High-Performance Car Insurance Rates

The average high-performance car insurance rates are $309.08/mo in the US. Carry high levels of liability coverage to avoid potential lawsuits.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jul 22, 2021

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Here's what you need to know...

  • If you drive a performance car, you will most likely have comparatively high insurance rates
  • You need to be sure that you carry enough liability coverage to avoid any potential lawsuits
  • The more expensive the car, the more expensive the insurance premium

It’s true that car guys love their cars; that’s a given. But owners of high-performance cars are in a class all their own.

These drivers have invested large amounts of money in vehicles designed to be raced, yet rarely have an opportunity to actually race them legally. To keep the cost of ownership down, finding cheap performance car insurance is a good idea.

Cheap performance car insurance can be found if you know where to look and what to look for. It may be a bit more expensive than standard insurance, but a high-performance car is not your typical street sedan. The special nature of these cars requires a different type of insurance.

Enter your ZIP code in our free tool above to compare rates now!

Finding Cheap High-Performance Car Insurance Requires a Definition of Terms

Before we can discuss the art of finding cheap performance car insurance, we must first define what a performance car is. Also known as high-performance cars, these vehicles are built for speed and handling.

The purist definition classifies a performance car as one that rides low to the ground and has a high-powered engine.

Examples of these cars would be the:

Those three cars are already equipped for speed and handling from the factory, but experts who are not tied so stringently to the pure definition of performance cars will also consider modified street vehicles and muscle cars as part of this category.

As long as the vehicle has been modified to carry a high-powered engine and increased handling capability for racing, it counts. A souped-up Honda, Mazda, Ford, or Chevy could all be considered performance cars.

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What to Look For in Cheap High-Performance Car Insurance

To begin with, some states require a specialized insurance policy for performance cars. Be sure to check with your state insurance agency or motor vehicle department for details about what might be required.

Next, understand that your performance vehicle is an expensive investment not likely to be covered against total loss if it’s underinsured. Performance cars tend to depreciate at a lower rate than standard vehicles, meaning you must carry a higher value insurance policy to cover a possible total loss.

You should insure against collision, fire and theft, and natural disasters.

If you live near an urban center with a high rate of auto theft, your insurance premiums may be quite expensive. The higher the value of your car on the market, the higher risk you pose to the insurance company, and the higher your premiums will be.

Just as you would do with classic cars, make sure any cheap performance car insurance policy covers your vehicle for its whole value rather than just Blue Book value.

If you store your vehicle in a secure garage or other location, insurance providers are more likely to give you a better rate.

However, there is a notion among many insurers that drivers of high-performance vehicles are more prone to traffic violations and accidents.

It might be a wise idea to seek an insurance policy that rewards you for safe driving, like no claims bonuses, in addition to safe storage.

Higher Liability Limits for High-Performance Car Insurance

Due to the highly litigious culture we now live in, lawsuits against drivers involved in accidents are becoming the norm. If you own a high-performance vehicle, siren-chasing lawyers have you in their crosshairs.

You are more likely to face a very expensive liability lawsuit simply because you have the financial means to own a performance car. Make sure you take that into consideration when buying an insurance policy.

Cheap performance car insurance may not be the best option if you can’t get sufficient liability coverage. You may be a very safe driver who never has an accident. But if you do have an accident, and your liability limit is not high enough, you could lose everything.

Owners of performance cars invest a lot of money in their vehicles.

If you are this type of car owner, don’t risk the financial or emotional investment you’ve put into your car by underinsuring your vehicle. It’s perfectly acceptable to purchase cheap performance car insurance, just as long as you make sure it provides you with adequate protection.

To find the best performance car insurance rates right now, enter your zip code into the FREE quote tool below!

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