Cheap Sports Car Insurance

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Cheap Sports Car Insurance

If you have the “need for speed,” you probably already have or want to buy a sports car. These fast vehicles are fun to drive, with an exhilarating performance that most normal cars can’t match. However, they are often costly and cost a lot more to insure. The good news is there are steps you can take to get cheap sports car insurance. Let’s review some essential coverage elements and tips to lower your premiums. Enter your zip code and compare low rates online.

What Exactly Is Sports Car Coverage?

This is a term given to a sporty and fast vehicle type. Typically, sports cars have two doors and powerful engines that can easily reach speeds of over 130 miles per hour. Because of these automobiles’ enhanced performance, they are classified by insurers as riskier and thus have higher premiums.

Insurance is simply an agreement between you and the insurer that provides compensation and other benefits in the event you get into an accident. With the added risk involved in insuring expensive, sporty automobiles, premiums can often be double those of cheaper and less powerful cars.

How Insurers Determine What Is a Sports Car

So exactly, how does an insurer classify what is sporty and what is not? Here are the main factors:

  • The Make and Model: Some brands, like Ferrari and Corvette, are all about extreme performance.
  • Engine: The amount of horsepower a car generates and the number of cylinders.
  • Performance: Although electric vehicles, like Tesla’s, have no cylinders, they still generate amazing performance and are classified as sports cars by most companies.
  • Price: Automobiles that cost a lot, like a Jaguar coupe, can be considered sports cars.

Why Do Insurance Companies Charge More for These Types of Vehicles?

Insurance pricing is all about risk. The more risk a person and the car they drive pose, the higher the premiums. Less risk means lower premiums. Sports cars carry more risk because they are designed to perform at greater speeds and in extreme conditions, like winding mountain roads. The drivers don’t get these kinds of cars to putting around like a golf cart. Many drivers want to explore the potential of their powerful automobiles and drive faster and more extreme. This, of course, results in more accidents than other cars, like a boring old mini-van. Here are several risk factors that cause rates to surge.

  • Repair Costs: Repairing almost any sports car, like a Porsche, can cost twice as much or more than other, less sporty vehicles. Because of this, insurers are forced to adjust for this added risk.
  • Theft: Many thieves target sports cars because they command top dollar. With high theft rates for many brands, insurance companies have to price in this risk through increased premiums.
  • Drivers Age: Many youthful drivers under 25 want to drive the fastest car possible. This leads to a lot of accidents and vehicular deaths. Insurance costs for young motorists that drive sports cars are prohibitive. It’s wise to wait until the driver is over 25 before buying this automobile.

What Companies Offer Cheap Sports Car Insurance?

Your best bet is to take your time and shop around to find the lowest rate. Several direct insurance companies, like the 21st Century, Progressive Insurance, and Esurance, have some of the best rates for sports cars. Progressive has low deposit insurance plans and convenient monthly payments. Get a quote in under five minutes. Start by entering your zip code.

Types of Coverage

Insuring a sports car is no different than any other vehicle. You can select:

  • Liability coverage
  • Collision
  • Comprehensive

If your vehicle costs more than $8,000, you will need added protection that collision coverage provides. Also, collision and comprehensive insurance will likely be mandated if it’s financed. Any car worth more than $15,000 should have comprehensive coverage to provide theft protection. You should also select higher limits to protect your significant investment in the vehicle.

Rates will vary a lot depending on the make and model, driving history, age of the driver, and even gender. For example, a Ferrari will cost more to insure than a Ford Mustang.

How to Get Cheaper Rates

  1. Select a higher deductible of $1,000 or more
  2. Maintain a High Credit Score
  3. Keep a Clean Driving Record
  4. Buy a Car with an enhanced Theft Device, like a GPS Vehicle Tracker
  5. Bundle your Sports Car with all your other vehicles and save about 10%

Now that you know how to get cheap sports car insurance coverage, compare rates online. Pricing can vary significantly between insurers, so you should compare as many quotes as possible. Focus on direct insurers that often have the best rates and check in with agents. Enter your zip code and get matched with multiple direct rates in about 5 minutes. Get the best coverage at rates you can afford.