Driving a sports car comes with some unique benefits, but it can also mean high insurance costs. Sports car insurance rates are relatively high because these vehicles tend to have higher repair costs and are more prone to collisions.
Although sports car insurance is higher than a standard vehicle, some companies offer more affordable coverage options than others. Because personal factors like your location, credit score or how you store your vehicle also affect rates, it’s crucial that you compare quotes from several companies to find the best option for you.
Table of Contents
- The Cheapest Sports Cars to Insure
- The Best Cheap Sports Car Insurance by Vehicle
- How to Save on the Cost of Sports Car Insurance
- Sports Car Insurance FAQs
Key Takeaways
The cost of sports car insurance varies between providers. Taking the time to gather and compare quotes can result in savings worth several hundreds of dollars.
There is no single best company offering car insurance for sports cars. The provider with the best cheap sports car insurance for you depends on what type of vehicle you drive.
Although insurance for sports cars is undeniably more expensive than standard vehicles, utilizing discounts, raising your deductible or storing your vehicle when you aren’t driving it can reduce your premiums.
Compare Insurance Rates
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
The Cheapest Sports Cars to Insure
The cost of insurance for sports cars varies by vehicle. For example, if you have a BMW i8, your annual premium would be approximately $2,810. If you drive a Ford Mustang, you’ll pay $1,239 less for coverage, on average.
Excluding the Dodge Challenger SRT Hellcat, the average sports car insurance premium is $1,726 per year. The table below shows how much it takes to insure different models of sports cars.
Cheapest Sports Cars to Insure
Sports Car | Average Annual Cost of Insurance |
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The Best Cheap Sports Car Insurance by Vehicle
Finding the most affordable carrier for your vehicle is crucial because insurance costs can vary widely between different sports cars and providers. MoneyGeek compiled a list of some of the most popular sports cars and analyzed quotes from insurers to find the best cheap provider for each vehicle.
Table of Contents
- Porsche Taycan
- Nissan 350Z
- Ford Mustang EcoBoost
- Subaru WRX
- Chevrolet Camaro LS
- Subaru BRZ
- Chevrolet Camaro SS
- Dodge Challenger R/T
- Ford Mustang GT
- Toyota 86
- Chevrolet Corvette
- Ford Mustang Mach-E
- Chevrolet Camaro ZL1
- Dodge Challenger SRT Hellcat
- Nissan GT-R
- BMW i8
Porsche Taycan
Best Cheap Sports Car Insurance Option: GEICO
First on our list is the Porsche Taycan. It’s one of the best sports cars in the market with cheap insurance rates.
MoneyGeek compared various carriers and found that GEICO offers the best cheap sports car insurance for the Porsche Taycan. With an average annual premium of $981, it has the most affordable insurance for this sports car. This rate is $551 less than that offered by the most expensive provider — Allstate — at $1,532 per year.
Our internal rating system looks beyond affordability and considers other factors, such as a provider’s financial strength. GEICO also received a perfect score in this area. It means they’ll have no problems reimbursing legitimate claims.
Porsche Taycan Insurance Rates
Insurer | Average Annual Cost |
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Nissan 350Z
Best Cheap Sports Car Insurance Option: GEICO
You can purchase the best cheap sports car insurance for the Nissan 350Z from GEICO. They rated high on affordability since their policy only costs $1,128 per year on average — that’s $466 less expensive than Allstate’s average rate of $1,431.
GEICO also had a perfect score in financial strength, which means the likelihood that they’ll still be operating when you file a claim is high — even if it happens years from now.
Another carrier offering cheap car insurance for this sports car is USAA, but their policies are only available to former and current military members and their families.
Nissan 350Z Insurance Rates
Insurer | Average Annual Cost |
|---|
Ford Mustang EcoBoost
Best Cheap Sports Car Insurance Option: Progressive
MoneyGeek evaluated several carriers offering policies for the Ford Mustang EcoBoost. Our analysis showed Progressive has the best cheap insurance for this sports car. For $1,178 per year on average, Progressive’s high financial strength ratings can assure you that they'll process your claim efficiently and objectively. Of the various areas MoneyGeek used to evaluate providers, Progressive also scored high in complaints (meaning they received fewer than average) and affordability.
Coverage with Progressive costs $694 less than it does with Allied, the most expensive provider for this vehicle.
USAA offers a lower annual premium at $1,076, but its policies are only available to former and current military members and their families.
