The decision to purchase a sports car over say, a sedan, or other average vehicle is a tough one – especially if you live in a crowded city. If you live in a congested city, your accident risk automatically increases based on the increased number of cars on the road over say, a suburban area. If you park your car on the street, the chances of damage to your car, or even theft, increase. All of these factors are likely on your mind while you are shopping for a sports car, but these are definitely factors that all auto insurance companies consider when assessing risk.
Auto insurance companies also consider the make and model of your vehicle when assessing risk and setting rates. Unfortunately, sports cars typically fall into the “high risk,” category based on factors such as speed, performance, safety, theft data, and of course, cost. Auto insurance companies analyze these factors and assign a rating from 1-27. If your car has a high rating, you will pay a higher premium. Antiques, luxury cars, and you guessed it, sports care will always receive a higher number. So whether you drive an $118K Maserati or a $20K Mitsubishi Eclipse, the average auto insurance rates simply will not apply to your sporty auto.
Other factors that will determine your rates include driving record, age, gender, geographic location, usage, credit history, and employment. Here’s where you can wheel and deal to get the best sports car insurance deals. First, your driving record holds a significant amount of weight when determining rates. If you have a clean driving record, you’re off to a good start. You can use this information to plead your case for lower rates and it just might work (starting out). Keeping your driving record clean will gradually help decrease your rates, so do your best to stay out of trouble for the first 3-5 years of ownership.
Next, if you plan to use your sports car every day – meaning, you plan to drive it to and from work, to run errands, etc., you can expect to pay hefty rates. If your sports car is, say, a second car, or you use it for pleasure trips only, your rates will be lower. There is a catch. The auto insurance companies would like to keep tabs on you. So, if you are willing to install a basic usage-monitoring device on your car, you can save money on sports car insurance. These self-installed devices typically start at around $200.
Finally, consider your credit history. Insurance companies use credit to help determine your risk score. If you have a high credit score, the auto insurance company will give you a break. Low credit scores, at least in the minds of auto insurance companies, equal more claims. So, if your credit score is low, auto insurance companies will anticipate multiple claims. As a result, they will charge higher rates to offset the risk.
To get the best sports car insurance deals, you can also inquire about discounts for added safety features such as burglar alarms, ignition shutoff devices, and vehicle recovery systems. Some auto insurance companies may be willing to offer up to 30% off your premium. Auto insurance companies may also offer discounts for bundling (combining several insurance policies into one) or for adding multiple vehicles to your policy. You may also be entitled to discounts for joining an auto club such as AAA.
For more information about auto insurance and auto insurance laws in your state, visit
Auto Insurance Tips or your state insurance department for details.
