Did you know that the type of car you drive is one of the top seven auto insurance considerations that insurance firms emphasize on? The number of cylinders, horsepower, make and model, vehicle weight, and height are used by insurance agencies to identify a vehicle as a sports car.
Sports cars are smaller and lighter than standard sedans, allowing them to accelerate quickly and navigate easily. Even if you have a clean driving record and drive a safe sports car, you can pay more for auto insurance than if you drive an economy vehicle.
In this article, we are going to discuss extensively sports car insurance and how much it costs to get sports car insurance.
How much does auto insurance for a sports car cost?
Automobile insurance for your sports car can be costly. That’s why, to get the best price, you should shop around and compare sports car auto insurance rates. Insurance advisors like Surex can be of great help in this regard.
When comparing the overall cost of car insurance, there are a few things to keep in mind:
- The car you drive has a direct effect on the insurance premium you pay.
- Insurers face higher risks by insuring smaller sports cars with more horsepower.
- Compare insurance rates of different insurers in the market to find the coverage you need at a reasonable price.
Model of the car matters
When you’re looking for a new car, you’re probably thinking about the price, how much your monthly payment would be, and what kind of car you want. Depending on the car model, the average monthly cost of car insurance is about $250. Many sports cars have annual insurance costs of upwards of $3,000, which is far higher than most other car models.
The type of car you drive affects your insurance policies and auto insurance rates. If you’re driving around in a flashy new sports car, this cost would be compounded. Thus, when looking for a new vehicle, you should always keep auto insurance costs in mind.
What impact does age have on auto insurance for sports cars?
Across all age ranges, young drivers under the age of 25 have the highest auto insurance rates. For teen drivers and young adults, the cost of auto insurance on a sports car is comparable to that of high-risk drivers. When the value and efficiency of a sports car or exotic car are taken into account, auto insurance premiums will skyrocket by thousands of dollars.
The younger you are, the costlier is your auto insurance
Auto insurance for sports cars gets cheaper with age. As a result, sports car auto insurance for 18-year-old drivers would be more costly than sports car auto insurance for a 21-year-old driver. An 18-year-old, for example, would spend $11,100 per year insuring a non-sports car. For a 22-year-old, the cost decreases to $4,700 per year.
For drivers under the age of 25, liability-only insurance for sports cars can cost up to $3,000 a year, and comprehensive insurance can cost up to $12,000 per year. When you factor in the high premiums that come with a sports car, it can seem pretty expensive.
How do insurance companies decide if your car is a sports car?
A car whose weight is less than that of a normal vehicle has two doors, and has an engine that is V8 or greater is considered to be a sports car. The risk attached to driving a sports car is considerably higher, mostly because of its potential to reach lightning speeds. Additionally, the visual appeal of a sports car makes it more prone to theft.
If you own this type of car, you need sports car insurance to give you financial shielding against such unforeseen events.
Here are additional factors that come into play when an insurance company is deciding if your car is a sports car or not. What distinguishes a car from a sports car? Let’s take a look at it.
Model & Make
If your car has a higher-than-average horsepower engine, the insurance agent will most likely need to look at the car specs to see if the rates will go up.
Amount of Cylinders
In any case, an eight-cylinder engine would cost more to insure than a four-cylinder vehicle. However, since sports cars are high-performance vehicles with a lot of fuel, they normally have more cylinders.
Weight and Height
The height and weight of a car would also be considered by insurance agencies. Sports cars are faster and more maneuverable than standard sedans because they are smaller and lighter. Sports cars are usually two-seater coupe-style vehicles with two doors.
Why is auto insurance for sports car drivers on the pricey side?
Susceptible to property damage
Drivers of sports cars are more likely to drive recklessly and quickly, increasing the risk of damage to the owner’s vehicle and other drivers’ vehicles. Not to mention the prospect of hefty medical bills in the event of bodily harm. The risk factor in the case of sports cars is very high and the more the risk the more the price.
High chances of theft and vandalism
Another reason for these policies being expensive is that theft and vandalism are more likely to occur in the case of sports cars. Comprehensive insurance, which includes fraud and vandalism, may be more expensive than if the car is less valuable or desirable.
Theft of a vehicle will result in a substantial amount of damage. Parts are normally broken or missing when a thief abandons a car, and the interior can need some attention as well. All of these are the reasons for car insurance falling heavily on your pocket if you have a sports car.
If you own a sports car, insurance is a must for you, considering the risks associated with owning and driving a sports car. Always make sure to check multiple catalogues and go through different insurance companies to compare the prices and coverage.