Ford Mustang EcoBoost Insurance Rates
Insurer | Average Annual Cost |
|---|
Subaru WRX
Best Cheap Sports Car Insurance Option: GEICO
You can find cheap sports car insurance from various companies. When it comes to the Subaru WRX, GEICO is your best bet.
In addition to offering the cheapest, widely available rates for this vehicle at $1,155 per year, GEICO also received a perfect score for financial stability. GEICO’s premium is significantly less expensive than Allied’s — the most costly provider for this vehicle at $1,995 per year.
If you come from a military background, USAA is another solid option. You can purchase a policy for an annual rate of $1,136.
Subaru WRX Insurance Rates
Insurer | Average Annual Cost |
|---|
Chevrolet Camaro LS
Best Cheap Sports Car Insurance Option: GEICO
With a $1,339 average annual premium, GEICO is a solid choice if you’re looking for cheap sports car insurance for the Chevrolet Camaro LS. Compare this cost to that offered by Allstate — the most expensive provider for this car — at $1,789 per year. MoneyGeek’s analysis showed that GEICO scored high in two specific areas — affordability and financial stability.
Among the providers MoneyGeek evaluated, USAA also offers cheap sports car insurance. Their rate is lower than GEICO’s, but you can only purchase coverage with them if you have a military background.
Chevrolet Camaro LS Insurance Rates
Insurer | Average Annual Cost |
|---|
Subaru BRZ
Best Cheap Sports Car Insurance Option: GEICO
On average, the cost of sports car insurance for the Subaru BRZ is $1,495 per year. MoneyGeek compared quotes from multiple providers and found several that offered policies with rates lower than that. GEICO offers the cheapest insurance coverage for this vehicle at $1,155 per year, on average.
The difference between GEICO’s coverage and Allied’s, the most expensive provider, was $937. This dramatic difference illustrates the importance of comparing rates and finding the cheapest coverage for you.
Subaru BRZ Insurance Rates
Insurer | Average Annual Cost |
|---|
Chevrolet Camaro SS
Best Cheap Sports Car Insurance Option: GEICO
GEICO offers the most affordable insurance for the Chevrolet Camaro SS at an average rate of $1,396 per year. Allied, the most expensive insurer for this vehicle, charges $1,776 for the same coverage, meaning you could save $610 by purchasing insurance from GEICO.
Another option for cheap sports car insurance is USAA, with a policy costing $1,166. However, keep in mind that their insurance is only available to current and former military members and their families.
Chevrolet Camaro SS Insurance Rates
Insurer | Average Annual Cost |
|---|
Dodge Challenger R/T
Best Cheap Sports Car Insurance Option: GEICO
MoneyGeek compared several policies from different providers and found GEICO to offer the best cheap sports car insurance for the Dodge Challenger R/T. With an annual average premium of $1,460, it’s no surprise that GEICO scored high in affordability. On average, a policy with GEICO is $393 less expensive than coverage with the most expensive insurer, Allstate.
USAA is the cheapest sports car insurance option for this vehicle, but their policies are only available to current and former military members.
Dodge Challenger R/T Insurance Rates
Insurer | Average Annual Cost |
|---|
Ford Mustang GT
Best Cheap Sports Car Insurance Option: GEICO
If you’re looking for the company that offers the best cheap sports car insurance for a Ford Mustang GT, MoneyGeek’s study determined that GEICO is the top choice.
With a policy costing $1,359 per year on average, coverage with GEICO costs $568 less on average than Allstate, this vehicle’s most expensive insurer.
USAA is another option for cheap sports car insurance. Their policy is more affordable than GEICO’s, costing an annual rate of $1,298. If you belong to a military family, this may be a good choice for you.
Ford Mustang GT Insurance Rates
Insurer | Average Annual Cost |
|---|
Toyota 86
Best Cheap Sports Car Insurance Option: GEICO
GEICO has the best cheap insurance among providers, offering policies for the Toyota 86 at $1,261 per year. We found that Allstate is the most expensive carrier for this vehicle, charging an average of $2,251 annually for the same coverage.
If you come from a military family, USAA is another solid, inexpensive option. Their policy has an annual premium of $1,184 but isn’t widely available.
Toyota 86 Insurance Rates
Insurer | Average Annual Cost |
|---|
Chevrolet Corvette
Best Cheap Sports Car Insurance Option: Nationwide
Based on MoneyGeek’s internal rating system, Nationwide offers the best cheap car insurance policy for a Chevrolet Corvette at $1,127 annually, on average. Of the four areas considered, Nationwide scores high in complaints and stability. It also received a perfect score for affordability. This policy is $961 cheaper than the most expensive insurance option — Allstate — which costs $2,088 per year.
