Insurance for sports cars (2023)

Mary Van Keuren

Maggie Kempken

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What do insurance companies consider to be sports cars?

Every insurance company is different and vehicle classification standards may vary among insurers. While higher-end models made by world-renowned companies like Porsche or Jaguar are easier to designate as sports vehicles, companies such as Subaru or Honda also produce sporty models that can sometimes be in a gray area. As a general guide, insurance companies usually classify vehicles with the following traits as a sports car:

• Smaller and lighter than a standard sedan
• Two seats
• Soft back
• High horsepower
• Greater than 350-cubic inch motor
• Turbocharged engine

Ultimately, your car insurance company may decide whether your vehicle is a sports car by entering the VIN into the insurer’s system, which will take into account the vehicle make, model, horsepower, number of cylinders, size and weight.

Although some features may be common to both sports cars and regular sedans or SUVs, the former is usually noted by these few distinct traits. However, since many non-sports cars have turbocharged engines, your best bet is likely to ask your insurance company whether or not it considers your vehicle to be a sports car.

What coverage do you need for a performance car?

While a licensed insurance agent can work with you to find the best coverage for your needs, the general rule of thumb with auto insurance is that you start by considering your assets and what level of financial risk you are willing to assume. Because sports cars tend to have higher-end features, specialty parts and other costly components, you may want more robust coverage to financially protect the vehicle in case of damage. You may also want to consider purchasing liability coverage limits above your state’s minimum requirements. The following coverages can be considered when purchasing your sports car insurance policy:

• Collision and comprehensive insurance: Collison and comprehensive insurance, two coverage types that make up what is commonly known as full coverage car insurance protect you financially against repairs or replacement of your sports car after a covered loss.
• Personal injury protection or medical payments insurance: With personal injury protection (PIP) or medical payments (medpay) insurance, your insurer will help cover the cost of medical expenses for you and your passengers, regardless of who is found to be at fault in an accident. If you live in a no-fault state, PIP is most likely required.
• Gap or new car replacement insurance: Gap coverage may be of interest to drivers financing their brand new sports cars, as it will cover you if you owe more on the car than your insurance company would pay to replace it. With new car replacement coverage, you are able to recover the cost of buying a replacement vehicle of the same make and model.

Outside of your state and lender requirements, there are no additional requirements for sports car coverage that drivers must meet. Instead, it is up to sports car owners to ensure they have the breadth of coverage necessary for protecting their assets, as well as for meeting or exceeding their state’s minimum insurance requirements. Consult with your insurance agent to understand what coverage limits and add-ons are available to help further protect your investment in your luxury vehicle.

How can you save money on sports car insurance rates?

Sports car insurance is typically more expensive than insurance for a standard economy sedan, but there are some ways you can potentially reduce their premium. By taking advantage of all available discounts that you qualify for you may be able to secure lower rates without sacrificing coverage. The following are some of the best car insurance discounts to watch for when purchasing your sports car insurance policy:

• Good driving: Safe driving programs are common with many insurance carriers, providing discounts for those who have avoided traffic violations and accidents for a given period of driving history. Many providers allow drivers to install a telematics monitoring device that sends real-time data to the insurer on your driving habits. If you drive safely, you may see savings on your premium.
• Multi-policy discounts: If you obtain a home insurance policy alongside your auto insurance policy from the same company, most insurers offer a bundling discount, applying savings to one or both policies.
• Safety features: Some insurers offer discounts if your vehicle is equipped with special safety features. Review the list of eligible safety features to see if your car qualifies for a discount. While these might not be as common with sports cars, ask your insurer to see if you qualify for a unique safety discount based on your vehicle’s features.

In addition to the discounts, drivers could also save on premiums by taking on a higher deductible. While this lowers your premium, it does mean you are assuming more financial responsibility in the event of a claim. Keep in mind that deductibles only apply to certain types of car insurance coverage, most notably collision and comprehensive coverage, so you may not have a deductible if you have minimum car insurance coverage.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

• $100,000 bodily injury liability per person
• $300,000 bodily injury liability per accident
• $50,000 property damage liability per accident
• $100,000 uninsured motorist bodily injury per person
• $300,000 uninsured motorist bodily injury per accident
• $500 collision deductible
• $500 comprehensive deductible
• To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Model: To determine cost by vehicle type, we evaluated our base profile with the following vehicles applied: BMW 330i