Car Insurance for Sports Cars

By Desiree Baughman
Desiree maintains insurance licensure in 46 states, and by combining years of experience as a writer and insurance professional, she delivers information consumers can easily relate to and understand. A graduate of Sweet Briar College with a diverse writing portfolio, she regularly serves as an expert source and commentator for respected outlets like CBS Money, Bankrate, and Ragan.com.

Car Insurance for Sports CarsFlashy cars may come at a flashy price, but that doesn’t mean that your car insurance has to cost an arm and a leg. Though there’s no denying that sports car insurance will cost you more than your standard auto insurance premium, you can still keep these at a minimum. But first, let’s take a look at why car insurance for sports cars is more costly.

Why Are Premiums So High For Sports Cars?

There are three reasons why sports car owners can expect to pay a higher premium for their insurance compared to owners of a conventional vehicle:

  1. Thieves and vandals target sports cars, for the exact same reasons why you want to buy them.
  2. These are high performance vehicles, meaning that they are statistically more likely to be involved in some kind of accident.
  3. The cost of replacing the parts in a sports car is usually higher than for the average passenger vehicle or family hatchback.

It’s also true that the majority of sports car owners are young males between the ages of 17 and 25 who pay a lot more for insurance for one simple reason: they are responsible for a large proportion of accidents on the road. In fact, teens have the highest motor vehicle fatality rates of any demographic. According to a report from the Centers for Disease Control and Prevention, 7 teens aged 16 to 19 years of age die every day because of motor vehicle injuries.

Lowering Your Sports Car Insurance Costs

There are a number of ways in which one can reduce their insurance costs for a sports car:

  • Maintain a Limited Mileage: As long as you aren’t planning on using your vehicle every day, then you can reduce costs by using your vehicle only during the warmer months, or as a pleasure vehicle (though you will still need to pay for the insurance to have your car “parked”)
  • Install Safety Devices: Outfitting your vehicle with approved safety devices will go a long way in reducing your insurance costs
  • Increase Your Deductible: By increasing your deductible, you’re reducing your monthly premium costs (though increasing your costs should you become involved in an accident, of course)
  • Add an Experienced Driver: Some insurance companies will allow you to add a motorist who is older and more experienced than you, which can help reduce your insurance costs (this is particularly useful for anyone who is a young driver)

There are logical reasons behind why sports car insurance is higher than the norm, but that doesn’t mean that there aren’t ways to keep it affordable. Whenever possible opt for more than the state-required liability coverage as well as any other coverage (i.e collision and comprehensive) necessary to ensure that you and your loved ones are financially protected in the event of an accident.