What do insurance companies consider a sports car?
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UPDATED: Jun 25, 2019
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- Insurance for sports cars can be considerably higher than average vehicles
- Each insurance company defines a sports car differently
- One variable that affects your quote is where your sports car will be parked nightly
- Sports car insurance premiums are high because of high theft rates, expensive repair costs, and higher claim rates
- Comparison shopping for sports car insurance can save you a lot of money
Congratulations! You have can finally afford that flashy new sports car. But slow down and make sure that you are ready.
Before you buy a sports car, talk to several insurance companies. After all, sports cars are expensive, and you need to have great coverage in case anything happens to it, like theft, an accident, or even vandalism.
Insurance companies often place higher premiums on sports car because they are a magnet for thieves, and due to costs of repairing and replacing the high-end equipment and materials that they are made of.
Finally, insurance companies sometimes feel that drivers will drive more recklessly with a sports car, and that commands higher premiums as well, especially if you have any traffic tickets or are young. In fact, statistics prove sports cars are involved in more accidents.
Choosing a Sports Car That Won’t Break Your Insurance Budget
Though each insurance company has a pre-defined list of sports cars, it is possible to save money when purchasing and to insure one. Comparison shopping is crucial to find the policy which covers your awesome new ride perfectly but doesn’t empty your wallet.
Here are some common elements that insurance companies look at in determining premiums:
- Large engine – If it rumbles, chances are insurance companies will define it as a sports car. While a V-8 engine most likely puts the car squarely in sports car territory, some consumers are surprised that their vehicle with a turbocharger also is qualified as a sports car.
- Height and weight – Sports cars are typically those that are slung lower to the ground, and lighter weight than non-sporty vehicles. Exceptions are made; Ford Lightning trucks come to mind. Though pickup trucks are large and heavy, their extra-large engine size makes them sports car material for insurance purposes.
- Two-door cars – Most people don’t see all coupes as sports cars, but some insurance companies define them this way. They are typically smaller and lighter, and can be deemed less safe.
- Modifications – Air cooled or super-charged engines, even on a car with a small engine will likely classify the vehicle as a sports car and command higher premiums.
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How to Save Money when Buying Insurance for Your Sports Car
Insurance companies want your policy business, but they want to limit the money that they pay out in claims annually. Like all policies, there are a number of factors that can reduce your policy premiums:
- No tickets – Keeping your driving record clean is critical.
- Defensive driving – Most states offer defensive driving courses, and they can save you insurance money.
- Good credit – Shows the insurance company that you are responsible.
- Limited driving – If this will be your Sunday-only car, let the insurance company know.
- Multi-policy discounts – Check with your homeowner’s company to see if they’ll offer a bundled rate.
- Anti-theft devices – Sports cars are more frequently stolen, so an anti-theft is recommended to reduce premiums and keep your car where you left it!
- Live in a low-crime – There can be a huge difference between certain states, certain cities, and even particular neighborhoods.
Avoid Teen Drivers If Possible
Additionally, if you have teenagers in your household, you may want to ask the insurance companies you speak with about how to best handle your coverage. Teenage drivers and sports cars don’t mix inexpensively!
Some insurance companies will let you exclude teen drivers from the sports car you are looking to insure if they won’t be driving it, which can save you thousands in premiums.
Another reason to keep your teen out of the driver’s seat of your sports car is their lack of driving experience, and the sheer number of accidents teens are involved in. Sports cars offer far less protection to drivers in an accident.
Comparison insurance shopping, even for a sports car, with a teen driver is less expensive if your teenager is a good student and is included in the family automobile policy rather than having a separate policy. Talk with insurance companies about the new sports car and ask them the appropriate way to handle this situation.
Buying a sports car should be fun and exciting, so do your comparison shopping before you set out to pick your car up from the dealership. The worst feeling in the world is finding out after the fact that your auto insurance premiums will damper your excitement.
Getting all your ducks lined up in that proverbial row will make your drive home much more pleasant and satisfying! Start today by entering your zip code in our FREE comparison tool!