Car Insurance Cost for a Panoz Esperante

Sports cars are expensive to insure. The Panoz Esperante monthly car insurance rates are $2,000, which is nearly twice as much as some drivers pay to insure a vehicle for an entire year.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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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: May 14, 2020

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Here's what you need to know...

  • The Panoz Esperante is a custom-made, hand-crafted sports car
  • The insurance costs on such a vehicle are extremely high
  • There are steps you can take to help keep your insurance costs as affordable as possible

The Panoz Esperante is a hand-crafted sports car that costs around $150,000. In terms of your car insurance costs, you have two things that work against you.

  • The first consideration is the price
  • The second consideration is the fact that it’s a sports car.

You can expect to pay at least $2,000 a month for your insurance for this car.

Enter your ZIP code and compare online insurance quotes for your Panoz Esperante now!

Car insurance companies can be the bane of the sports car enthusiasts existence.

Driving a Panoz Esperante

After all, just because you own a sports car doesn’t mean you are going to drive fast, right?

Well, unfortunately, statistics prove that theory wrong and it almost seems instinctual for people who drive sports cars to push them to their limits.

This type of driving ends up costing car insurance companies millions of dollars a year. No matter what type of driver you are, if you choose to drive a sports car, you are going to pay more for your insurance.

Then you have the cost of the Panoz Esperante. There are many companies that won’t even insure a car that is that expensive because they don’t want to be responsible for the costs if you are the cause of an accident.

A totaled Esperante is going to equal huge amounts of money for the insurance company even if you have an older model.

The result is a high level of insurance costs that you have to consider when you are in the market for a Panoz Esperante.

Of course, you may be one of those people who don’t have to worry about money, but if you have saved years to buy this car, you need to tack on $24,000 a year in insurance costs!

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Can I save money on my Panoz Esperante insurance?

Yes, as with any vehicle, there is room for savings on your car insurance. Here are some suggestions to safe:

  • Consider is an older model Esperante – A 2005 model, for example, costs around $50,000 to 80,000, depending on its condition. This can equate to more insurance options and lower monthly premiums.
  • Purchase adequate anti-theft devices – Often, auto insurance companies offer discounts if your car has anti-theft devices installed.
  • Park in a secure location – This protection reduces the risk of theft and makes the insurance company feel a little more comfortable about insuring your vehicle.
  • Inform your insurer if you drive only recreationally – If you are only taking it out on weekends or in the summer, then your insurance costs will be less because your risk of having an accident is much lower and you may get a low mileage discount.

You will find that some of the standard deductions apply for your Esperante insurance as well.

For example, consider a higher deductible for your insurance to lower your monthly obligations. Take a safety course and/or a defensive driving course. Limit the drives on your vehicle and exclude teens from driving your Esperante.

With a vehicle like this, if you list a teen driver you may find it is impossible to get insurance at all, so keep that in mind. And what teen should be driving a car of this price?

Are there safety features on my Panoz Esperante that will lower my insurance rates?

Unfortunately, this is a tough one to answer.

A visit to the Panoz website shows that each car comes with anti-lock brakes and dual airbags but that’s about it.

Because this is a custom-made car, made to order no less, there are no safety rating tests available for them. If you want more information about the safety of the Panoz, you have to contact the manufacturer directly; you aren’t going to find that information online.

How can I save money on my Panoz Esperante insurance then?

The only sure-fire way to ensure that you get the lowest price possible on your Panoz Esperante is to get online quotes. You want to compare the costs of several insurance companies. It’s that simple.

You can do that by entering your ZIP code and getting your own online car insurance quotes now!

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Enter your ZIP code below to view companies that have cheap car insurance rates.

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