How much does insurance go up on a sports car? (2023)

Sports cars can be more expensive to insure than other types of vehicles because they are often associated with higher levels of risk. Factors that can influence the cost of insurance for a sports car include the make and model of the car, the age and driving history of the owner, and the location where the car is driven and stored. In this article, we will provide a step-by-step guide to understanding how much insurance might cost for a sports car and what you can do to keep your premiums as low as possible.

Step 1: Determine the make and model of the sports car

The make and model of the sports car you are considering will have a significant impact on the cost of insurance. Some sports car models are considered to be higher risk than others, which can result in higher premiums. For example, a high-performance sports car with a powerful engine and a history of being involved in accidents or traffic violations may be more expensive to insure than a sports car with a smaller engine and a clean driving record.

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Step 2: Consider the age and driving history of the owner

Insurance companies also consider the age and driving history of the person who will be driving the sports car when determining premiums. In general, drivers who are under 25 years old and have a limited driving history may be charged higher premiums than more experienced drivers. Additionally, drivers who have a history of traffic violations or accidents may also be charged higher premiums.

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Step 3: Take into account the location where the sports car will be driven and stored

The location where the sports car will be driven and stored can also impact the cost of insurance. For example, sports cars may be more expensive to insure in urban areas where there is a higher risk of accidents and theft. On the other hand, sports cars may be less expensive to insure in rural areas with lower population densities and fewer traffic hazards.

Step 4: Shop around for quotes from different insurance companies

Once you have a good understanding of the make and model of the sports car, the age and driving history of the owner, and the location where the car will be driven and stored, you can start shopping around for quotes from different insurance companies. It is a good idea to get quotes from at least three different companies to compare prices and coverage options.

Step 5: Consider ways to lower your insurance premiums

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There are several steps you can take to help lower the cost of insurance for your sports car. Some options include:

  • Choosing a higher deductible: Increasing your deductible will lower your monthly premiums, but it will also mean that you will have to pay more out of pocket in the event of an accident.

  • Bundling your insurance: If you have multiple vehicles or other types of insurance, such as home or renters insurance, you may be able to save money by bundling all of your policies with the same insurance company.

  • Participating in a usage-based insurance program: Some insurance companies offer usage-based insurance programs that track your driving habits and offer discounts based on your driving behavior.

  • Taking a defensive driving course: Completing a defensive driving course can help improve your driving skills and may result in a discount on your insurance premiums.

  • Maintaining a good credit score: Insurance companies may use your credit score to determine your premiums, so maintaining a good credit score can help lower your insurance costs.

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Step 6: Check the safety ratings of the sports car

Before purchasing a sports car, it is a good idea to check the safety ratings of the car to see how it compares to other models in its class. Cars with good safety ratings may be less expensive to insure because they are less likely to be involved in accidents.

How much does insurance go up on a sports car? (4)

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Step 7: Consider the type of coverage you need

There are several types of coverage available for sports cars, including liability coverage, collision coverage, and comprehensive coverage. Liability coverage protects you if you are at fault in an accident and are sued by the other party. Collision coverage pays for damage to your car if you are involved in an accident, and comprehensive coverage covers damage to your car from non-collision events such as theft or natural disasters. Determine which types of coverage you need based on your specific needs and budget.

Step 8: Look for discounts

Insurance companies often offer discounts to help lower premiums for their customers. Some common discounts include good driver discounts for those with a clean driving record, multi-car discounts for those who insure multiple vehicles with the same company, and discounts for safety features such as airbags and anti-lock brakes. Be sure to ask about any available discounts when shopping for insurance for your sports car.

Step 9: Review your policy annually

it is a good idea to review your insurance policy on an annual basis to ensure that you are still getting the best coverage at the most affordable price. Factors such as your age, driving history, and location can change over time, which can impact the cost of your insurance. By reviewing your policy regularly, you can make sure you are getting the best value for your money.

Step 10: Consider the cost of repairs and maintenance

Sports cars may be more expensive to repair and maintain than other types of vehicles due to their high-performance engines and specialized parts. This can impact the overall cost of ownership, including insurance premiums. Consider the cost of repairs and maintenance when deciding whether a sports car is the right choice for you.

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Step 11: Research the insurance company's financial stability

It is important to choose an insurance company that is financially stable and able to pay out claims in the event of an accident. Research the financial stability of the insurance companies you are considering by looking at ratings from independent agencies such as A.M. Best or Standard & Poors.

