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Does having a sports car increase my insurance?

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Things to remember...

  • The car that you drive has a direct impact on the premium you pay for insurance
  • Smaller sports cars with more horsepower present higher risks for insurers
  • Price compare across the market to get the insurance you need at a premium that presents value

When you are in the market for a new car, you are probably thinking about the price of the car, what your monthly payment is going to be, and what your ideal car actually is.

What you may be thinking about, though is the impact that the car is going to have on your insurance policy. The car that you drive certainly has an impact on the car insurance premiums that you pay, and this cost is going to only be amplified if you are driving around in a shiny new sports car.

You want to always be considering car insurance costs when you are shopping for a new car, whether it is new or used. When you are figuring out what the total ownership cost of your car is going to be, think about the car, its maintenance needs, related excise taxes and such, as well as your car insurance premium.

What is it about the specific car though that can have an impact on your car insurance?

There are many things that can come into play that can all impact your premium; it is just about understanding the linkage.

If you desire to also understand the best rates for your sports car, enter your ZIP code above to start comparing!

The Size of the Car

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The size of the car can actually have a direct correlation with the price of the premium that you will pay for car insurance.

When you are talking about a sports car or any smaller car, statistics have shown that these are likely to be driven at faster speeds than larger cars. This statistic makes them more likely to be involved in auto accidents, have traffic citations, and so on.

A bigger car, such as an SUV or a minivan, is actually going to have lower premiums.

A bigger car’s lower premium is due to the fact that the larger vehicles are going to fare much better in accidents. The liability limit space may actually make the premium higher for these cars, as your liability could be higher due to increased damage caused by whatever is it.

The High-End Sports Cars

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The high-end sports cars that are available out on the market are what will carry the highest premium amounts.

When you are talking about a sports car, you are probably talking about a car that has a very high MSRP.

The MSRP, the higher it goes, will also cause the premium to go up. The rising premium is due to the car needing to be covered fully for its value should something happen to it.

When you have a sports car that is totaled, it is going to cost your insurance company a lot more money to replace it than it would cost them to replace a more average automobile.

Simply put, when you increase the limits of your insurance so that you are indemnified in the event of a loss, you are going to be paying more for those increased limits in your premium.

Think about things such as the motor that is in your sports car.

When you have more horsepower under the hood of your car, that much power is going to tell the insurance companies out there that you are going to be more likely to drive at a faster speed than someone puttering around in a small four-cylinder compact ride.

The premium is going to reflect the insurance company’s thought process and will be higher as a result.

The car that you drive is going to have a direct impact on the premium that you pay to insure the automobile. When you are talking about a sports car, you have to think about the higher likelihood that you present to an insurer for driving fast, driving recklessly, recreationally.

Due to this increased risk, the premium is going to have to be amped up to cover the exposure you present.

Be sure to do price comparisons as some insurers will be able to give you lower premiums to cover your sports car than others.

Start comparison shopping today by entering your ZIP code below!

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