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What does it cost to insure my sports car?
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Many people dream of owning a sports car for their power and speed. However, insuring a sports car can be expensive due to the value and high cost of repairs. To get a cheaper sports car insurance premium, it’s important to shop around and compare rates.
In this article, we’ll highlight the average cost of sports car insurance, what factors contribute to the cost of insurance, and which sports cars are the cheapest to insure. We’ll also share some strategies to help you get the most affordable insurance rate for your sports car.
Sports cars with cheap insurance:
While sports cars typically cost more to insure due to their high value, some models have cheaper average rates than others. Below are some of the cheapest sports cars to insure based on popular 2022 models.
The cost of insurance for sports cars varies greatly depending on the specific model. Average insurance costs for sports cars can be as low as $2,420 for cheaper models like the Ford Mustang, and as expensive as $2,960 for higher-end models like the Dodge Charger. To give you a better idea of the potential costs, we collected average rates for some of the best-selling sports cars in 2023.
Annual rates for a single 35-year-old male, estimated using public rate filings sourced from First Interpreter. Rates do not represent actual quotes. Accurate as of January 2024.
Many drivers pay their annual car insurance premiums in monthly installments, which can make the cost more affordable. On average, the monthly cost of sports car insurance is between $201 and $246. However, the average cost will depend on many factors, like your location, insurance company, age, and the model and year of your vehicle.
To be considered a sports car, a vehicle needs to meet certain criteria. According to Progressive, cars that are considered sports cars have high horsepower and are built for competitive racing. They are also lighter and smaller than regular sedans and often have just two doors and two seats.
Insurance premiums for a sports car depend on a variety of factors. For example, a brand-new sports car generally costs more to insure than a used sports car, simply because new cars are worth more. If your car has a higher trim level or modifications that have a higher replacement value, such as engine enhancements, you may also pay more expensive rates.
The details of your policy, like your coverage limits, endorsements, and deductibles, can also influence the cost of your insurance policy. For instance, getting a full coverage policy or adding optional add-ons will cost you more than you would pay for a minimum coverage policy. Also, a policy with higher deductibles usually comes with lower premiums.
In addition, personal characteristics like your age, location, driving history, and credit score may also affect your rates. To get the cheapest sports car insurance for your situation, it’s a good idea to compare rate quotes from several different insurance companies. Take our short quiz to see how much you can expect to pay to insure your sports car.
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Your rates will vary based on where you live, your age, and other factors like your driving record
Sports cars are typically more expensive to insure than other vehicles. Sports cars have a higher value than sedans or SUVs, and they often have hard-to-find parts, making them more expensive to repair and replace.
The high-performance nature of sports cars also raises the risk of speeding and accidents, which can increase insurance costs. And since many people admire sports cars, insurance companies might also charge higher rates because they have a greater likelihood of theft.
Sports cars with more expensive insurance:
The 2022 Mercedes AMG is a high-performance luxury vehicle that blends exquisite design, cutting-edge technology, and exhilarating performance. With its powerful engine and premium features, it offers an unmatched driving experience. However, the average annual insurance premium for the Mercedes AMG is $2,800, reflecting the higher cost of insuring a luxury sports car.
The 2022 BMW 840i is a luxurious and sporty coupe that combines elegant styling with dynamic performance. With its advanced technology and comfortable interior, it offers a thrilling driving experience. The average annual insurance premium for the BMW 840i is $2,290, which is more expensive than other sports cars.
The 2022 Porsche 911 Carrera is an iconic sports car that embodies precision engineering and exhilarating performance. With its sleek design and powerful engine, it delivers an unmatched driving experience. The average annual insurance premium for the Porsche 911 Carrera is $2,140, in line with the higher cost of insuring a high-performance luxury vehicle.
Some insurance companies offer better sports car insurance policies than others. For most sports cars, Kemper and Safeco have the most competitive rates. But for the higher-end sports cars, like Mercedes and Alfa Romeo, Nationwide and Progressive offer some of the lowest rates.
Note: Not every insurance company covers all sports cars, so you might need to research several companies to find one that will cover your specific vehicle.
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Getting cheap sports car insurance may seem like a challenge, as the rates tend to be relatively high. However, there are ways to lower your premium without compromising on coverage. Here are some tips for getting the most affordable policy for you:
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If you purchase a sports car, your insurance premium will probably increase. However, the size of the rate increase will depend on many factors, like the make and model of your sports car, your insurance company, policy limits, coverage types, driving record, and location.
It can be more difficult to insure a sports car compared to other types of vehicles. Some insurance companies won’t insure every sports car, so you might be turned down by some providers. Contact multiple insurance companies to see if they offer coverage for your sports car, and then get rate quotes to find the cheapest premium.
Sports cars are not required to have special types of insurance. Most states require drivers to carry a minimum coverage policy, regardless of their vehicle type. However, because sports cars can be very expensive to repair or replace, a full coverage policy with physical damage protection is a good investment. You might also think about adding other endorsements that fill the gaps in your policy, like new car replacement coverage or OEM coverage.
Rate Retriever rates are based on public rate filings obtained by analytics company First Interpreter. This data comes from the rating plans insurance carriers submit to each state’s department of insurance. Rating plans detail how each carrier calculates premiums using factors such as location, age, gender, and driving record, and they ensure that insurance premiums are both fair and competitive.
For the data on this page, we made the following assumptions: a 35-year-old single male with a clean driving record and Good credit score. We adjusted this profile by vehicle make, model, trim, and year to determine the rates you see on this page.
These rates are not actual quotes and should only be used for comparative purposes. Your rates can vary significantly based on your unique driver profile.
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