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Sports Car Insurance: What Kind Of Coverage Should You Get?

Updated: April 13, 2018

When buying a sports car, it is important to consider more than the up-front or lease price of the vehicle.

In addition to paying more for the car, owners will have to deal with more expensive and detailed insurance policies.

A sports car is usually priced higher than a regular model, which means that it also costs more money to replace this type of car.

Insurance companies do not like carrying that extra cost in the event of an accident, which means they transfer it to the owners through more expensive policies.

Consider insurance costs when buying a sports car.

Sports Car Insurance Rates:

Insurance for sports cars is even more important than getting coverage for a regular vehicle. While your odds of getting into an accident are probably the same, the damage expenses are often a lot greater for sports cars.

Sports cars are also a lot likelier to be the victims of vandalism or theft, which means comprehensive coverage is absolutely necessary for sports car owners.

For anyone who is concerned about the possibility of high insurance premiums for a sports car, it is best to talk with an agent before committing to buying the car in question.

An agent can walk the prospective buyer through the types of insurance available for the vehicle. This lays out all the coverage options, such as liability, comprehensive and collision coverage, along with possible add-ons.

Getting low insurance sports cars is never a good idea. While the buyer may save some money on monthly premiums, they are also risking the possibility of heavy damage expenses if the car gets into an accident.

Sports cars are also a lot likelier to be the victims of vandalism or theft, which means comprehensive coverage is absolutely necessary for sports car owners. It is negligent to get a sports car and not have this coverage in the policy.

What Determines Sports Car Insurance Rates?

There are many reasons why individual types of auto insurance policies are more expensive on sports cars than they are for regular vehicles.

If the sports car is planning to be used as a primary vehicle, insurance companies will have much higher rates for getting proper coverage.

Sports car insurance rates are often higher because the car parts are much more expensive. This means that any collision coverage will result in higher costs for the insurance company when a policyholder gets into an accident.

In addition, insurance companies believe that having a sports car means the likelihood of your getting into an accident might increase. If a person spends most of their life using a car with only 150 horsepower, but gets a sports car with 450 horsepower, they might find it harder to control this vehicle.

If the sports car is planning to be used as a primary vehicle, insurance companies will have much higher rates for getting proper coverage.

Vintage sports cars are the most susceptible to sharp rises in the insurance policy. This is because they do not include the safety features in modern vehicles. A sports car from the 70s may look amazing and drive quickly, but it does not have air bags, multi-point seat belts or OnStar services.

Discounts for Sports Car Insurance:

It is almost impossible to get the same rates of insurance for a sports car as you would have for a regular vehicle. However, there are ways to get discounts on insurance for sports cars.

A past record of accident and ticket-free driving impresses insurance companies, and results in them lowering their sports car insurance rates.

One great way to get a lower rate is to inform the insurance company that there is a car alarm on the vehicle in question. This makes it far less likely for someone to successfully steal the vehicle.

Insurance companies are also happy when the customer informs them that the sports car is not intended as the primary vehicle. If a sports car is only used on special occasions – perhaps one day a week – then it is driven a lot less than the primary vehicle. Less driving means less likelihood of an accident, which results in a cheaper policy.

A past record of accident and ticket-free driving impresses insurance companies, and results in them lowering their sports car insurance rates.

Drivers who get an initial insurance policy on the sports car can also get similar “safe driving” discounts when they demonstrate six to twelve months of driving the car without any accident or speeding ticket.

What Insurance for Sports Cars is Necessary?

If someone is planning to buy a sports car, it would appear that their finances are not in any immediate jeopardy. For this reason, it makes sense to get a fleshed out sports car insurance policy.

If a sports car is abandoned on the side of the road because you cannot get immediate assistance, it is more likely to be vandalized by anyone passing by.

Any policy of insurance for sports cars must include liability coverage as mandated by the law. It is also a good idea to get comprehensive and collision coverage, because this protects the owner from damage costs while driving, and when the vehicle is parked.

Other types of insurance for sports cars include a rider for medical coverage required after an accident, protection in the event of death and roadside assistance.

Roadside assistance is very useful to include in a sports car insurance policy. If a sports car is abandoned on the side of the road because you cannot get immediate assistance, it is more likely to be vandalized by anyone passing by.

Medical coverage and death protection are not exclusively important for a sports car, but they are very useful elements of car insurance to include for those who are in a healthy financial position.

Limit Sports Car Modifications:

Another way to drive up the price of insurance for sports cars is by getting modifications to the vehicle.

While these modifications may make the car faster and more exciting to drive, they are not necessarily safer.

If you own a sports car and really want certain modifications, it is important to talk with both the mechanic and insurance company about how this might impact the sports car insurance rate.

A sports car with significant modifications is an immediate red-flag for insurance companies. There is no way for them to know whether the mods were performed safely, or if they make the car less safe to drive.

If you own a sports car and really want certain modifications, it is important to talk with both the mechanic and insurance company about how this might impact the sports car insurance rate.

Sports cars are a lot of fun to own, especially vintage ones, but it is necessary to find a balance between a fun car and a safe car. This balance also ensures that the sports car owner is not paying through the roof every month for simple sports car insurance coverage.