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Step 12: Read the policy carefully

Before purchasing a policy, be sure to read it carefully to understand the coverage you are getting and any exclusions or limitations that may apply. If you have any questions or concerns, ask your insurance agent or broker for clarification.

Step 13: Look for ways to reduce your risk

consider ways to reduce your risk of being involved in an accident or having your sports car stolen. This can include taking extra precautions when driving, such as driving defensively and avoiding risky behaviors like speeding or distracted driving. You may also want to consider installing security measures such as an alarm system or steering wheel lock to reduce the risk of theft. By taking steps to reduce your risk, you may be able to lower your insurance premiums.

Step 14: Review the terms of your financing or leasing agreement

If you are financing or leasing your sports car, be sure to review the terms of your agreement to understand any insurance requirements that may be imposed by the lender or leasing company. For example, the lender or leasing company may require you to have a certain level of coverage or specific types of coverage.

Step 15: Consider the cost of additional coverage

In addition to the standard coverage options discussed earlier, there are several other types of coverage that you may want to consider for your sports car. These can include roadside assistance coverage, rental car coverage, and personal injury protection (PIP) coverage. These additional coverage options can provide extra protection and peace of mind, but they may also increase your premiums.

Step 16: Compare quotes from multiple insurance companies

As mentioned earlier, it is a good idea to shop around and get quotes from multiple insurance companies to compare prices and coverage options. This will help you find the best deal on insurance for your sports car.

Step 17: Consider purchasing a sports car insurance policy from a specialty insurer

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you may want to consider purchasing a sports car insurance policy from a specialty insurer that specializes in insuring high-performance vehicles. These insurers may offer coverage options and discounts specifically tailored to sports cars and may have a better understanding of the unique risks and needs of these types of vehicles.

Step 18: Check the car's loss history

Before purchasing a sports car, it is a good idea to check its loss history to see if it has a higher risk of being involved in accidents or other types of losses. You can check the loss history of a car by using a tool such as the National Insurance Crime Bureau's VINCheck or by requesting a copy of the car's history report from a company such as Carfax.

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Step 19: Consider purchasing higher limits of coverage

While higher limits of coverage may increase your premiums, they can provide extra protection and peace of mind in the event of an accident or other loss. For example, increasing your liability coverage limits can protect your assets in the event you are sued for damages in an accident that you caused.

Step 20: Review your coverage annually

Finally, it is a good idea to review your coverage on an annual basis to ensure that it still meets your needs and budget. As your circumstances change, your insurance needs may change as well. By reviewing your coverage regularly, you can make sure you are getting the best value for your money.

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In conclusion, the cost of insurance for a sports car can vary significantly based on a variety of factors, including the make and model of the car, the age and driving history of the owner, and the location where the car will be driven and stored. To find the best insurance coverage at the most affordable price, it is important to shop around and compare quotes from multiple insurance companies. You should also consider ways to lower your premiums, such as increasing your deductible, bundling your insurance, participating in a usage-based insurance program, and taking a defensive driving course. Additionally, consider the cost of repairs and maintenance, the financial stability of the insurance company, the terms of any financing or leasing agreements, and any additional coverage options that may be available. By following these steps, you can help ensure that you are getting the right insurance coverage for your sports car at a price that fits your budget.

@TAGS #Car #Sports #Insurance #Sports car

(Video) How much does Insurance Cost for a Supercar??


Does a sports car raise your insurance? ›

To insure an exotic or sports car, get an auto insurance quote like you would for any other car. But note that high-performance vehicles can lead to higher auto insurance rates. More horsepower means more risk for your insurer. And not all insurers insure all high-end vehicles.

How much more expensive is insurance on sports cars? ›

Insurance for a 2022 model sports car costs on average $2,152 annually. The cost difference between insuring a sports car and a standard vehicle can range from a couple hundred dollars to a few thousand dollars. The average cost for a conventional car is $1,567.

Why do sports cars make insurance go up? ›

Higher Insurance for Sports Cars

Be prepared to pay higher insurance premiums. Insurance companies know owners of sports cars go faster than the general driving population and as such, they're at risk of having accidents more frequently — and more seriously — than drivers of minivans, for example.

