How to Buy Sports Car Insurance

Lucy Lazarony June 3, 2020

Love your sporty new set of wheels? Was it worth the price to have the kind of car you really want? Are you ready for the open road? Wait just one minute. Before you hit the highway in your new sports car it is time to think about sports car insurance to protect your investment.

Are You Really Driving a Sports Car?

A car may look sporty enough on the outside but whether it is an actual sports car depends on a number of factors. Insurance companies classify a car as a sports car by looking at the number of a car's cylinders, the car's horsepower, the car's make and model, and the car's weight and the car's height.

The definition of sports car may vary from insurance company to company. So be sure to shop around for the best deal on your sports car insurance.

Shop Around to Get the Lowest Car Insurance Rate

Shopping around for insurance is always a good idea. And SmartFinancial makes it easy to do. Just enter the type of insurance you are looking for and a zip code to get started. Answer a few quick questions and you'll be comparing auto insurance rates for your sports car in no time.

Don't be surprised if the rates you are quoted are higher than what you pay for the family sedan. Sports cars are more expensive to insure across the board.

Sports Cars Have High Insurance Rates

Statistics show that sports car drivers are more likely to drive fast and cause accidents. In addition, sports cars are more likely to be stolen and have a higher risk of theft. Both of these factors are things insurance companies don't like to see.

If totaled or stolen, a sports car also costs more to repair. And a sports car's high performance parts are more expensive to replace.

All these factors contribute to a sports car's higher insurance rate.

Having a spotless driving record for your sports car will help to keep rates as low as possible. So be a good and safe driver and resist the urge to speed. Getting pulled over for a bunch of speeding tickets will only raise your auto insurance rates higher.

Find Affordable Insurance for Sports Cars

Your Sports Car's Make and Model

As mentioned earlier, your car's make and model are two factors determining whether your car would be classified as a sports car by an insurance company but those factors also affect the specific insurance premium that you will pay for your sports car.

For example, a sports car with eight cylinders is more expensive to insure than a car with four cylinders. Sports cars are often coupe style with two seats but there are sports cars with four seats that require higher insurance coverage as well.

Other factors affecting your sports car insurance include your neighborhood, gender, age, driving history and how often you drive.

Choosing Your Car Insurance Policy

How much you pay for sports car insurance also depends on the insurance coverage that you choose. Getting full coverage with comprehensive, collision and liability is a good way to go and would give you the protection you need if something should happen to your sports car.

A Higher Deductible Lowers Your Premium

Shocked by how much sports car insurance is costing you? You may wish to take out a higher deductible on your car to help lower your premium. A deductible is the amount you need to pay before your auto insurance company begins to pay for damages to your car or losses. When choosing a deductible amount, consider whether you can pay the deductible amount if there is an accident or loss.

A higher deductible on a new, more expensive sports car can result in great savings on your monthly car premiums. Just make sure you have an emergency fund that will cover that high deductible should something happen with your sports car. Financial experts recommend having an emergency fund with three months take-home pay tucked away in a checking or savings account for an emergency. And paying for auto repairs on your car would qualify as one.

How to Lower Sports Car Insurance

Looking for more ways to lower your sports car insurance? Consider these tips. Installing a car alarm will help to lower your premium. So find a good alarm and save on your auto insurance. You also will have peace of mind while parking and leaving your car when away from home.

Leave the sports car at home and use a different car for your around town driving. Save the sports car for special occasions and take the family sedan for trips to the grocery store.

Keep mileage low on your sports car. You love driving your sports car but do so sparingly. Remember you want low mileage not high mileage with a sports car. Doing so will help to lower your sports car insurance. Just make sure to let your agent know that you drive the car infrequently.

Keep a clean driving record, one that is free of speeding tickets, moving violations and at fault accidents. Be an ideal driver and save money on sports car insurance. See if you can pay less today by entering your zip code below.

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