Guide to Sports Car Insurance

It's been 123 years since the Germans produced the first sports car. It was the Rennzweier (Double Racer), designed specifically for racing. Undoubtedly, the last thing on the designer's mind was how much it would cost to insure the Rennzweier.

Today, if you own a sports car, auto insurance is a priority. Here, we'll tell you more about how vehicles are classified as sports cars, how much you can expect to pay for sports car insurance, and which companies offer the most favorable rates.

What is sports car insurance?

Sports car insurance covers damages to your vehicle if you're in an accident while driving your sports car or if circumstances outside your control damage the vehicle. While it shares similarities with typical auto insurance, sports car insurance is designed only for sports cars and can be quite expensive compared to a typical auto insurance policy.

What defines a sports car for insurance?

For insurance purposes, these are some of the features typically associated with a sports car:

• Powerful engine
• Improved acceleration and handling capabilities
• Upgraded brakes
• Smaller and lighter than a standard sedan
• Built for competitive racing
• Often have only two seats and a softback

What does sports car insurance cover?

Sports car insurance is remarkably similar to traditional auto insurance. The primary difference is the amount of insurance required to protect the vehicle and the price you'll pay for coverage. As you scroll through this list, it reads like coverage for any other type of vehicle.

Collision

Covers damage resulting from hitting another car, running into a stationary object, or as the result of a rollover.

Comprehensive

Covers damage when you're not driving. For example, if a storm or fire damages the vehicle, someone vandalizes or steals it, or there's a flood, comprehensive coverage will kick in.

Property damage liability

Covers damage to other people's property.

Bodily injury liability

Covers the medical cost of treating other people's injuries and lost wages due to an accident.

Medical payment and/or personal injury protection

Covers the cost of your medical treatment if you're injured in an auto accident.

Uninsured or underinsured motorist protection

Covers your bills if an uninsured or underinsured driver is at fault and damages your car or in any way causes you injury.

Liability or no-fault coverage

Covers payment for property damage and/or bodily injury to another driver involved in an accident with you.

Gap insurance

Covers the difference between what you owe on your sports car and the amount the insurance company will pay if it is totaled.

New car replacement coverage

Covers the cost of buying a replacement car, just like the one you lost if your vehicle is totaled.

How much does sports car insurance cost?

The price of sports car insurance varies, depending on the type of car you're driving and how much it will cost an insurer to repair or replace the vehicle. Other factors influencing your insurance rate are horsepower, height, weight, and risks associated with that particular car model.

Conventional cars cost about $1,700 annually to insure. Sports cars cost between $1,850 and $4,800 annually.

Which sports cars are the cheapest to insure?

As mentioned, some sports cars are less expensive to insure than others. According to Autobytel, these are the least expensive sports cars to insure:

• Hyundai Veloster
• Chevrolet Camaro
• Ford Mustang
• Volkswagen Golf GTI
• Mazda MX-5 Miata
• Mercedes-Benz E450
• BMW Z4
• BMW 230i
• Mercedes-AMG C 43
• Porsche Boxster

The price of a specific model depends a lot on the year it was manufactured, with older cars being less costly to insure than new models.

Which car insurance companies offer the best sports car insurance?

Some insurers tend to offer more competitive prices on sports car insurance than others. When The Zebra sought the cheapest rates on a variety of models -- including the Ford Mustang, Jaguar F-Type, Porsche 911, and more -- these insurers routinely offered inexpensive car insurance, even for sports cars:

• State Farm
• Progressive
• Nationwide
• Liberty Mutual
• Geico
• Farmers
• USAA

How can you lower your sports car insurance rate?

The type of vehicle you drive significantly impacts the amount of auto insurance required, and ultimately, the cost. That doesn't mean rates are out of your control, though. There are steps you can take to land the lowest possible rates. They include:

Maintain a strong credit score

It may not seem fair, but drivers with high credit scores snag lower insurance premiums than drivers with low credit scores. Studies have shown that drivers with low credit scores make more insurance claims than drivers with high scores.

Maintain a favorable driving record

Protecting your driving record is one of the easiest ways to land a low rate. This means avoiding traffic tickets and driving in a way that minimizes the risk of accidents. Insurance companies count on past driving behavior to determine potential risks.

Limit your time on the road

If you have a more conventional car, consider driving it to conduct everyday business, including commuting to and from work, buying groceries, and running errands. Save your sports car for weekends and special occasions.

Install anti-theft equipment

Anything you can do to help prevent theft can minimize your insurance premiums, including installing anti-theft equipment.

Bundle insurance coverages

Some of the deepest insurance discounts are associated with bundled coverages. For example, insure all your vehicles with the same company. Tacking on homeowners or renters insurance will save you even more.

Consider installing a tracking device

Some insurance companies will reward you for being a safe driver. You can prove that to them by installing a tracking device on your car to prove your everyday driving habits. You can land a healthy discount if you don't mind sharing that information with your insurer.

Increase your deductible

The best companies for car insurance are willing to pass the savings along to you if you're willing to raise your deductible. For example, if you currently have a $500 deductible, raising it to $1,000 or $1,500 will lower your premium.