When it comes to car insurance, a vehicle’s individual characteristics determine how much it costs to insure. What qualifies a car as a sports car for insurance purposes? Here’s what you need to know about sports cars and getting insurance coverage.
What is a sports car?
In insurance terms, “sports car” isn’t a concrete definition. When it comes to analyzing the risk associated with a car, an insurance company will look at things like cost to repair and engine power. While these are not traits exclusive to sports cars, a sports car will typically cost more to repair and have more power than a typical commuter vehicle.
Key characteristics of a sports car
A sports car is a vehicle designed for driver engagement and typically features higher engine power and handling capabilities compared to a normal car. Many of these cars are built with lightweight, specialized parts. Sports cars may be driven by younger, riskier drivers and are more likely to be driven recreationally or aggressively.
Risks of driving a sports car
Since sports cars are desired for their power, handling ability or both, they are associated with high-risk driving to an insurance company. Generally, the more power a car has, the easier it is to speed— this represents a higher risk for accidents.
Even sports cars that have relatively low engine power can also be considered a higher risk for accidents. Lightweight cars designed for high-speed handling can also easier to speed with, presenting a higher risk to insure.
How car insurance validates a sports car
Not all car insurance companies will insure sports cars or high-end vehicles. Insurance companies will typically have a list of models they will not insure or will insure only under certain circumstances. For example, an insurance company may not decide to insure a sports car for young or newly insured drivers. In other cases, exotic cars or cars with high value may also be ineligible for insurance by some companies.
Factors to consider when insuring a sports car
Sports cars are often categorized in the highest-risk group to insure, you can expect a higher premium for coverage. This is because sports cars are more expensive to repair, and have a higher perceived risk of causing accidents than a normal car.
Tips for managing insurance costs on sports cars
Sports cars are typically more expensive to insure than a normal car. You can bring down some of your insurance costs by driving safely and adjusting aspects of your policy.
The most important way to save on sports car insurance in the long run is to maintain a clean driving record. Avoiding tickets, accidents and claims will result in better rates over time.
Lowering your deductible is a good way to lower insurance costs without compromising on coverage. A deductible is your share of the cost in the event of a claim. You pay for repair costs up to your deductible before your insurance starts paying. A high-deductible means paying more out of pocket in the event of a claim but can lower your overall premium at renewal.
Limiting mileage can be another way to save on insuring a sports car. You can save on insurance for a sports car if you don’t drive it every day and have another primary vehicle for commuting.
Conclusion
Sports cars fall into higher risk categories because of their performance capabilities and the driving behavior they often attract. While a sports car is typically more expensive to insure than a commuter car, you can manage costs by maintaining a clean driving record, raising your deductible and limiting your miles driven.
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