Insuring a sports car is similar to insuring a regular car. However, some sports cars have unique car insurance requirements.
What makes sports car insurance different? How can you save money on sports car insurance? Today, we’re answering all your questions about insuring a sports car.
Insuring a Sports Car
If you own an ordinary sports car, then you can buy car insurance just like you would buy insurance for an ordinary vehicle:
Step 1) Compare car insurance quotes online.
Step 2) Pick the quote you like and complete the application.
Step 3) Pay your premiums to activate the policy.
That’s it! Using these three simple steps, you can quickly insure most types of sports cars.
However, sports car insurance varies widely. Some drivers only drive their sports cars in the summer, for example. Others need higher liability coverage or comprehensive coverage. For that reason, you need to customize sports car insurance to match your needs.
The Type of Sports Car Matters
Insurance companies treat sports cars in different ways. Depending on the type of sports car, you may need to buy specialty insurance.
Generally, major insurers will insure sports cars from mainstream car manufacturers. You should have no trouble getting a GEICO insurance policy on a sports car from Toyota, Honda, or Subaru, for example.
However, mainstream insurers may not provide insurance on high-end performance vehicles. If you drive a Porsche, Ferrari, Lamborghini, Jaguar, or Aston Martin, for example, then you may not be able to buy a standard policy for that vehicle from a mainstream insurer.
Request a Quote from Specialty Sports Car Insurers
Some insurance companies specialize in insuring high-end sports cars and performance vehicles.
You may not be able to buy a sports car insurance policy from State Farm or Nationwide, but you can buy insurance through Chubb, Cincinnati Insurance Company, AIG, or another company specializing in sports car insurance.
How Much Does Sports Car Insurance Cost?
Sports cars are generally more expensive to insure than an ordinary vehicle.
Sports cars tend to be worth more. If your car is stolen or declared a total loss, then your insurer needs to compensate you based on the value of that vehicle. Instead of paying $15,000 to compensate the loss of your sedan, the insurer pays $100,000 to compensate the loss of your high-end sports car.
Sports cars also have more performance than ordinary vehicles. They can go faster. When you increase the speed, you increase the chances of an accident.
Thieves may be more tempted to steal a sports car than an ordinary vehicle. Your car might be a bigger target.
Even if your sports car isn’t a total loss after an accident, it will cost more to repair the vehicle. You may need to take your car to a specialty shop and use specialty parts to repair it.
However, you can still find competitive prices on sports car insurance. Some sports cars are cheaper to insure than others. Many drivers are surprised to discover how affordable sports car insurance can be, especially if they maintain low mileage on the sports car or only drive it in the summer.
Insuring a sports car is straightforward. Sports car insurance generally works the same as ordinary car insurance.
For most sports cars, you can buy car insurance through an ordinary insurer – like Progressive or State Farm.
If you have a high-end performance vehicle, however, then you may need to buy sports car insurance from a specialty insurer.
Request a quote online today to get competitive prices on sports car insurance.