Chevrolet Corvette Insurance Rates
Insurer | Average Annual Cost |
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Ford Mustang Mach-E
Best Cheap Sports Car Insurance Option: Progressive
If you’re driving a Ford Mustang Mach-E, your best option for affordable insurance is likely offered by Progressive. A policy for this vehicle costs $1,554 per year on average — that’s $1,134 less expensive than coverage from Allstate, the most costly provider for this car.
Progressive boasts of high scores in complaints, affordability and stability. It indicates that most users don’t express dissatisfaction with how their claims are processed — so you can expect the same experience. It’s currently one of the strongest national insurers, which reflects in its stability rating.
The only carrier with a lower rate is USAA. Their policy costs $1,295 annually but isn’t widely available. You can only purchase their insurance if you have a military background.
Ford Mustang Mach-E Insurance Rates
Insurer | Average Annual Cost |
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Chevrolet Camaro ZL1
Best Cheap Sports Car Insurance Option: Progressive
Progressive is a solid choice if you have a Chevrolet Camaro ZL1. Among the providers MoneyGeek evaluated, it offers the best widely available, cheap sports car insurance policy for this vehicle at $1,640 per year.
Although Progressive offers cheap sports car insurance for the Chevrolet ZL1, USAA’s rate is $95 less. If you belong to a military family and qualify for coverage with this insurer, this may be a good option for you.
Chevrolet Camaro ZL1 Insurance Rates
Insurer | Average Annual Cost |
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Dodge Challenger SRT Hellcat
Best Cheap Sports Car Insurance Option: Nationwide
The Dodge Challenger SRT Hellcat is one of the most popular sports cars available in the market. If you’re driving one and looking for where to purchase the best cheap insurance for this sports car, MoneyGeek’s analysis shows Nationwide is your best bet. A policy for this vehicle from Nationwide will cost you $1,773 per year, on average. That’s $1,253 cheaper than the most expensive carrier, Allstate.
Dodge Challenger SRT Hellcat Insurance Rates
Insurer | Average Annual Cost |
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Nissan GT-R
Best Cheap Sports Car Insurance Option: Nationwide
The company with the best cheap sports car insurance for the Nissan GT-R is Nationwide at $1,967 per year. Nationwide’s policy is $1,601 cheaper than Allstate, the most expensive provider for this vehicle, on average.
Nissan GT-R Insurance Rates
Insurer | Average Annual Cost |
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BMW i8
Best Cheap Sports Car Insurance Option: Progressive
Last on our list is the BMW i8. You can purchase coverage from several carriers, but the best cheap insurance for this sports car comes from Progressive at $1,750 per year, on average. Coverage from Allstate, the most expensive provider for this vehicle, costs an astounding $2,191 more.
BMW i8 Insurance Rates
Insurer | Average Annual Cost |
|---|
Sport Cars Topics you may be interested in:
- Compare the Cost of Nissan 370Z Insurance
- Compare the Cost of Ford Mustang Insurance
- Compare the Cost of Chevrolet Corvette Insurance
- Compare the Cost of Dodge Challenger Insurance
- Compare the Cost of Ford Mustang EcoBoost Insurance
- Compare the Cost of Chevrolet Camaro ZL1 Insurance
How to Save on the Cost of Sports Car Insurance
Insurance coverage tends to be more expensive for sports cards. Fortunately, there are several measures you can take to reduce your annual premium.
1
Shop around for the best insurance rates.
Insurance rates for your sports car will vary between providers. It isn’t unusual to see a difference of several hundreds of dollars between policies from two carriers. Shopping around for quotes gives you a better idea of the price range and can help you choose the best policy for your budget.
2
Take advantage of bundling your policies.
Most insurance agencies offer discounts if you purchase multiple policies with the same provider. If you already have homeowners insurance, see if your provider can give you a lower rate if you also get an auto insurance policy from them.
3
Ask about discounts you may qualify for.
Check what discount programs your insurance provider offers — you’d be surprised to see which ones apply to you. Carriers offer money off your premium for various reasons. Sometimes, you may be eligible for discounts based on individual characteristics, such as being a safe driver or a good student. Other times, companies provide money off for safety features, like having an anti-theft device installed in your car. One of the most significant discounts comes if you insure multiple vehicles with the same policy provider.
4
Use an insurance comparison tool.
