Best Auto Insurance for Sports Cars in 2024 (Top 10 Companies) | AutoInsurance.org (original) (raw)

Best Sports Car Coverage: Progressive

Company Logo13,128 reviews

Company Facts

Full Coverage for Sports Cars

$105

Pros & Cons

Company Logo13,128 reviews

Best Sports Car Service: State Farm

Company Logo17,759 reviews

Company Facts

Full Coverage for Sports Cars

$86

A.M. Best Rating

B

Pros & Cons

Company Logo17,759 reviews

Best for Low-Mileage Sports Cars: Allstate

Company Logo11,413 reviews

Company Facts

Full Coverage for Sports Cars

$160

Pros & Cons

Company Logo11,413 reviews

You can find the best auto insurance for sports cars with Progressive, State Farm, and Allstate, thanks to their generous discounts and robust UBI programs.

best auto insurance for sports cars: Progressive, State Farm, Allstate

Progressive is our top pick for the best sports car insurance. Aside from Progressive’s auto insurance discounts, it also has tools that help you manage your policy and find coverage options to meet your budget.

Our Top 10 Company Picks: Best Auto Insurance for Sports Cars

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Find the best sports car insurance options below. Then, enter your ZIP code into our free online tool to find the cheapest option for your sports car.

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#1 – Progressive: Top Pick Overall

best auto insurance for sports cars: Progressive

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#2 – State Farm: Best for Sports Car Collectors

best auto insurance for sports cars: State Farm

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#3 – Allstate: Best for Low Mileage Drivers

best auto insurance for sports cars: Allstate

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#4 – AAA: Best for Roadside Assistance

best auto insurance for sports cars: AAA

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#5 – Erie: Best Customer Service

best auto insurance for sports cars: Erie

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#6 – Liberty Mutual: Best Add-on Options

best auto insurance for sports cars: Liberty Mutual

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#7 – Nationwide: Best for Usage-Based Insurance

best auto insurance for sports cars: Nationwide

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#8 – Farmers: Best for Discount Options

best auto insurance for sports cars: Farmers

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#9 – Travelers: Best for Unique Coverage Options

best auto insurance for sports cars: Travelers

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#10 – American Family: Best for Costco Members

best auto insurance for sports cars: American Family

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Sports Car Auto Insurance Rates

They may be fun to drive, but there’s an important question you need to answer before you hit the road — how much is sports car insurance?

Sports cars usually have higher insurance rates for a variety of reasons, including the following:

Several other factors affect your auto insurance rates, but insurance providers are mainly concerned with reckless driving when it comes to sports cars. When you’re in the market for a new car, you’re probably considering its price, your monthly payment, and your ideal car.

You may not be thinking about the impact that the car will have on your insurance policy. An affordable insurance rate will not look the same after you purchase an expensive sports car because even the best annual rate could be much higher than what you currently pay for your auto policy. Check below to see average sports car insurance costs from our top companies.

Auto Insurance Monthly Rates for Sports Cars by Coverage Level

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You should always consider auto insurance costs when shopping for a new car, whether new or used, so you can make a solid choice.

When determining your car’s total ownership cost, consider the vehicle, its maintenance needs, related excise taxes, and the yearly rate you’ll pay for coverage. Many factors can impact your auto insurance rate. It’s just about understanding the linkage.

Why Sports Car Insurance Is More Expensive

Sports car drivers are more likely to drive recklessly and fast, which leads to more of a chance of damage done to the owner’s vehicle, other drivers’ cars, and property damage. Not to mention the possibility of high medical bills in the event of bodily injury. You should also always remember that the price you pay for comprehensive insurance or collision insurance is going to be relative to the vehicle cost.

Auto insurance companies check your driving record as well. How much does a sports car raise your insurance if your driving record isn’t clean?

Even if you are a safe sports car driver with a clean driving record, you will still pay more for auto insurance than a standard vehicle.

However, they may take this into account when determining the cost of your auto insurance. The fact that you have a habit of driving safely even with a fast and powerful vehicle can mean discounts on your policy.

Let’s look at average annual rates based on your driving history to see just how accidents and tickets can raise your rates.

Sports Car Auto Insurance Monthly Rates by Driving Record

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Just one accident can raise your rates by roughly $80 a month. Now imagine that on top of the already higher rates for a sports car and you can see how easily your rates can skyrocket.

Sports cars with low insurance rates often have drivers with clean driving records and minimal traffic violations. However, low insurance rates for sports cars depend on many factors.

Sports cars are more likely to be stolen and vandalized. Comprehensive coverage, which covers theft and vandalism, will be more pricey than it would be for a less valuable or desirable vehicle.

Vehicle theft can cause significant damage. When a vehicle is found deserted by the thief, parts are usually broken or missing, and the interior may also need some attention.

