Sports Car Insurance: Coverage & Costs (2022) – MarketWatch | CarTailz

There’s no doubt that driving a sports car can be exhilarating, but insuring a high-end, high-performance vehicle can be expensive. Insurance companies consider sports cars to be higher risk vehicles due to the unsafe driving behaviors they tend to inspire. Sports cars also mean higher repair costs because high-performance parts are more expensive to replace.

We at the Guides Auto Team have researched and evaluated this The best car insurance to help you find the best match for your sports car cover needs. In this article, we introduce these providers and provide tips on how to reduce the cost of your car insurance.

Which vehicles qualify as sports cars?

Generally, auto insurance companies consider vehicles that have high horsepower, two seats, and a size smaller than a standard sedan to be sports cars. Some companies may classify certain models differently, but cars with these basic attributes fall more into the sports car category. If you are not sure whether your vehicle is a sports car, it is best to check with your insurance company.

There are several levels of sports cars. Certain models from Toyota, Honda, Subaru and other well-known manufacturers can be considered low-end sports cars for insurance purposes. Well-known models such as Chevrolet Camaro, Chevrolet Corvette, Ford Mustang and Dodge Challenger can be considered as mid-range sports cars. Despite being classified as a sports car, these vehicles usually do not require any additional insurance beyond the standard requirements.

For high-end sports cars, the insurance requirements are slightly different. High performance cars from manufacturers like Ferrari, Lamborghini, Porsche and others often require a different type of coverage than standard carriers can provide. You may want to purchase auto insurance through a premium carrier that specializes in high-end vehicles to protect your investment.

Which sports car insurance cover do you need?

Almost every state requires personal injury and property damage liability insurance to recover the costs of other parties in the event of an accident caused by you. If you’re financing your sports car, your lender will likely require that you also carry collision and collision insurance. collision insurance pays to repair vehicles after an accident, regardless of who is at fault. Comprehensive coverage protects your vehicle from non-accidental damage, including damage to the environment, vandalism and theft.

You should also consider personal injury and gap coverage for your sports car insurance. Personal injury insurance helps with medical expenses for you and the passengers, regardless of who is responsible for an accident. gap insurance assumes the costs for a replacement vehicle in the event of a covered total loss.

Uninsured Driver Insurance is another type of coverage you should consider as a used or new sports car owner. This protects you if you have an accident with a driver who has no insurance or insufficient insurance coverage.

How much does sports car insurance cost?

If you drive a sports car or coupe, you can expect to pay more than the national average of $1,730 a year or $144 a month for full-coverage auto insurance. What you pay depends on a variety of factors, including the following:

  • vehicle model: The specific type of sports car you drive plays an important role in determining car insurance rates. Most sports cars (especially high-end models) have a significantly higher intrinsic value than standard sedans, so you can expect higher premiums.
  • location: States with higher population densities and traffic tend to have higher auto insurance rates.
  • Age: Younger drivers tend to pay higher car insurance premiums, but even more so for sports cars. Inexperienced drivers take risks when driving any car, and that risk is compounded when behind the wheel of a powerful vehicle designed for speed.
  • Marital status: Married drivers tend to pay less for car insurance.
  • driving history: You’ll pay more for auto insurance if you have a clean driving record with no at-fault accidents, moving violations, or a driving under the influence (DUI) conviction.
  • credit history: Most states factor your credit rating into your auto insurance premiums. A lower score results in higher coverage rates.
  • gender: The gender listed on your driver’s license affects the cost of your insurance policy, as men tend to pay more than women.

The best way to get the cheapest insurance, no matter what type of car you drive, is to Compare car insurance quotes from multiple providers. Most companies make it easy to get free quotes online with just a few details about your vehicle, driving habits, and demographics.

Tips for saving on sports car insurance

There are a few ways you can reduce the cost of sports car insurance. Here are a few tips on how to get them cheapest car insurance:

  • Look for discounts: Available discounts vary by provider, but you can often unlock savings if you have multiple policies, cover multiple vehicles, are a good student, sign up for automatic payment, and take defensive driving courses. Be sure to ask an insurance agent what discounts you can claim.
  • Drive safely: Those with clean driving records pay the lowest rates for coverage. Avoid accidents and speeding, or enroll in a usage-based safe driving program that reports your good habits to your insurance provider. Both can improve your chances of getting lower rates.
  • Install anti-theft devices: A great way to save on insurance no matter what type of car you drive, safety features are even more valuable on sports cars. It’s worth asking your insurer about special discounts for specific anti-theft measures.

Our top rated car insurance policies

In our auto insurance industry review, State Farm, USAA, and Geico stood out for their coverage options, affordability, and customer service.

*Ratings are determined by our editorial review team. Learn more about our scoring methodology below.

#1 State Farm: Editor’s Choice

As the most popular auto insurer in the US, State Farm also offers some of the lowest rates in the industry. State Farm’s Drive Safe & Save™ app allows drivers to unlock discounts of up to 30% to maintain safe driving habits. The company also offers discounts for additional safety features, good students, and completing defensive driving courses.

State Farm has one A++ Financial strength rating from AM Best. The company also holds one A+ Better Business Bureau (BBB) ​​rating.

Continue reading: State farm insurance review

#2 USAA: Low tariffs for the military

USAA consistently offers low insurance rates for all types of drivers and vehicles. However, his plans are only available to active duty military personnel, veterans and their immediate family members. Known for excellent customer service, USAA offers a wide range of coverage options. SafePilot® is the company’s usage-based program, available in 37 states, that rewards safe driving habits.

USAA receives one A++ by AM Best for financial strength. With a strong industry reputation and quality reporting, it’s a wise choice for those who qualify.

Continue reading: USAA Insurance Review

#3 Geico: Affordable for most riders

Geico is another popular insurance provider that offers a variety of coverage options, ample discounts, and affordable rates. The company’s DriveEasy® The program is available in 28 states and can reduce insurance costs through safe driving habits. Geico offers discounts of up to 26% for good drivers and similar discounts for customers with multiple insured vehicles.

Geico stops Financial strength rating A++ from AM Best and a Rating A+ by BBB.

Continue reading: Geico insurance review

Sports car insurance: conclusion

Although sports car insurance can be more expensive, you can shop around for providers to unlock the cheapest sports car insurance rates. Our team recommends checking out multiple companies for car insurance quotes to compare your cost and coverage options.

Sports car insurance: FAQ

Our methodology

Because consumers rely on us to provide objective and accurate information, we have developed a comprehensive rating system to formulate our ranking of the best auto insurance companies. We collected data on dozens of auto insurance providers to rank the companies based on a variety of ranking factors. The end result was an overall rating for each provider, with the insurers with the most points topping the list.

Here are the factors our reviews take into account:

  • Cost (30% of total score): Auto insurance rate estimates and discount opportunities generated by Quadrant Information Services have been included.
  • Coverage (30% of total score): Companies that offer a variety of insurance coverage choices are more likely to meet consumer needs.
  • Reputation (15% of total score): Our research team considered market share, industry expert reviews, and fiscal year to assign this rating.
  • Availability (10% of total score): Auto insurance companies with greater state availability and fewer licensing requirements scored highest in this category.
  • Customer Experience (15% of total score): This score is based on the number of complaints reported by NAIC and customer satisfaction ratings reported by JD Power. We also considered the responsiveness, friendliness and helpfulness of each insurance company’s customer service team based on our own buyer analysis.

*Data correct at time of publication.

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