Requesting quotes online is an efficient way of checking rates for different companies. You can shorten the process further by using an insurance comparison tool. Although it won’t show you other premium-reduction opportunities (such as discounts), it can help you narrow down your search for the best cheap sports car insurance company.
5
Raise your deductible.
After you file a claim, your deductible is the amount of money you pay out of pocket before your car insurance provider begins helping with costs: the higher your deductible, the lower your annual premium. However, be sure to purchase a deductible that you could reasonably pay if you got into an accident.
6
Consider pay-per-mile coverage.
A traditional car insurance policy usually uses statistics to determine premium prices. Some insurers use a different system known as pay-as-you-drive or pay-per-mile coverage, where your premium changes based on how many miles you drive. The less you drive, the less you pay. If you don’t take your sports car on the road frequently, this might be an ideal, low-cost insurance option.
7
Opt for vehicle storage in the off-season.
Consider your driving habits and see if there are certain months or times of year you don’t drive your car. Some auto insurance companies allow you to drop collision and liability insurance if you’re storing your vehicle for an extended period (typically 30 days or more). Temporarily dropping these coverages usually results in a lower premium since you’re only paying for comprehensive coverage. However, if you’re still making payments on your car, this option may not be available to you.
Sports Car Insurance Frequently Asked Questions
If you own a sports car, you may have some questions about how to find affordable coverage. These commonly asked questions can provide you with more information about sports car insurance.
About Mark Fitzpatrick
Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.
Mark earned a master’s degree in Economics and International Relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.
sources
- State Farm. "Long-term Car Storage: Is Your Car Prepped and Insured?." Accessed October 22, 2021.
FAQs
Are sports cars more expensive to insure? ›
Sports car owners are likely to pay a higher premium for auto insurance. The steeper cost for sports cars is due in part to the fact that auto insurers recognize that sports cars have a higher risk for: Collision damage. General safety.
Which car insurance company has the lowest prices? ›State Farm is the cheapest major auto insurance company in the nation for good drivers, according to NerdWallet's 2023 analysis of minimum coverage rates.
How much is insurance for a sport car? ›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.
What color car is the most expensive to insure? ›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 qualifies a car as a sports car? ›A sports car is a car designed with an emphasis on dynamic performance, such as handling, acceleration, top speed, the thrill of driving and racing capability. Sports cars originated in Europe in the early 1900s and are currently produced by many manufacturers around the world.
Which is cheaper Geico or Progressive? ›Both Geico and Progressive offer lower average premiums on policies for drivers and homeowners, but if cost is your primary consideration, Geico has the edge. Its average rates tend to be lower than the average rates offered by Progressive, and the company's extensive discount list may help you save even more.
What is the best car insurance right now? ›- Geico.
- Amica.
- USAA.
- Safeco.
- Auto-Owners.
- State Farm.
- Progressive.
- New Jersey Manufacturers (NJM)
- Compare car insurance quotes. ...
- Bundle your policies. ...
- Raise your deductible. ...
- Make sure you get all of the available discounts. ...
- Compare insurance rates when you're car shopping. ...
- Avoid tickets and accidents. ...
- Drop coverage you don't need.
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.
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.
How do insurance companies determine a sports car? ›
What makes a car a sports car, for insurance purposes? Insurance companies generally consider a sports car to have high horsepower and be smaller and lighter than a standard sedan. Sports cars also often have only two seats and a soft back, and they're built for competitive racing.
Are older cars cheaper to insure? ›Are older cars cheaper to insure? Yes, most older cars are cheaper to insure, especially in terms of comprehensive and collision insurance. Cars lose value as they age, so the potential insurance payouts after an accident drop as well. This is not the case with many classic or collector cars.
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.
What sports car cost the most? ›The price is $18.7 million, and the name is Bugatti La Voiture Noire. La Voiture Noire means 'the black automobile' in french. Noire is a unique carbon-fiber supercar, the design of which is the modern take on the Type 57 SC Atlantic that came out in the 1930s.
What color car holds value best? ›According to the iSeeCars report, yellow is the most valuable colors among convertibles and SUVs, while orange does it for coupes, beige is best for pickup trucks, and purple, being among the rarest of colors in any segment, boosts the value of sedans the most.
What is the most safest car color? ›The Safest Car Colors
MUARC's determination is that white is the safest vehicle color. Why? In all types of weather and lighting, the visibility of a white vehicle rates much higher, particularly at night.
America's Most Popular Car Colors (according to iSeeCars.Com) Grayscale colors (white, black, gray, and silver) represent a total of 78.5% of all vehicles on the road in the United States. White sits atop the list as the most popular choice.
