Along with the hot wheels, cool trim, leather interior and killer sound system, your sports car came with another line item add-on that wasn’t part of the MSRP: sports car automobile insurance. Insuring your shiny fast ride can add thousands of dollars to cost of ownership over the life of the car…unless you’re a savvy shopper. Here’s what you need to know to help you find cheap sports car insurance (or at least reasonably priced).
For starters, different insurance companies have different definitions of what is and isn’t a sports car. This is typically based on a VIN (vehicle identification number) system published by the Insurance Services Office or the company’s own ranking system. Either system takes into account such factors as engine type and size, manufacturer, body style, transmission, horsepower, wheel base, etc. It all goes into helping the insurance company determine your car’s potential speed and performance mobility.
In general, if it looks like a go fast machine and acts like a go fast machine, it is one as far as the insurance company is concerned. That fact will be reflected in your auto insurance quotes, because high-performance vehicles are statistically involved in more serious and costly accidents and are more attractive targets for car thieves.
Tricking your sports car out will make it harder to find cheap auto insurance. Adding high-performance doodads tells potential insurers that you’re thinking of driving like Dale Jr. Go easy on the modifications.
Feel free to pile on the safety and anti-theft devices. Look for Thatcham-rated Category One or Two systems. Thatcham is a British non-profit organization dedicated to containing or reducing the cost of auto insurance claims. They rank car security systems. Onboard tracking devices, airbags, anti-lock brakes and automatic seat belts may qualify for discounts on sports car insurance, too.
Some insurers offer limited-mileage policies if you agree to cap the distance you drive in a policy year. Other discounts may be available if your car is garaged when not in use, if you belong to a car owners’ club or if you only drive your convertible sports car during summer months. Shopping around for sports car insurance quotes will help you uncover other discounts.
Your driving record, age and even your credit rating will also affect what you pay for sports car insurance. In general, the older you are, the fewer claims, tickets and accidents you’ve had and the higher your credit score, the more likely you are to find cheap car sports car insurance.