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: Oct 3, 2020

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Here's what you need to know...

  • Sports cars are in a different class with their own set of very different rules, which ultimately affects sports car insurance rates
  • As a rule of thumb, sports cars draw the attention of many younger drivers, which means expensive sports car insurance rates – up to $1,500 a year
  • If you own a classic sports car, you do not need to carry sports car insurance at the higher rate

Everyone would love to have a shiny, new sports car. But who can afford the sports car insurance rates?

It just may not be as impossible as you think to own the car of your dreams and be able to insure it also if you do some comparison shopping.

Now, exactly what the definition of a sports car is for insurance also varies from company to company.

The one thing that all companies do have in common is the fact that sports cars are in a different class and they come with their own sets of very different rules.

Like everything else that you purchase, car insurance varies from company to company. One of the simplest and most economic ways to find the best deal on sports car insurance is to compare cheap sports car insurance quotes online!

Start by entering your ZIP code and comparing the free online sports car insurance quotes now.

Table of Contents

Factors Used to Determine the Definition of a Sports Car

Take a look at some of the factors used to define sports cars:

  • The manufacturer – Ford Mustang, Chevy Camaro or Corvette, Dodge Viper, Mitsubishi Lancer, Porsche 911, Saleen, Ferrari, Mazda RX8, Maserati, and Lamborghini
  • The engine in the car –  any modifications that have been done to the engine to increase performance or speed; the number of cylinders in the engine
  • Body style of the car –  most sports car models are two door
  • Model and series of the car –  modifications to the car such as exhaust systems, expensive stereo equipment, and ground effects

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How much more is car insurance for a sports car?

As a rule of thumb, sports cars draw the attention of many younger drivers, which means expensive insurance rates.

Younger drivers get higher car insurance rates to begin with, so the rates really increase when insuring a car with more horsepower. Finding cheap sports car insurance for 16-year-old drivers can be a challenge, though not impossible. If you need to find sports car insurance for teenage drivers then be sure to shop around because sports car insurance for those under age 21 is expensive. Just how much is sports car insurance for a 16-year-old driver, and why is it so expensive?

Some of the reasons that those sports car beauties are so expensive to drive, especially for teenage drivers, include:

  • They are more expensive to repair and the parts for them can be difficult to find, as well as more expensive to fix
  • Foreign sports and imported vehicles require a shop that will repair them and this is hard to find sometimes and more costly to repair
  • Sports cars have a higher probability of getting stolen . Many times they are stolen in spite of costly car alarm systems
  • Sports car drivers have a tendency to drive faster and damages are higher

On the upside of this is the fact that car insurance companies that sell sports car insurance, also known as performance car insurance, are in competition for the business.

So they are willing to go all out to make being able to insure sports cars happen for a reasonable price.

The best way possible to find these companies is by online comparison-shopping; you can get a quote from various different companies without even leaving your home.

How to Find the Right Sports Car Insurance Policy

Your role in selecting the right car insurance providers is to compare and be upfront. Be honest about all of the features, modifications, and any other equipment that did not come stock on the car.

In the event that the car is wrecked or stolen, the insurance company will not pay for something when they had no idea of its existence.

If you own a classic sports car, you do not need to carry sports car insurance at the higher rate. You need classic car auto insurance.

Classic car owners can often have their repairs done at a regular garage because their parts are much easier to find than today’s high-performance sports cars. Labor is also much less expensive on a classic car.

High-performance sports cars will usually require higher limits of coverage than what the state minimum requires. In the event of an accident, you will need more coverage.

Comprehensive coverage is the first thing that you will need, covering your car for theft, vandalism, and any other damage that would not be due to an accident.

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Where to Find the Best Sports Car Insurance

Many incredible car insurance deals are available to customers with sports cars. To be able to find these great deals you are going to have to shop around. Online comparison shopping is the best way to do this.

Take your time and research different companies and see what their quotes include in the policy.

No matter what your specific needs are, one thing is for sure, you can benefit by getting online sports car insurance quotes.

Start comparison shopping today using our FREE online tool. Enter your ZIP code below to get started.

What cars are considered sports cars for car insurance?

Cars that are considered sports cars are often sleek, low, race-equipped vehicles with two doors and a lot of control. The average car insurance rates for a sports car are $121.73/month.

