Insurance coverage

Sports car insurance: coverage and costs (2022)

There’s no doubt that driving a sports car can be exhilarating, but insuring a high-end, powerful vehicle can be expensive. Insurance companies consider sports cars to be high-risk vehicles because of the dangerous driving behaviors they tend to inspire. Sports cars also mean higher repair costs as high performance parts are more expensive to replace.

At Guides Auto Team, we have researched and classified the best car insurance companies to help you find the best coverage for your sports car coverage needs. In this article, we’ll highlight these providers and share tips for reducing the costs of your car insurance policy.

Which vehicles qualify as sports cars?

In general, auto insurance companies consider vehicles that are high horsepower, two-seater, and smaller in size than a standard sedan to be sports cars. Some companies may categorize certain models differently, but cars with these basic attributes tend to fall into the sports car category. If you are unsure whether your vehicle qualifies as a sports car, it is best to seek clarification from your insurance company.

There are several levels of sports cars. Certain models from Toyota, Honda, Subaru and other popular manufacturers might 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 considered mid-level sports cars. Despite their classification as sports cars, these vehicles generally do not need additional coverage beyond the standard requirements.

For high-end sports cars, the insurance needs are a little different. High-performance cars from manufacturers such as Ferrari, Lamborghini, Porsche and others often require a different type of coverage than standard carriers can provide. You may want to purchase auto insurance from a premium insurer that specializes in high-end vehicles to protect your investment.

What sports car insurance do you need?

Almost all states require bodily injury and property damage liability insurance to cover the costs of other parties in accidents you cause. If you’re financing your sports car, your lender will likely require you to have collision and comprehensive coverage as well. Collision insurance pays for vehicle repairs following an accident, regardless of who is at fault. Full coverage protects your vehicle against non-accidental damage, including environmental damage, vandalism and theft.

You will also want to consider injury protection and gap coverage for your sports car insurance. Personal injury coverage helps cover medical costs for you and your passengers, regardless of who is at fault in an accident. Gap insurance covers the cost of a replacement vehicle in the event of a covered total loss.

Uninsured motorist insurance is another type of coverage you should consider as a used or new sports car owner. This protects you if you are involved in an accident with a driver who has no insurance or inadequate coverage.

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 a full-coverage auto insurance policy. What you pay depends on a wide range of factors, including the following:

  • vehicle model: The specific type of sports car you drive plays a major role in setting auto insurance rates. Most sports cars (especially high-end models) have significantly higher intrinsic value than standard sedans, so you can expect higher premiums.
  • Location: States with higher population densities and more traffic generally have higher car insurance rates.
  • Age: Young drivers pay higher car insurance rates in general, but this is even more pronounced when it comes to sports cars. Inexperienced drivers are at risk driving any car, and this risk is increased when driving a powerful vehicle designed for speed.
  • Marital status: Married drivers generally pay less for car insurance.
  • Driving history: You’ll pay more for auto insurance if you have a clean driving record with no at-fault accidents, moving violations, or driving under the influence (DUI) convictions.
  • credit history: Most states factor your credit score into your car insurance premiums. A lower score will lead to higher coverage rates.
  • Genre: The sex indicated on your license will affect the cost of your insurance policy, as men generally pay more than women.

The best way to get the cheapest insurance no matter what kind of car you drive is to compare auto insurance quotes from several suppliers. 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 several ways to reduce sports car insurance costs. Here are some tips for getting the cheapest car insurance:

  • Look for discounts: Available discounts vary by provider, but you can often unlock savings by having multiple policies, covering multiple vehicles, being a good student, signing up for autopay, and taking defensive driving lessons. Be sure to check with an insurance agent to find out what discounts you qualify for.
  • Drive carefully: Those with a clean driving record pay the lowest rates for coverage. Avoid accidents and speeding or enroll in a usage-based safe driving program that reports your good habits to your insurer. Both can improve your chances of getting lower fares.
  • Install anti-theft devices: A good way to save on insurance no matter what kind of car you drive, safety features are even more valuable for sports cars. It is worth asking your insurer for special discounts for specific anti-theft measures.

Our top car 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. Learn more about our scoring methodology below.

#1 State Farm: Editor’s Choice

The most popular auto insurer in the United States, State Farm 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 additional safety devices, student vouchers, and completion of defensive driving courses.

State Farm has a A++ financial strength rating from AM Best. The company also holds a A+ rating from the Better Business Bureau (BBB).

Keep reading: State Farm Insurance Review

#2 USAA: Low fares for the military

USAA offers consistently low insurance rates for all types of drivers and vehicles. However, its plans are only available to active military members, veterans and their immediate families. USAA is known for its excellent customer service and offers a wide range of coverage options. SafePilot® 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 industry reputation and quality coverage, it’s a solid choice for those who qualify.

Keep reading: USAA Insurance Review

#3 Geico: Affordable for most drivers

Geico is another popular insurance provider that offers a variety of coverage options, plenty of discounts, and affordable rates. The company’s DriveEasy® The 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 holds a Financial strength rating A++ by AM Best and a A+ rating from BBB.

Keep reading: Geico Insurance Review

Sports Car Insurance: Conclusion

Although 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 several companies for auto insurance quotes to compare your cost and coverage options.

Sports car insurance: FAQs

Our Methodology

Because consumers rely on us to provide unbiased and accurate information, we’ve created a comprehensive rating system to formulate our ranking of the best car insurance companies. We’ve collected data on dozens of car insurance providers to score companies on a wide range of ranking factors. The end result was an overall score for each provider, with insurers who scored the most points at the top of the list.

Here are the factors taken into account by our assessments:

  • Cost (30% of total score): Auto insurance rate estimates generated by Quadrant Information Services and discount opportunities were both taken into consideration.
  • Coverage (30% of total score): Companies that offer a variety of insurance coverage choices are more likely to meet consumer needs.
  • Reputation (15% of total score): Our research team considered market share, industry expert ratings, and years in business to assign this score.
  • Availability (10% of total score): Auto insurance companies with greater state availability and fewer eligibility criteria scored higher in this category.
  • Customer experience (15% of total score): This score is based on volume 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.