What are the three types of sports car? ›Some people mistakably consider all road going “sports cars” to be the same, when in fact there are four distinct categories: Sports Car, High-Performance Sports Car, Supercar, and Hypercar.
What is the fastest sports car? ›The Bugatti Chiron Super Sport 300+ is the fastest car in Bugatti's lineup, reaching a top speed of 304 mph (490 km/h). It is powered by an 8.0-litre W16 engine and has a price tag of around $3.9 million. The Koenigsegg Jesko is a limited-edition supercar that can reach a top speed of 300 mph (483 km/h).
Is Allstate cheaper than GEICO? ›On average, GEICO offers more affordable rates than Allstate for drivers with credit scores of less than 580. Drivers with outstanding credit — a score of 800 or better — should consider GEICO, which typically beats Allstate by $679 per year. View common insurance rates by credit level for Allstate and GEICO below.
What is cheaper then Progressive? ›
Compared to Progressive, Geico is the more affordable insurer for most types of drivers. For those seeking minimum coverage car insurance, the costs are nearly the same.
Is GEICO always the cheapest? ›GEICO is the cheapest company for a minimum coverage policy with an average rate of $513 per year — not including discounts. Taking advantage of GEICO's elective discounts can save you even more. For example, you can save on your premium by taking defensive driving or driver's education courses.
Who is the number 1 insurance company in america? ›List of the largest car insurance companies by state. Although it's the most popular insurance company nationwide, Progressive is the largest company in just 15 states. State Farm is the top choice in 24 states, and Geico is the biggest in nine states.
What car insurance company gives the best rates? ›- USAA is the No. 1 cheapest car insurance company. ...
- Auto-Owners holds the No. 2 cheapest spot and has the second cheapest auto insurance for good drivers.
- Geico is at No. 3 in our analysis.
According to our research, car insurance premiums start to go up within eight days of your current policy ending, and the sharpest rise comes around three days before. So as long as you buy before then you should avoid the big price hike reserved for those who leave it until the last minute.
Why did my car insurance go up 2023? ›Pricier cars and more expensive repairs are just two reasons ValuePenguin cites for the possible higher rates. Additionally, workers resuming their daily commutes and an increase in storm-related claims due to climate change will also cause you to pay more for your insurance coverage should these predictions bear out.
How can I spend less money on insurance? ›- Shop around. ...
- Before you buy a car, compare insurance costs. ...
- Ask for higher deductibles. ...
- Reduce coverage on older cars. ...
- Buy your homeowners and auto coverage from the same insurer. ...
- Maintain a good credit record. ...
- Take advantage of low mileage discounts.
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.
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.
What makes a car more expensive to insure? ›The car you drive – The cost of your car is a major factor in the cost to insure it. Other variables include the likelihood of theft, the cost of repairs, its engine size and the overall safety record of the car. Automobiles with high quality safety equipment might qualify for premium discounts.
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.
Why is supercar insurance so cheap? ›They leverage their great driving record and credit history to lower the risk and secure better premiums. Most of them have other cars and high-value assets insured under the same umbrella policy, which adds further discounts to each individual vehicle. Most importantly, their supercars are not their daily driver cars.
How much does it cost to insure a Camaro? ›The average cost of insuring a Chevrolet Camaro is $1,462 per year compared to the national average of $1,427.
Which sports car is best investment? ›- Mercedes-Benz 200SE-W126 (1986 – 1991) 95% ROI.
- GMC Typhoon (1992 to 1993) 83% ROI.
- Porsche Carrera GT GT -4.9% (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.
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.
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.
How to get a cheap car insurance? ›- Limit your mileage. ...
- Pay annually. ...
- Improve security. ...
- Increase your voluntary excess. ...
- Build up your no claims bonus discount. ...
- Only pay for what you need. ...
- See if it's cheaper to buy add-ons as separate products. ...
- Consider your cover type.
What Kind of Insurance Policy Covers Acts of God? Comprehensive auto coverage typically covers acts of God including hurricanes, lightning strikes, earthquakes, and more. As for the home, many standard homeowners insurance cover natural disasters and weather events such as wind, hail, and wildfires.
Is a Mustang or Camaro cheaper to insure? ›The Mustang EcoBoost and its 310-hp turbocharged I-4 engine costs $1,850 to insure annually. Output from the Camaro 1LS' turbo I-4 isn't as high at 275 hp, but insurance of $1,732 per year makes it the least expensive of these three.