What You Need To Know

You’re thinking about buying a sports car, but how much is sports car insurance going to cost? When you purchase a sports car, just like when you purchase a sedan or a truck, you’ll need to acquire an insurance policy that provides the coverage you need to protect you and your vehicle. To determine the amount you’ll pay for your insurance premium, your insurance provider will need information about your sports car, such as the:

• Make and model
• Cylinders and horsepower
• Amount paid
• Height and weight

Once they have this information, your insurance company can process it and calculate the amount you’ll have to pay for your policy.

What Is Sports Car Insurance?

Sports car insurance works the same as any other type of auto insurance. You’ll first have to find a provider that will insure your high-performance vehicle. Then, you’ll enter into an agreement with them, where you’ll pay a certain amount of money each month or year, and the insurance company will pay an agreed-upon amount to protect you from loss in the event of an accident.

However, many insurance companies view sports cars differently than other vehicles. The Zebra tells us that a sports car is typically defined as a car that has two seats and a high-horsepower engine and is smaller than a sedan. Major high-end sports car names include Lamborghini, Bugatti, McLaren, and even the Tesla Roadster.

Because sports cars are a higher risk to insure than sedans or minivans, you might have trouble finding a company that will provide insurance for your high-performance sports car. When these types of vehicles are involved in accidents, the claims can be significant, making many companies hesitant to take on the liability.

You might have an easier time getting insurance for a more common sports car, such as a Porsche Taycan or a Dodge Viper, but this isn’t always the case. Having a clean driving record free of any violations will help you secure an insurance policy for your sports car. A typical insurance policy for a high-performance car will cover the same things your standard car insurance policy covers, including:

• Collision
• Comprehensive
• Property damage liability
• Bodily injury liability
• Personal injury protection
• Uninsured/underinsured motorist protection

You can decide which of these types of coverage you want, but if you have a loan on your sports car, the loan provider will have its own requirements concerning insurance coverage. With collision coverage, your insurance will pay for damages your vehicle causes to other people’s property, while comprehensive coverage takes care of damages to your property from unforeseen sources, such as a fire or debris on the road. Both types of liability coverage will pay to repair damages you cause to other people.

Having personal injury protection will ensure you have medical coverage if you’re injured in an accident. This coverage varies depending on your state, but can pay for hospital bills, lost wages, and hiring help, if necessary. For those with medical insurance, personal injury protection can cover copays and deductibles you might have to pay. Uninsured and underinsured coverage helps pay for damages to you and your property if you’re involved in an accident with someone who has no insurance.

What Does Sports Car Insurance Cost?

The cost for sports car insurance varies almost as widely as the types of sports cars on the market. This is because the price of a sports car can range from tens of thousands to millions of dollars. Trusted Choice reminds us that insurance rates are based on risk, so how often you drive, your age, and where you live will also affect how much you pay for sports car insurance.

Another factor affecting how much sports car insurance costs is the insurance provider you choose. Before deciding on a company to provide you with coverage for your new sports car, the Insurance Blog By Chris says you’ll want to consider:

• The financial strength of the company, which will determine how much they can pay if you’re involved in a major accident.
• The company’s licensing, so you can be sure they’re qualified to insure your high-performance vehicle.
• The provider’s customer service reputation, which ensures you receive fair and professional treatment if you do have to make a claim.
• Your comfort level with the agent providing you with insurance coverage.

According to AutoInsurance.org, some of the least expensive sports cars to insure are the Chevrolet Corvette at $149.17 per month and the Mazda MX-5 at only $97.83 per month. Keep in mind that the younger you are, the more expensive sports car insurance will be. Young drivers are already high-risk; therefore, when they get behind the wheel of a high-performance vehicle, the insurance premium will go up significantly.

What Information Do You Need To Get Sports Car Insurance?

When acquiring insurance, the first thing the provider will want to know is the make and model of your sports car and how it performs. Then, they’ll want you to provide them with the car’s amount of horsepower and number of cylinders, because increased power correlates with higher speeds, and the faster you drive, the greater the company’s risk to insure the vehicle.

What you paid for the sports car is another factor the insurance company will consider, because the more a vehicle costs, the more it will cost to repair damages or replace parts. Lastly, you’ll need to know the height and weight of the vehicle so your provider can determine how agile, maneuverable, and speedy your sports car will be out on the road.

Insurance for sports cars can be expensive, and the more horsepower your vehicle has and the more it costs, the higher your insurance rate. Shop around for rates, and talk to your insurance provider about ways to save on your insurance. You might still be able to get discounts for things like bundling policies and safe driving, even if you drive a high-performance sports car.

Sources:

https://www.thezebra.com/auto-insurance/vehicles/sports-car-insurance/

https://www.trustedchoice.com/car-insurance/auto-coverage-types/vehicle-types/sports-car-insurance/

https://www.insuranceblogbychris.com/car-insurance/sports-car/

https://www.autoinsurance.org/sports-car-insurance/

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