Parts for sports cars can be costly, so auto insurance companies need to have a way to keep themselves protected against extremely high repair costs.

They protect themselves by requiring more for a sports car owner’s policy. Since insurance companies define a sports car differently, be sure to compare several options before choosing a policy.

Can I get multiple auto insurance quotes? Yes, you could end up saving yourself money by getting a quote from various insurance companies at once.

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What Makes a Car a Sports Car for Insurance Purposes

The car’s size can actually have a direct correlation with the annual insurance rate you can expect to pay. Drivers everywhere may ask, is a coupe a sports car? Is a Mini Cooper considered a sports car for insurance purposes? What is considered a sports car?

There is no set definition of what makes a sports car, which you’ll notice when you’re filling out quote request forms. They always ask what kind of vehicle you drive, but you won’t see the option to select a sports car or any other type.

best auto insurance for sports cars: Progressive

Are two-seater cars cheaper to insure? When you are talking about a sports car or any smaller car, statistics have shown that these are likely to be driven faster than larger cars. This statistic makes them more likely to be involved in auto accidents, have traffic citations, and so on. All of these factors drive up the average cost of auto insurance coverage for these vehicles.

If the price tag scares you off or you’re someone who genuinely needs more affordable car insurance, a bigger car, such as an SUV or a minivan, is actually going to have lower rates.

Bigger cars have lower auto insurance rates because larger vehicles fare much better in accidents. The liability limit space may actually make the rate higher for these cars, as your liability could be higher due to increased damage caused by your car.

If you drive an expensive vehicle your rates can be considerably higher. Depending on the type of car you drive or the types of auto insurance coverage you need, you may be forced to move on from your current insurance carrier in favor of a specialty insurer.

How Insurance Carriers Decide if Your Vehicle Is a Sports Car

Is a Honda Accord coupe considered a sports car? Is a Dodge Challenger considered a sports car? Some models may be considered sports cars by one company and regular vehicles by another. The best auto insurance companies look at several items to determine which cars fall under the sports car classification.

What makes a car a sports car? Let’s take a look!

Make & Model

When you’re shopping for coverage, comparing auto insurance rates by vehicle make and model is a crucial step. A high-value vehicle may not be adequately protected under a standard auto insurance policy; this is also true if you own an exotic vehicle.

For vehicles with higher than average horsepower in the engine, the insurance company will likely need to check out the car specs to determine if your rates will increase in comparison to standard car insurance.

Number of Cylinders

In any case, a vehicle with eight cylinders will cost more to insure than one with four cylinders. This applies to other high-performance vehicles as well, as you can see by examining rates from the best auto insurance companies for supercars.

But sports cars usually have more cylinders because they are high-performance vehicles that typically have a significantly more powerful engine than the average vehicle.

Body Height & Weight

Insurance companies will also consider a vehicle’s height and weight. Sports cars are smaller and lighter than regular sedans, so they are quick and highly maneuverable.

Sports cars are usually coupe-style cars with two doors and are two-seater vehicles.

According to auto insurance companies’ definitions, there are several exceptions, such as the Aston Martin Rapide S and the Dodge Charger SRT Hellcat. These are fast cars with four doors and more than two seats that often require higher coverage and are usually classified as sports cars for insurance purposes.

Is the Dodge Charger a sports car on insurance? Yes. Are Ford Mustangs considered sports cars for insurance? Yes. Is a Camaro considered a sports car for insurance? Yes.

Unfortunately, there is no set definition for what a sports car is. Insurance companies use their own definitions, which is why it's important to compare rates - you may find cheaper quotes with a company that doesn't consider your vehicle a sports car.

Michelle Robbins Licensed Insurance Agent

What about a Corvette, Challenger, Ferrari, Lamborghini, and Porsche? Yes. Those are easy. But here’s where it gets more complicated: What about a Mini Cooper? Or a Dodge Dart?

Is a Mitsubishi Eclipse considered a sports car for insurance? Is a Nissan Maxima considered a sports car? These are more difficult. If you own a Mitsubishi vehicle, it’s essential to research and select the most suitable cheap Mitsubishi auto insurance to safeguard your investment and drive with peace of mind.

The best way to get specific rate details is to compare quotes with the vehicle’s exact make and model.

Of course, the best way to find the lowest quotes is to learn how to evaluate auto insurance quotes. Skipping this crucial step means you likely overpay for your insurance.

How To Find the Cheapest Sports Car Auto Insurance

When you’re ready to learn how to get the best auto insurance, you might be surprised by the cost of sports car coverage. Even the least expensive sports cars to insure can come with high price tags. However, there are plenty of ways to save. Try the following tips to find the best sports car insurance rates:

Of course, the best way to find the lowest rates is to compare quotes. Comparing quotes will help you find which company has the lowest rates for your sports car.