How can I lower my sports car insurance? ›

Here's how you can actually save on your summer car insurance:
  1. See if you're eligible for a low mileage discount:
  2. Consider classic car insurance.
  3. Remove Optional Coverages.
  4. Lower your coverage limits:
  5. Choose a higher deductible plan.
  6. Bundle policies:
  7. Pay via EFT/ACH or pay ahead.
  8. Ask your agent about any discounts:
Jan 10, 2023

Who insures Lamborghini's? ›

How to get Lamborghini car insurance
InsurerOnline Lamborghini quotes
4 more rows

What is a disadvantage of buying a sports car? ›

But there are drawbacks to owning a sports car. Sports cars can be more expensive to maintain and require more frequent oil and tire changes than other vehicles. They're also often not economical. And sports aren't often practical for daily use, particularly for families or for carrying cargo.

Which car has the highest insurance rate? ›

Maserati Quattroporte

The Maserati Quattroporte is a luxury sedan that typically costs over $2,500 per six-month policy period to insure, making this car the most expensive vehicle to purchase auto insurance for in 2021.

Are sports cars expensive to maintain? ›

Compared to normal cars – designed to last for a long time – sports cars have higher performance and wear through their parts quicker due to the heavier stresses and higher rates of speed. This not only results in a higher initial cost of the vehicle itself but also higher costs for the following years.

Do sports cars lose value? ›

Every manufacturer hopes that their best sports cars will keep appreciating for many decades to come, but that's rarely the case, as most sports cars start losing value the minute they leave the dealership. It's sad that a sports car that took years to develop can lose value so quickly.

Is a Camaro considered a sports car for insurance? ›

Insurance for a Chevrolet Camaro SS is about $98 more expensive per year than the average. It is a moderately expensive vehicle to insure because it is a sports car with an above-average theft rate.

Are muscle cars more expensive to insure? ›

Revved up horsepower can mean higher insurance premiums. Insurance companies take several factors into consideration: High performance car parts are often more expensive.

Is a Nissan 350Z a sports car? ›

The Nissan 350Z, a two-door, two-seater sports car, kicked off production for the fifth generation of Nissan Z-Cars 2002 and ended the 6-year production hiatus in the US.

Does credit score affect car insurance? ›

A higher credit score decreases your car insurance rate, often significantly, with almost every insurance company and in most states. Getting a quote, however, does not affect your credit.

What are 3 things that would cause your premium to go up and be more expensive? ›

Reasons for a rate increase
  • Comprehensive claims. Depending on your insurance company and the state where you live, your rate may increase for incidents out of your control. ...
  • Adding vehicles and drivers. ...
  • Claims in your area. ...
  • Moving. ...
  • Changes to your insurance score. ...
  • Age. ...
  • Lapse in insurance. ...
  • Loss of discounts.

Should car insurance decrease every year? ›

Does car insurance decrease over time? Yes, car insurance decreases over time. You may find that your auto insurance rates go down as you get older or have teen drivers on board. And you might get discounts if you take out insurance with the same company for three to five years.

What car costs $3 million dollars? ›

28. Koenigsegg Jesko: $3 million. The Jesko is our first hypercar that hits the three million dollar mark. From a performance aspect, this makes sense: the Koenigsegg Jesko is also one of the fastest supercars in the world in 2023 – which definitely goes a long way towards its sticker price.

How much is a Bugatti car insurance? ›

How much Bugatti Chiron Sport "110 Ans" owners pay for insurance
Estimated value2020 Bugatti Chiron Sport "110 ans"
Down payment (10%)$326,000
Monthly insurance cost$4,188
Monthly loan payment*$54,313
Total five-year cost$3,836,009
1 more row
Apr 23, 2019

What is the insurance for a Bugatti? ›

Average Bugatti Insurance Costs

Your insurance costs could approach $2,000-$4,000 per month.

Do sports car waste more gas? ›

Does Sport Mode Burn More Gas? By switching to more performance-oriented throttle and transmission settings, your vehicle's engine will rev higher and longer than it would during normal operation. This requires more fuel, and over a long drive, it can negatively impact fuel economy.

What age do most people buy a sports car? ›

There might be some truth to the midlife sports car phenomenon. Peak purchasing of sports cars are among 20-year-olds, but when you turn 45, you might rekindle your interest in a fast car.

