Sports cars can encourage drivers to go faster, which can result in speeding tickets and accidents. However, an experienced driver can handle them much better than a young driver can. So, age, experience and driving records of the driver is a very significant factor in getting lower sports vehicle insurance rates. The next critical factor is the safety ratings of the vehicle, anti-theft measures and advanced safety features like crash prevention braking, lane assist, blind spot monitoring, horsepower, size and height. Then the number of discounts you can qualify and how well you shop around influence your premium.
Generally it is a good idea to get a few auto insurance quotes for it before you buy any automobile. This is extra important when you are buying a sports car because any one of its features or your records can trigger higher rates. You need to make sure you can afford the premiums and costs won’t dampen your enthusiasm about your new ride.
Cost of Insuring Sports Cars
High-end performance cars like Ferraris, Porsches and Maseratis cost a lot more to insure, especially if you don’t have clean driving records. Probably, you cannot include any driver under the age of 21 or 25 with such autos. And it would be expensive to insure a mature driver with a bad record.
Most other sports automobiles can be insured at a reasonable rate, especially with a mature driver and good driving records. Of course, the final premium depends on many factors and there are many variations of sports cars with varying risk levels that will affect the costs.
There are a few sporty and yet safe automobiles like Coupes that can be covered at a reasonable price, especially if they have decent safety and crash avoidance features, and manufactured by a reliable brand. You may find that there isn’t much premium difference between a well-built coupe and typical sedan.
Here are a few points insurers look at when they assess risks with insuring certain automobiles;
- Speed: How fast they can go and how quickly they can reach a certain speed are two key points. When a vehicle can reach top speed in a few seconds it can get into accidents more often and cause serious damages in a crash.
- Who drivers: Generally mature and experienced drivers can find reasonably priced coverage but it may be either impossible or far too expensive to insure young drivers.
- Repair costs and replacement values: If you own a popular model, it is likely that there will be plenty of replacement parts in the market and it will be economical to repair it. Also, you can find a few models that are reasonably priced. The more exotic your choice the more expensive it gets to insure it.
- How well they protect passengers: Injury claims scare carriers. That is why they prefer automobiles with safety features inside like advanced airbags and seatbelts, including crash avoidance solutions.
- Likely damages to other vehicles: Again, this is to do with injury and damages claims and, in this case, these are the ones that come from third parties. If it is capable of ramming other vehicles so badly that causes serious injuries to other drivers and passengers you are looking at expensive premiums. SUVs are one example.
- Modifications: People love to personalize them with various modifications which would affect the premium, especially if it is an engine upgrade or any adjustments to tires or suspension. Also, you need to make sure that your carrier knows about the custom work which can be noted on the policy with a rider. This would make sure your additional investment on the vehicle is protected.
How to get cheaper sports car insurance
Considering the costs, you may need a planned approach to keep the premiums down. There are a few things you can do to get the best rates and they are;
- Choose the make and model carefully: Once you decide on the type of automobile you want to buy, there are many choices in terms of make and model. Essentially, going for the smaller engine, body and less trims help in keeping the premiums low. Also, choosing a popular make and model keeps the purchase and repairs cost low that helps in finding cheaper vehicle insurance.
- Keep a clean driving record: Having at least three years experience with no ticket and claim can qualify you for discounted rates regardless of your ride. But you may have to pay twice higher premiums when you have tickets and recent claims.
- Consider taking advanced driving courses: When you have an advanced driver license and are at least 25-year-old, you are considered a low-risk driver who gets better rates even with fast cars.
- Drive another automobile for commute: Having another auto for commute and most other activities like supermarket runs or to taxi children around allows you to insure your sports car for pleasure use only, which is usually cheaper.
- Check your mileage: Often people have a fancy automobile to take for a spin and a sensible one to go to work everyday. If your muscle car is sitting in the garage most of the time, you probably don’t do many miles on it. In that case, you can mention this fact and ask for low mileage discounts. Usually, if you are driving less than 7,000 miles a year, you qualify for a discount. And you can save a lot of money on insurance if you do less than 3,000 miles, especially with high-risk automobiles.
- Exclude young drivers: You may have to with some sports cars anyway. Owning another vehicle comes handy when you have a young driver in your household. You can insure them to drive the other automobile and exclude them from the sports car insurance policy to keep the rates affordable.
- Never ignore traditional companies: People may be under the impression that they need to find specialist insurers for sports vehicles. This may be true for some of them. But, some of the cheapest companies for sports cars are again the names you know and trust like GEICO, State Farm, Progressive and Nationwide. They normally offer pretty competitive rates for most sports cars.
- Look into combining opportunities: Simply bundling home and auto insurance can save you 10 – 15% when you find an insurer who is competitive for both home and vehicle. Another large saving opportunity is buying multi-car insurance policies for all the cars in your household. You can save around 15% on each car you include.
- Shop around harder: It pays to spare a few minutes to find the best deals when you can potentially save a lot of money. This will also allow you to compare companies and coverage too. There are plenty of choices in the market with great companies that make it easier to shop around and find the best price.
- Don’t miss on easy savings: There are a few easy savings almost anyone can claim and has nothing to do with your driving skills or car. For example, paying the premium in full can save you around 10% when you take into account the fact that you avoid installments fees as well. If you shop around early, you can decide on the best deals early and see if any of the companies offer Advance Purchase auto insurance discounts. You need to be at least 14 days in advance of your renewal date and be ready to buy the policy.
The thing to remember is that you buy a vehicle to last a few years. So, it is best to figure out the most advantageous vehicle insurance policy early on and start saving. Also, you may not be bothered with the costs at good times. But everyone goes through some rough patches and then they start worrying about them to a point that they consider selling the auto. Once you hit the nail on the head early on, you can enjoy the ride and weather a few storms along the way.