Now that we’ve seen how much more sports car auto insurance is, let’s talk about how to get those rates down. One way to keep your rates low is to look for any available auto insurance discounts. Keep reading to learn more about how to get your rates down.

Network With Other Sports Car Owners

This technique can help save on auto insurance as well. Start with the dealer or the person you purchased the car from. In the case of an individual, ask who their insurance provider was.

A dealer who sells high-end vehicles every week is almost sure to have a relationship with individual insurance companies.

Ask them whom they can recommend and if you are eligible for a “family and friends” discount. At the very least, it certainly cannot hurt to ask. You can also look for auto insurance company agents in your area to help.

Also, don’t overlook any local car clubs in your area that might be able to offer assistance.

Niche Markets for Sports Car Insurance

Some auto insurance companies specialize in providing insurance for antique, classic, or “muscle cars.” This smaller niche market allows for customized insurance for unique vehicles. It provides coverage for a given vehicle’s actual value, not just the standard “blue book” value for that particular year’s car.

This type of insurance allows the company and vehicle owner to set an “agreed value” for the car and its total replacement cost. Shopping at the best companies that offer agreed value can help you save. Usually, deductibles can also be tailored to help manage costs.

A Defensive Driving Class Helps Lower Your Auto Insurance Rates

Wondering why you need to take a defensive driving class? This is a surefire way to help lower auto insurance costs. The average insurance company will allow for up to a 10% discount on the liability portion of your auto insurance.

Typically, these courses are offered as a six-hour session, and some insurers even offer them online. The registration fee for this course will pay for itself in no time.

Sports Car Auto Insurance Discounts

Before buying your dream car, a sit-down meeting with your current insurance agent would be a wise choice. Typically, there are several auto insurance discounts available through your current provider if you look for them and inquire about them.

Sports car drivers may be eligible for a variety of discounts. Check below to see popular sports car discounts from our top companies.

According to the National Safety Council, discounts are available for combining policies, car safety features, or having a good driving record.

One or two moving violations can quickly add up to a few points on your license and result in increased rates.

Other discounts to look for are low annual mileage discounts, good student discounts, or automatic drafts from your checking account that can earn you a discount.

Installation of an anti-theft device and alarm systems can put money back in your pocket as well.

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The Cheapest Insurance Sports Cars

How much is insurance for a high-end sports car? The high-end sports cars available on the market will carry the highest rate amounts. Finding fast cars with cheap insurance can be challenging, but there’s an easy rule to follow — the cheapest sports cars to insure are also the least expensive cars.

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

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

Just to give you an idea of what auto insurance will cost, let’s look at the rates for the cheapest sports cars to insure.

Sports Car Auto Insurance Monthly Rates by Model

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If you total a sports car, your insurance company will pay more than average to replace it. Therefore, increasing your insurance limits so that you are repaid in the event of a loss will increase your auto insurance rates.

Think about things such as the motor that is in your sports car. More horsepower under the hood of your car tells the insurance companies out there that you’re going to drive at a faster speed than someone in a small four-cylinder compact ride.

The auto insurance rate will reflect the insurance company’s thought process and will be higher as a result.

The car you drive will have a direct impact on the rate you pay to insure it. 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, recklessly, or even recreationally. If you get traffic violations while driving a sports car, you may need high-risk auto insurance, which costs even more.

Due to this increased risk, the auto insurance rate will have to be increased to cover the exposure you present. Additionally, there are non-driving factors that affect your auto insurance rates, like age and credit score. Be sure to make price comparisons, as some insurers will be able to offer lower rates to cover your sports car than others.

How Age Affects Sports Car Auto Insurance

Insurance on sports cars for young drivers can be extremely expensive. Auto insurance on a sports car for teen drivers and young adults is close to the cost of high-risk drivers. When you factor in the value and performance of a sports car or exotic car, auto insurance rates can increase by thousands.

The younger you are, the higher the auto insurance on sports cars. Therefore, sports car auto insurance for 18-year-old drivers would be more expensive than for a 21-year-old driver who owns a sports car.

The cheapest insurance companies are usually Geico, Progressive, and USAA.

Auto insurance for sports cars for drivers under 25 years old can cost up to 3,000peryearforliability−onlyinsuranceandupto3,000 per year for liability-only insurance and up to 3,000peryearforliability−onlyinsuranceandupto12,000 per year for full coverage.

Take a look at the table below to compare sports car insurance rates by age.

Sports Car Auto Insurance Monthly Rates by Age

As you can see, sports car insurance costs under 25 years old can be very pricy compared to older adults. Finding the best auto insurance for young adults can be challenging, but it’s possible with a little research.

