Driving a sports car comes with some unique benefits, but it can also mean high insurance costs. Sports car insurance rates are relatively high because these vehicles tend to have higher repair costs and are more prone to collisions.
Finding the most affordable carrier for your vehicle is crucial because insurance costs can vary widely between different sports cars and providers. MoneyGeek compiled a list of some of the most popular sports cars and analyzed quotes from insurers to find the best cheap provider for each vehicle.
On average, the cost of sports car insurance for the Subaru BRZ is $1,495 per year. MoneyGeek compared quotes from multiple providers and found several that offered policies with rates lower than that. GEICO offers the cheapest insurance coverage for this vehicle at $1,155 per year, on average.
Another option for cheap sports car insurance is USAA, with a policy costing $1,166. However, keep in mind that their insurance is only available to current and former military members and their families.
GEICO has the best cheap insurance among providers, offering policies for the Toyota 86 at $1,261 per year. We found that Allstate is the most expensive carrier for this vehicle, charging an average of $2,251 annually for the same coverage.
Progressive is a solid choice if you have a Chevrolet Camaro ZL1. Among the providers MoneyGeek evaluated, it offers the best widely available, cheap sports car insurance policy for this vehicle at $1,640 per year.
Last on our list is the BMW i8. You can purchase coverage from several carriers, but the best cheap insurance for this sports car comes from Progressive at $1,750 per year, on average. Coverage from Allstate, the most expensive provider for this vehicle, costs an astounding $2,191 more.
Compared to the cost of insurance for a standard vehicle, policies for sports cars are more expensive. These cars are built for speed, which makes the likelihood of risky driving behavior and collisions higher. They also use more expensive parts, so carriers reimburse more for the cost of repairs or replacement. All of these contribute to their costly premiums.
The average cost of insurance for sports cars is $1,726 per year on average (excluding the Dodge Challenger SRT Hellcat). Your premium will vary, however, depending on several factors. These include the make and model of your car and its age. Your location, driving record and credit score also all affect your rate.
The company offering the best cheap sports car insurance depends on the type of vehicle you have. MoneyGeek evaluated multiple providers and identified the best company for 13 popular sports car models.
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.
A legacy insurance company with decent ratings across the board, Farmers bids low in the sports car insurance category, so you might want a quote. If you value a usable mobile app, its ratings on the iOS platform are especially good.
United Security Health & Casualty Insurance Company (USH&C) offers car insurance in Arizona, Missouri, Illinois, Nebraska, Indiana, and Arkansas. It offers sports car drivers an enticing $97 per month average quote, and you can lower that with discounts for anti-theft equipment, multi-policy discounts, and claims-free renewal.
Along with credit score, type of vehicle, and driving history, location plays an important role in setting your auto insurance rates. These are the rates that sports car drivers pay on average by state. See what you can expect based on where you live.
A Porsche 911 is one thing, but a Ferrari takes it to a new level. These supercars start out at over $200,000. And experts say you absolutely get what you pay for. A car like this, or any other from a high-end make like Lamborghini, is going to cost you a pretty penny for an auto insurance policy; you might even need classic car insurance.
You bought your high-horsepower sports car to feel free out on the road, not to stress over the consequences of property damage or your liability after an accident. So a crucial component of owning a sports car is an insurance policy that gives you peace of mind. And if you comparison-shop, you can avoid spending more than you need to.
More horsepower means more liability and a higher cost of repairs, which will raise your insurance prices compared to a traditional car. Bodily injury liability, comprehensive coverage, and collision coverage will all contribute to a high insurance cost for a sports car. The cheapest car insurance we found was from Metromile, at $86 per month.
Sports car owners are likely to pay a higher premium for auto insurance. The steeper cost for sports cars is due in part to the fact that auto insurers recognize that sports cars have a higher risk for:
In addition to a higher risk profile, sports cars have a higher intrinsic value compared to standard sedans. The higher Insured Declared Value (IDV) on sports cars can make the premium more expensive. How much higher your premium will be than the national average for a standard sedan will depend on your geographic location, marital status, specific vehicle make and model, credit history (in most states) and driving history.
In the table below, you can see the difference in premium costs between a typical sports car, in this case a BMW 330i, and a standard sedan, the Toyota Camry. The average cost of full coverage for standard cars in the U.S. is $1,771 per year for full coverage and $545 per year for minimum coverage. The BMW 330i, meanwhile, has an average cost of $2,270 for full coverage car insurance, nearly $500 more per year than the Camry. However, the minimum coverage average for both cars is similar, which may be due to the fact that state minimums usually reflect only low liability rates for injuries and repairs, and do not take into consideration the higher costs of sport car repairs that must be considered when you add collision and comprehensive coverage.
Every insurance company is different and vehicle classification standards may vary among insurers. While higher-end models made by world-renowned companies like Porsche or Jaguar are easier to designate as sports vehicles, companies such as Subaru or Honda also produce sporty models that can sometimes be in a gray area. As a general guide, insurance companies usually classify vehicles with the following traits as a sports car:
Although some features may be common to both sports cars and regular sedans or SUVs, the former is usually noted by these few distinct traits. However, since many non-sports cars have turbocharged engines, your best bet is likely to ask your insurance company whether or not it considers your vehicle to be a sports car.
Sports car insurance is typically more expensive than insurance for a standard economy sedan, but there are some ways you can potentially reduce their premium. By taking advantage of all available discounts that you qualify for you may be able to secure lower rates without sacrificing coverage. The following are some of the best car insurance discounts to watch for when purchasing your sports car insurance policy:
To insure an exotic or sports car, get an auto insurance quote like you would for any other car. But note that high-performance vehicles can lead to higher auto insurance rates. More horsepower means more risk for your insurer. And not all insurers insure all high-end vehicles.
Insurance companies generally consider a sports car to have high horsepower and be smaller and lighter than a standard sedan. Sports cars also often have only two seats and a soft back, and they're built for competitive racing.
Sports car restrictions vary by insurer, and not all insurance companies insure all high-end vehicles. At Progressive, we'll likely cover your luxury or sports car, but we don't insure cars valued over $150,000. If your ride is worth more than that, you may want to consider a specialty insurer.
Since a sports car is often a second or recreational vehicle, how you use it and how often you drive it will go a long way in determining your rate. As a general rule, the more horsepower a car boasts, the easier it is to speed, which can lead to more accidents and a higher insurance rate.
But suppose you drive your sports car only on weekends and less than 5,000 miles per year. You'll generally pay less for insurance than someone using their sports car to commute to and from work. However, even if you rarely drive your sports car and have a perfect driving record, you may pay substantially more for auto insurance because of your vehicle's race-quality performance.
For high-end sports cars, insurance needs are a bit different. High-performance cars from makers such as Ferrari, Lamborghini, Porsche and others often require a different type of coverage than standard carriers can provide. You may want to buy car insurance through a premium carrier that specializes in high-end vehicles to protect your investment.
If you drive a sports car or coupe, you can expect to pay more than the national average of $1,730 per year or $144 per month for a full coverage auto insurance policy. What you pay depends on a wide range of factors, including the following: 59ce067264