Compare sports car insurance and coverage

What coverage do sports cars need?

Sports car insurance is designed to cover high-performance cars built to go fast. These compact cars usually have two seats and are set much lower to the ground in order to increase speed and perform better around corners.

The type of coverage you need depends on your budget and car. Coverage options include:

• Full coverage. A full-coverage policy includes liability, collision and comprehensive insurance. It’s the most expensive option because it provides the most protection for your car.
• Track days. Standard insurance won’t cover your car while it’s on a racetrack. If you’re feeling the need for serious speed, check with your insurer before hitting the track.
• Modifications. Your insurer may allow you to make a number of preapproved modifications or agree to insure your already modified car.
• International coverage. If you’re planning to race in another country, check to make sure your insurance will cover you.

What’s considered a sports car for insurance purposes?

Car insurance companies don’t have an official definition for sports cars that regulate these cars’ premiums. But many companies charge more for cars with high-powered engines, convertible tops and high ticket value. These are often defining characteristics of sports cars, leading to higher rates for this type of car overall.

How much does insurance cost for a sports car?

The average monthly cost of car insurance is in the $250 range, depending on the car model. That puts the average annual insurance cost upwards of $3,000 for most sports cars, much higher than that of most other car models. Compare insurance rates for some of the most popular sports car models.

Average insurance rates for popular sports cars

• How we got these rates

  To determine our estimated cost, we aggregated quotes from insurance companies using this profile:

  • Single, 35 year old female
  • Latest model vehicle with a basic trim package
  • 20,000 km driven yearly
  • Perfect driving record
  • Equipped winter tires
  • Driver located in Etobicoke, Ontario

  Our estimated price is for full insurance coverage, which usually includes mandatory liability coverage, comprehensive and collision coverage.

  Other factors that can affect your auto insurance rate

  • The model year
  • The vehicle’s trim
  • The amount of coverage you need
  • The estimated kilometres you drive in a year
  • The vehicle’s safety and anti-theft features
  • The driver’s credit score
  • The driver’s location
  • The driver’s age
  • The driver’s driving history in the past five years
  • The driver’s marital status
  • Your (or the driver’s) gender
  • Whether the driver rents, leases or owns the vehicle

How much is sports car insurance for young drivers?

Young drivers under 25 years old tend to see the highest car insurance premiums across all age groups. For example, an 18 year old might spend $11,100 insuring a non-sports car every year. That price drops to $4,700 per year for a 22 year old. Add to that the high premiums typical of sports cars, and it can get pretty pricey.

How can I get cheap car insurance for a sports car?

To get a lower premium, you can:

• Increase security. If your car is not fitted with an anti-theft alarm, think about adding one to reduce your premium. Also, cars kept in a locked garage may see cheaper rates.
• Add experienced drivers. Adding an older and more experienced driver to your policy could lower the premium.
• Limit modifications. Modifying your car will likely raise your premiums.
• Advanced driving course. Completing an advanced driving course, also known as a defensive driving course, can earn you discounts with some providers.
• Shop around. Compare quotes from different insurers to get the best rate. And compare again instead of automatically renewing when your policy is up.

Why is sports car insurance so expensive?

Like traditional car insurance, sports car insurers will look at several factors when calculating the risk and premiums of a sports car and its driver.

Sports cars are more expensive to insure because they can be:

• Driven faster and are therefore more likely to be involved in accidents
• More likely to be targeted by thieves
• More expensive to repair
• Repaired only by certified or specialized mechanics
• Imported or modified

Bottom line

If you own a sports car, you’ll likely pay more for car insurance than someone who owns a minivan. But that doesn’t mean you should just accept the first quote you see. Save money by learning more and comparing quotes from different insurers before purchasing a policy.

Frequently asked questions about sports car coverage

• Do all insurance providers offer sports car insurance?

  No, some insurers will refuse coverage to people or cars that are considered high-risk. But many insurers will be more than happy to offer sports car coverage.

• Should I use a specialist insurer?

  It depends. Providers that specialize in a specific car brand or type can be more knowledgeable and often offer coverage tailored to that car type, but you’ll likely need to pay more. Your best bet is to compare quotes from multiple insurers before making a decision.

• Should I tell my insurer that my sports car has modifications?

  Yes. Failing to let your insurance provider know about any modifications can result in any future claims being denied.