688
- Nissan 370Z: $1,692
These rates are from 2017-2018 models. Insurance rates will vary based on the year the car was manufactured with older cars being cheaper to insure than the newest models because they are cheaper to repair or replace.
How to Get the Cheapest Insurance Rates on a Sports Car
There are things that you can do to get the best insurance rates when driving a sports car. Always check the NHTSA and IIHS safety ratings of a vehicle. The main factor insurance companies base their rates on is how safe a vehicle is. Having safety features like the following may reduce your insurance rates:
- Front and rear parking sensors
- Adaptive cruise control
- Lane change assist
- Head-up display
Some vehicles also come with a performance package, which can increase the size of the brakes and equip additional safety features, lowering your insurance rates. Brembo brakes can slightly decrease your risk, as can an all-wheel-drive system.
Your driving record also makes a difference. Avoiding speeding or distracted driving can improve your driving record, as well as your insurance rates. Some insurance companies may also allow drivers to take a defensive driver course in return for a discount.
Taking advantage of other insurance discounts is also a good way to reduce your insurance costs. Multi-policy and multi-vehicle are both good discounts that may be available to you if you carry insurance on your home or another vehicle. You may also be able to adjust your coverage to get better rates. But, keep in mind, most states have a minimum level of insurance that you must carry. Additionally, if you have a loan on your sports car, then you may be required to carry full coverage.
How to Get Car Insurance for High-End Luxury Sports Cars
Finding insurance for some vehicles, specifically those in the high-end luxury sports car category, can be difficult. Many insurance companies consider cars made by Ferrari, Porsche, Lamborghini, Bugatti, Aston Martin, and Jaguar to be high-end luxury sports cars and won’t insure them because of the high cost of repairs or replacement. If you have a sports car that falls into of these brands, then you may find insurance with companies like AIG or Chubb.
If you have a classic sports car, you may need a special type of insurance that’s only offered by certain insurance companies such as American Collector’s or Hagerty.
Shop Around for the Cheapest Sports Car Rates
In addition to safer driving and taking advantage of discounts, it is also important to shop around. Insurance companies factor things like age and driving history differently, which means you will usually get very different rates between multiple providers. Additionally, one insurance company may offer you a discount for certain safety or anti-theft equipment, whereas another does not.
Choosing the cheapest sports car to insure means you can enjoy a high-performance vehicle, without too much of an increase in insurance rates. Sports cars with safety features and a high safety rating will usually get you the best rates.
Check this out if you need additional information, resources, or guidance on car insurance.
Sources:
https://www.autobytel.com/sports-cars/car-buying-guides/10-cheapest-sports-cars-to-insure-132172/
https://www.valuepenguin.com/cheapest-sports-cars-insure
https://www.caranddriver.com/car-insurance/a35865656/how-much-is-sports-car-insurance/
https://www.caranddriver.com/features/a35368145/2020-chevrolet-corvette-stingray-z51-lightning-lap/
https://www.caranddriver.com/reviews/a16580867/2010-audi-tts-road-test-review/
https://www.caranddriver.com/photos/g36030163/2021-ford-mustang-mach-1-drive-gallery/
https://www.caranddriver.com/car-insurance/a35620814/best-full-coverage-car-insurance/
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