What to Consider When Buying Insurance for Sports Cars

Many factors are at play when you figure out how to get auto insurance. We’ve already discussed how the type of car you drive and your driving record affect your rates.

Other factors like your age, credit score, where you live, and even your gender will impact your rates as well.

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Not all companies will charge the same rates based on all of those factors. In fact, in some states, companies can’t even consider your gender or credit score when writing a policy.

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How to Find the Best Auto Insurance Companies for Sports Cars

If you want to buy car insurance from the best car insurance companies for sports cars, you don’t have to compromise quality in coverage for the cost. Some of the best auto insurance companies in the nation can cover your sports car based on the make and model.

Look into opportunities to bundle and stack discounts, especially if you’re a young driver with high rates. Safety discounts may be your best bet, especially if your sports car comes equipped with anti-lock brakes and passive restraints.

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Do shop around and ask for quotes, even from local car insurance companies. You might find one of the cheapest auto insurance companies for your sports cars in surprising places.

Find the Best Auto Insurance for Sports Cars Today

This technique is probably a given in our wired society today. Several websites are available to help consumers shop for coverage, whether you want minimum or full coverage auto insurance. From the comfort of your home, you can compare quotes from dozens of different insurance companies quite easily. Most of these online tools will allow you to customize your information to match your particular situation.

Looking to compare monthly vs. annual rates? One can compare possible savings almost instantly and buy auto insurance for sports cars just as quickly. Find affordable sports car auto insurance rates near you with our free comparison tool. Enter your ZIP code to start getting quotes and find affordable sports car auto insurance near you today.

Frequently Asked Questions

Which auto insurance companies are considered the best for sports cars?

Several auto insurance companies are known for providing excellent coverage and services for sports car owners. Some of the best options include:

What factors make these insurance companies ideal for sports car owners?

The insurance companies mentioned above are often recommended for sports car owners due to the following factors:

Are there any additional pros to consider when choosing auto insurance for sports cars?

Yes, here are some additional pros to consider:

Are there any drawbacks to consider when choosing auto insurance for sports cars?

While the insurance companies mentioned have their strengths, it’s important to be aware of potential cons as well. Some considerations include:

What factors influence the cost of auto insurance for sports cars?

Sports cars are often considered high-performance vehicles, which can impact the cost of insurance. Several factors that influence insurance premiums for sports cars include the vehicle’s make, model, age, horsepower, safety features, theft rates, and the driver’s age, driving history, and location.

Can I insure a sports car if I have a history of speeding tickets or accidents?

While it may be possible to insure a sports car with a history of speeding tickets or accidents, it could significantly affect your insurance premiums. Insurance companies consider driving records when determining risk, so a poor driving history may lead to higher rates or difficulty in finding coverage. It’s advisable to compare quotes from multiple insurers to find the best options available.

How much does insurance go up for a sports car?

In general, sports cars tend to have higher insurance premiums compared to regular cars. This is primarily due to the higher value of sports cars, increased risk of theft, higher repair costs, and the potential for more expensive claims resulting from their higher performance capabilities. However, insurance rates can vary based on other factors, such as the driver’s profile and the specific model of the sports car.

To see exactly how much sports car insurance can increase, enter your ZIP code into our free quote comparison tool.

Are there any discounts available for insuring a sports car?

Insurance companies often offer discounts for various factors, such as good driving records, safety features, anti-theft devices, and multiple policies (such as bundling auto and home insurance).

Additionally, some insurers may offer specialized discounts for sports car owners who participate in defensive driving courses or are members of certain professional organizations. It’s recommended to inquire with different insurers about available discounts.

Is it necessary to have specialized coverage for a sports car?

While it’s not always necessary to have specialized coverage for a sports car, it can be beneficial in certain situations. Standard auto insurance policies generally provide coverage for sports cars, but considering additional coverage options like comprehensive coverage, collision insurance, and higher liability limits may be advisable.

These additional coverages can help protect your investment and provide greater financial protection in case of an accident or damage to the sports car.

How much is insurance for a sports car for a 21-year-old?

The exact amount you’ll pay depends on several factors, but finding the best auto insurance for drivers under 25 without paying expensive premiums can be a challenge. 21-year-old drivers can easily pay over $200 for their sports car insurance.

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Written by:

Leslie Kasperowicz

Farmers CSR for 4 Years

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

Reviewed by:

Jimmy McMillan

Licensed Insurance Agent

Jimmy McMillan is an entrepreneur and the founder of HeartLifeInsurance.com, an independent insurance brokerage. His company specializes in insurance for people with heart problems. He knows personally how difficult it is to secure health and life insurance after a heart attack. Jimmy is a licensed insurance agent from coast to coast who has been featured on ValientCEO and the podcast Modern Li...

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