Which sports car is best investment? ›

The Top Ten
  • Mercedes-Benz 200SE-W126 (1986 – 1991) 95% ROI.
  • GMC Typhoon (1992 to 1993) 83% ROI.
  • Porsche Carrera GT GT -0.2% (2004 to 2006) 80% ROI.
  • Porsche 928 – Base Model, Automatic (1978 to 1982) 77% ROI.
  • BMW 633CSi – Manual, E24 (1978 to 1984) 73% ROI.
  • BMW 540i – E34 (1992 to 1996) 72% ROI.
Jun 30, 2022

At what age is car insurance most expensive? ›

In general, young drivers can expect to pay higher rates than older drivers, and around 70, car insurance rates start to increase again.

What color car has the highest insurance rate? ›

The color of your car doesn't affect your insurance rate. Instead, your insurance company uses other information, like your car's age, location, usage, and your driving record, to help determine insurance rates.

What insurance covers an act of God? ›

Standard home insurance covers ordinary bad weather, like windstorms, lightning and hail storms, as well as natural disasters, such as wildfires, hurricanes, and tornadoes. In the property insurance world, these natural hazards and catastrophes are referred to as an act of God, meaning they are out of our control.

What's the point of having a sports car? ›

A sports car has two main benefits; style and performance. Drivers love sports cars because they look good on the road and are fun to drive. Even if they're not super powerful, a good sports car with quick acceleration and agile handling is fun to drive at any speed.

How many miles is alot for a sports car? ›

As a general rule of thumb, around 5,000 miles a year is considered “low miles,” and around 15,000 miles a year is considered “high miles.” To make matters more confusing, exotic cars play by a completely different set of rules than your average used car.

How often should I drive my sports car? ›

Driving Regularly Will Keep Your Vehicle In Good Shape

You'll want to drive your vehicle a couple of times each month and for at least 10 miles, with some speeds over 50 mph if possible. It's always smart to let your engine idle for at least ten minutes, allowing it to warm up before you fully get on the road.

What is the number 1 selling sports car? ›

Share: The Sports Car segment is broken into three segments.
Here are the remainder of the sports cars:
Make/Model2021 SalesVS 2020
1. Chevy Corvette33,04253%
2. Subaru WRX27,14128%
3. Audi A517,1289%
4. BMW 2-Series15,68418%
7 more rows
Jan 17, 2022

Are sports cars a good investment? ›

We know that all cars depreciate quickly, but many sports cars actually have better resale values than the average sedan or pickup truck. Because of their sleek design, and because fewer of them are usually manufactured, they have a greater chance of holding their value or becoming a classic.

Do sports cars get stolen? ›

Typically, luxury vehicles and sports cars rank highest on the “most-stolen” list, but Hyundai and Kia thefts have been on the rise, rivaling pricier models in recent years.

How much is insurance for a 18 year old with a Camaro? ›

Because of inexperience, young drivers are often charged more for car insurance regardless of the type of car they drive. The Chevrolet Camaro insurance cost for an 18-year-old is $4,772 on average. That is $3,310 more than what a 40-year-old pays for the same coverage.

Is a v6 Camaro considered a muscle car? ›

The Chevrolet Camaro is a great example of a modern muscle car. It has two doors, rear-wheel drive, and plenty of horsepower. It's also loads of fun to drive.

Is a Dodge Charger a sports car for insurance? ›

The Dodge Charger is a popular American sports car and is noted as one of the last great sports sedans.
Cost of coverage for the Dodge Charger SXT and Dodge Charger GT.
ModelAverage insurance costMarket value (2021)
Dodge Charger SXT$2,635$26,975
1 more row
Nov 30, 2022

Will muscle cars go up in value? ›

So, really strong gains.” While those figures are reflective of the top of the muscle car market — cars with average values of $400,000 or so — similar trends are occurring everywhere in the category. According to Hagerty's valuation tools , muscle car values across the spectrum are up 19% over the last 12 months.

Do cheaper cars cost less to insure? ›

Lower-spec cars tend to be in the lower insurance groups and so cheaper to insure. Models can appear in different groups, depending on their specifications — so it's always worth getting an insurance quote before you commit.

Are luxury cars cheaper to insure? ›

Drive a luxury vehicle? Expect to pay more for insurance. Luxury, high-performance vehicles cost more to insure because they'll have higher repair costs. If you're in an accident, it costs the insurer more to get your car fixed.

How fast is a turbo 350Z? ›

With a 183mph top speed, this ride's beauty is much more than skin-deep.

How many miles will 350Z last? ›

Nissan 350Z: on the road

Engines will do 300,000 miles without trouble given regular oil changes, but beware high oil thirst – especially on 296bhp unit. On HRs, look for low oil pressure from an internal gasket failure – nine hours' labour to replace.

