There is no question that driving a sports car can be exciting, but insuring a high-performance, high-end car can be expensive. Insurance companies consider sports cars to be higher risk vehicles because of the unsafe driving behavior they often encourage. Sports cars also incur higher repair costs, as high-quality parts are more expensive to replace.
We at the Guides Auto Team have the best auto insurance companies to help you find the best match for your sports car coverage needs. In this article, we explain these providers and share tips to save on the costs of your car insurance.
Which vehicles qualify as sports cars?
In general, auto insurance companies consider vehicles with high horsepower, two seats, and a smaller size than a standard sedan to be sports cars. Some companies may classify certain models differently, but cars with these basic features usually fall into the sports car category. If you are not sure whether your vehicle is considered a sports car, it is best to ask your insurance company for clarification.
There are different levels of sports cars. Certain models from Toyota, Honda, Subaru, and other popular manufacturers may be considered low-end sports cars for insurance purposes. Well-known models such as the Chevrolet Camaro, Chevrolet Corvette, Ford Mustang and Dodge Challenger can be seen as mid-range sports cars. Despite their sports car classification, these vehicles typically do not require additional coverage beyond standard requirements.
For high-end sports cars, insurance needs are a little different. High-performance cars from manufacturers such as Ferrari, Lamborghini, Porsche and others often require a different kind of coverage than standard carriers can provide. To protect your investment, you may want to purchase auto insurance through a premium carrier that specializes in high-performance vehicles.
What sports car insurance do you need?
Almost every state requires bodily injury and property damage liability insurance to cover the costs of other parties in the event of accidents you cause. If you’re financing your sports car, your lender will likely require you to also have collision and comprehensive coverage. Collision insurance pays for vehicle repairs after an accident, regardless of who is at fault. Extensive coverage protects your vehicle from non-accidental damage, including environmental damage, vandalism and theft.
You’ll also want to consider personal injury and gap coverage for your sports car insurance policy. Personal Injury Coverage helps with medical expenses for you and passengers, regardless of who is at fault in an accident. Gap insurance pays the cost of a replacement vehicle in case of covered total loss.
Uninsured car 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 is not or insufficiently insured.
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 per year or $144 per month for full-coverage auto insurance. What you pay depends on many factors, including the following:
- Vehicle model: The specific type of sports car you drive plays a huge 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.
- Place: States with higher population density and higher traffic tend to have higher auto insurance rates.
- Age: Younger drivers generally pay higher car insurance rates, but this is even more pronounced when it comes to sports cars. Inexperienced drivers are at risk when driving a car, and this risk is heightened when behind the wheel of a powerful vehicle built for speed.
- Marital status: Married drivers typically pay less for car insurance.
- Driving history: You’ll pay more for car insurance if you have a clean driving record with no at-fault accidents, traffic violations, or a drunk driving conviction (DUI).
- Credit history: Most states factor your credit score into your auto insurance premiums. A lower score leads to a higher funding ratio.
- Sex: The gender listed on your driver’s license affects the cost of your insurance policy, as men typically pay more than women.
The best way to get the cheapest insurance regardless of the type of car you drive is to compare car insurance 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 to save on sports car insurance costs
There are a few ways you can save on sports car insurance costs. Here are a few tips for the cheapest car insurance:
- Look for discountsDiscounts available vary by provider, but you can often unlock savings by having multiple policies, covering multiple vehicles, being a good student, signing up for auto-pay, and taking defensive driving courses. Be sure to check with an insurance agent for which discounts you qualify.
- Drive safely: Those with clean driving records pay the lowest rates for coverage. Avoid accidents and speeding tickets or sign up for a usage-based safe driving program that reports your good habits to your insurance company. Both can increase your chances of getting lower rates.
- Install anti-theft devices: A good way to save on insurance No matter what type of car you drive, safety features are even more valuable on sports cars. It is worth checking with your insurer about special discounts for specific anti-theft measures.
Our top-rated auto insurance companies
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. Read more about our scoring methodology below.
#1 State Farm: Editor’s Choice
State Farm, the most popular auto insurer in the US, also offers some of the most affordable 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 extra safety features, good students, and taking defensive driving courses.
State Farm features a A++ financial strength rating from AM Best. The company also has one A+ rating from the Better Business Bureau (BBB).
Keep reading: Review of state farm insurance
#2 USAA: Low rates for military
USAA offers consistently low insurance rates for all types of drivers and vehicles. However, the plans are only available to active members of the military, veterans, and their immediate families. USAA is known for its excellent customer service and offers a wide variety of coverage options. safe pilot® is the company’s usage-based program, which is available in 37 states and rewards safe driving habits.
USAA receives a A++ from AM Best for financial strength. With its positive reputation in the industry and quality coverage, it is a smart choice for those who qualify.
Keep reading: USAA insurance rating
#3 Geico: Affordable for most drivers
Geico is another popular insurance company that offers a variety of coverage options, abundant discounts, and affordable rates. DriveEasy from the company® 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 covered vehicles.
Geico has one A++ financial strength from AM Best and a A+ rating from BBB.
Keep reading: Geico insurance statement
Sports car insurance: conclusion
While sports cars can be more expensive to insure, shopping around for providers can help you unlock the cheapest sports car coverage rates. Our team recommends contacting multiple companies for car insurance quotes to compare your costs and coverage options.
Sports car insurance: frequently asked questions
Because consumers trust us to provide objective and accurate information, we’ve developed an extensive rating system to formulate our ranking of the best auto insurance companies. We’ve collected data from dozens of auto insurers to rate the companies on a wide variety of ranking factors. The end result was a total score per provider, with the insurers with the most points at the top of the list.
Here are the factors our ratings take into account:
- Cost (30% of the total score): Auto insurance estimates generated by Quadrant Information Services and discount opportunities were both considered.
- Coverage (30% of total score): Businesses that offer different options for insurance coverage are more likely to meet consumer needs.
- Reputation (15% of total score): Our research team took into account market share, assessments from industry experts and years of experience when giving this score.
- Availability (10% of the total score): Auto insurance companies with more state availability and few eligibility requirements scored highest in this category.
- Customer experience (15% of total score): This score is based on the number of complaints reported by the 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 customer analysis.
*Data correct at time of publication.