If you’ve been shopping around for sports car insurance, you know there’s a variety of coverage options and price points available from a multitude of insurance providers.
When you’re choosing the best insurance company and coverage for your needs, it’s essential to conduct thorough research, so you can find a company that offers multiple coverage options, exemplary customer service, and a speedy, reliable claims process.
Many of the best insurance providers also give policyholders the opportunity to save on their insurance by rewarding good driving and vehicle safety features with discounted rates.
Your insurance provider uses several different considerations to calculate your insurance rate. These include your age, gender, and driving record, as well as the make and model of your vehicle.
Several elements related to your specific car also determine the final price of your policy, such as safety ratings, damage thresholds, the overall value of your vehicle, and the cost of repairs.
The following information is meant to give you a good understanding of how your insurance provider determines risk based on the above elements.
How Much Does Sports Car Insurance Cost?
There is a massive variation in sports car insurance rates.
You might find that while some quotes are incredibly inexpensive, almost to the point of being too good to be true, others seem to be very high.
In addition to the different types of coverage included in the price quote, companies consider many other variables that relate to your vehicle.
Below you’ll find a breakdown of these factors, as well as other things to consider when you choose to drive a sports car.
Safety Ratings and Damage Threshold.
The Insurance Institute for Highway Safety (IIHS) performs safety testing and provides safety ratings for hundreds of vehicles each year. These ratings largely determine sports car insurance prices.
The IIHS rates vehicles in several safety categories and offers one of four scores: G (Good), A (Acceptable), M (Marginal), or P (Poor).
The IIHS has tested many sports cars, and it would be impossible to discuss them all; below are a couple of examples:
2009 Audi A4 Cabriolet
Safety test results for the 2009 A4 Cabriolet are varied.
While the vehicle was rated “G” for Moderate Overlap Front, it received lower ratings in other areas.
The Cabriolet’s Side received an “M,” while its Head Restraints and Seats got a “P.”
2012 Mitsubishi Eclipse Spyder
The 2012 Eclipse Spyder fared quite a bit better than the 2009 Audi A4 Cabriolet when it comes to the IIHS’s safety tests.
It was assigned a rating of “G” for both Moderate Overlap Front and Side and a rating of “M” for Head Restraints and Seats.
Comprehensive and Collision Coverage
The overall value of your vehicle plays a significant role in determining the price of your sports car insurance. This value depends in great measure on the year of the auto, as well as the make, model, and included features.
According to Kelley Blue Book, the value of a used 2009 Audi A4 Cabriolet 2D with standard features is between $6,557 and $9,182.
On the other hand, the fair market range for a 2012 Mitsubishi Eclipse GS Spyder Convertible 2D is a bit higher at $8,320 to $10,517.
Depending on the make, model, and year of the sports car; these values can vary even more, which results in a wide variety of price points for sports car insurance policies.
Claims Frequency and Potential to Cause Damage
The IIHS publishes and analyzes losses to insurance companies each year as these relate to specific vehicles.
Each vehicle in the study receives ratings across several categories: Collision, Comprehensive, Property Damage, Personal Injury, Medical Payments, and Bodily Injury.
Although details aren’t available for the specific makes and models discussed above, according to the IIHS’s Insurance Loss Report, the Mitsubishi Eclipse did not perform well in the study between 2009 and 2011.
In all categories, the Eclipse was rated substantially worse than average, except for the comprehensive category, in which it achieved an average score.
Another more recent example, the Porsche Boxster convertible, was only rated in the collision category between 2015 and 2017 and also received a rating of substantially worse than average.
These poor ratings are likely to result in a much higher insurance rate for these cars than for many other vehicles.
If your sports car happens to be fully loaded with up-to-date safety features, there’s a great chance that your insurance provider will offer you discounted policy rates.
However, it’s worth noting that most sports cars are designed with fun in mind rather than safety considerations, and many do not come with additional safety features such as anti-lock brakes, multiple airbags, rear/front cameras, or park assist.
This lack of safety features is another reason your insurance rates may be fairly high.
Getting a Quote: What Are the Best Companies for Sports Car Insurance?
When you’re ready to purchase car insurance for your sports car or any other vehicle for that matter, it’s best to obtain quotes from at least three companies to understand the different coverage offerings and rates.
Take time to research the ratings and reviews of each provider. This will help you decide which company is best suited to your needs.
Here are a few other important factors to consider about each company:
- Financial strength –though often under-valued or little thought of, your insurer’s financial strength is what eventually determines its ability to pay out claims
- Customer service
- How comfortable you feel with the agent
When you do meet with a representative from your chosen provider, be sure to ask some of these questions to secure the best rates:
- Are there discounts available to good drivers or to those who drive less?
- Is it less expensive if I bundle my policies?
- What discounts are available for my vehicle’s safety features?
- If I pay in full or set up automatic payments will I receive a discount?
What to Know About Sports Cars
Most automakers manufacture sports cars at a variety of price points, from simpler, more inexpensive models to veritable speed machines.
Whether you’re buying new or used, chances are that the cost of insurance will be relatively high.
You may be able to find a second-hand sports car at a reasonable price and save that way, but it’s important to look into insurance rates before committing to a purchase, as many makes and models of sports cars have limited safety features which can affect insurance rates.
After reading the above information, you should have a good idea of how sports car insurance rates are calculated.
Use these details to help find the best coverage and rates for your needs.
*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.