Are 350Z V6 or V8? ›

Nissan 350Z
Nissan 350Z (Z33)
PlatformNissan FM platform
RelatedInfiniti G35 Nissan Skyline (V35)
Engine3.5 L VQ35DE V6 (2003 & 2004) 3.5 L VQ35DE V6 (2005 (35th Anv & Track) & 2006) 3.5 L VQ35HR V6 (2007–2009)
21 more rows

Is 666 a good credit score? ›

A FICO® Score of 666 places you within a population of consumers whose credit may be seen as Fair. Your 666 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.

What is a good credit score for auto insurance? ›

A good insurance score is roughly 700 or higher, though it differs by company. You can improve your auto insurance score by checking your credit reports for errors, managing credit responsibly, and building a long credit history.

What is a good credit score? ›

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

Does gender affect car insurance? ›

In most states, car insurance companies are allowed to consider your gender when setting car insurance rates. Over the course of their lifetimes, women tend to pay slightly less — but only by a small amount.

How can I lower my car insurance? ›

Here are some ways to save on car insurance1
  1. Increase your deductible.
  2. Check for discounts you qualify for.
  3. Compare auto insurance quotes.
  4. Maintain a good driving record.
  5. Participate in a safe driving program.
  6. Take a defensive driving course.
  7. Explore payment options.
  8. Improve your credit score.

Why did my car insurance go up when nothing changed? ›

While it can seem arbitrary, there are actual reasons you can see your price go up and down. Car insurance rates can change based on factors like claims, driving history, adding new drivers to your policy, and even your credit score.

At what age should your car insurance go down? ›

Experienced drivers are less likely to have accident claims, which means they cost less to insure. At Progressive, the average premium per driver tends to decrease significantly from 19-34 and then stabilize or decrease slightly from 34-75.

At what age do auto insurance premiums tend to drop? ›

Although most people believe that 25 is the age when car insurance rates go down, the most significant decreases occur when drivers turn 19 and 21. Rates continue to lower until you turn 30. After that, they tend to remain roughly the same.

Does having more cars increase insurance? ›

Does adding a car increase car insurance rates? Yes, adding a second car to your insurance policy will raise your rates, but the increase might be much lower than you expect.

Do sports cars cause more accidents? ›

Overall, the vehicle type implicated most frequently in injury crashes and involving the highest rate of road injuries was sports cars, causing clearly the most harm per licensed vehicle.

Is insurance high for muscle cars? ›

Buying a muscle car is rarely the most practical purchase, but their promise of cheap speed often comes with a cost. Insurance rates can be pricey on the Ford Mustang, Chevrolet Camaro and Dodge Challenger due in part to the risky driving behavior some owners exhibit.

Is driving a sports car worth it? ›

A sports car provides a far superior driving experience compared to any other type of vehicle. Once you are behind the seat of a sports car, there is no denying that you are experiencing exceptional cornering, steering, and all-around performance.

Do sports cars use a lot of gas? ›

Sports cars are powerful, they're flashy and they serve as a status symbol for anyone who sits behind their wheels. For all the things they are, sports cars spend a lot of time at the gas station because these sleek and sexy models don't get the best gas mileage. They're designed for speed and power, not fuel economy.

Is insurance more for a Camaro? ›

The average cost of insurance for a Chevrolet Camaro SS is $1,525 a year, which is $98 more than the average car model. The average cost of insurance for a Chevrolet Camaro SS can change by as much as $610 per year depending on the car insurance provider.

Will muscle cars lose value? ›

Over the course of 2021 and the first quarter of 2022, the 4-4-2 experienced increases with the rest of the muscle car market. After spring, it started to lose value while most other top-tier muscle cars held their own. The fact that they have dropped in value two quarters in a row needs to be taken seriously.

What muscle car is bought the most? ›

The Challenger has just secured the top spot on the muscle and pony car sales chart for the second consecutive year, besting its hometown rivals in the Ford Mustang and Chevrolet Camaro. Dodge sold 55,060 Challengers in 2022, which represents about a one percent increase over the 54,314 Challengers sold in 2021.

Can sports cars be daily drivers? ›

Updated February 2023: With the advent of all the economic instability in the world, many motoring enthusiasts long for a sports car which can double as a practical daily driver to complete the tasks of a family car, but without compromising on the performance.


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