  • Car insurance companies assign a higher premium to sports cars because they are more expensive to repair
  • Sports car drivers are more prone to drive faster and potentially recklessly
  • It’s always a good idea to keep insurance costs as low as possible by finding the best rates on sports car insurance
  • The average car insurance rates for a sports car are $121.73/month

What is the insurance definition of a sports car, and what cars are considered sports cars for insurance? How do insurance companies classify sports cars?

It doesn’t always follow what you think of as a sports car, but this isn’t the only factor that goes into how they calculate your rates.

Read on for more information about fast cars with cheap insurance, and then use the free comparison tool on this page to enter your zip code in for a free car insurance comparison!

What are the Cheapest Sports Cars to Insure?

How much does it cost to insure a sports car, and what sports car has the cheapest insurance? Here are some of the cheapest sports cars you can insure, according to Quadrant Information.

Cheapest Sports Cars to Insure
VehicleMonthly Full Coverage RateAnnual Full Coverage Rates
Chevrolet Corvette Stingray$149.17$1,790
Fiat 124 Spider$130.17$1,562
BMW Z4 Roadster$120.33$1,444
Subaru BRZ$111.17$1,334
Mazda MX-5$97.83$1,174
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Your insurance rate mainly depends on your own personal factors, where you live, and how much the vehicle is worth. 

What cars are expensive to insure? According to the New York State Insurance Department’s website, some of the most expensive cars to insure include this sample list of sports cars:

  • Acura NSX
  • BMW 21
  • Chevy Corvette
  • Dodge Charger
  • Ferrari
  • GMC Typhoon
  • Honda Civic Del Sol SI
  • Isuzu Amigo
  • Jaguar XJ-S
  • Lotus
  • Maserati
  • Nissan Roadster
  • Oldsmobile Cutlass Calais Quad 4
  • Porsche
  • Rolls Royce
  • Suzuki Samurai
  • Toyota Landcruiser
  • Volkswagen Corrado
  • Yugo

While sports cars are certainly not the cheapest cars to insure, rates are heavily influenced by other factors that are more important than whether your vehicle is a sports car or not. 

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Why are Sports Cars so Expensive to Insure?

Sports cars are expensive to insure not only because they can go fast and are therefore considered riskier, but also because they are expensive to repair.

By keeping your driving record clean, you are doing one of the most important things possible to lower your premiums.

Companies will consider it less likely that you will damage either yourself or your vehicle in an accident if you have an unblemished — or close to it — driving record.

And by employing safety mechanisms such as alarms and vehicle locating systems, the insurance companies will know it is less likely that your vehicle will be stolen or otherwise damaged by thieves.

If you’re financing the vehicle, you’ll be required to carry full coverage. According to consumerfinance.gov, if you don’t purchase full coverage auto insurance, your lender can buy force-placed insurance to protect their investment, and you may end up being considered a high-risk driver. That’ll be way more expensive than just getting coverage in the first place.

Another thing that impacts your rates for a sports car is that these cars tend to be more expensive than standard sedans. The Kelley Blue Book value impacts how much insurers charge because it will also cost more for them to fix or replace damages.

And you’ll want full coverage for your pricey toy. If you get hit by an uninsured driver, you’ll be liable for the damages to your car.

Click here to learn more about Uninsured and Underinsured Motorist coverage.

It’s not unlikely that this could happen, since the Insurance Information Institute reports that one in eight drivers in the country is uninsured.

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What’s the Definition of a Sports Car?

There were 309,222 sports cars were sold in 2019, even though the some would say sports cars are dead because the industry is suffering some lately. But what cars are sports cars? The definition of a sports car for insurance varies from insurer to insurer.

Each company assigns a different value to the components that go into a car, resulting in premiums that are always higher for sports cars or high-performance vehicles.

Some factors that go into the calculations include:

  • Make and model
  • Engine size
  • Number of cylinders
  • Height
  • Weight
  • Horsepower

Vehicles that end up fitting the sports car bill are often sleek, low, race-equipped pieces of machinery with two doors and a lot of control.

There are also a lot of fast cars not considered sports cars. For instance, is a Dodge Challenger considered a sports car for insurance purposes? Though it’s a cool and fast car, Challengers usually don’t fall into the sports car category due to their larger build; therefore, muscle car insurance rates tend to be cheaper than sports car coverage. And is a Nissan Maxima considered a sports car for insurance purposes? While the Maxima may be sporty, this four-door sedan isn’t likely to be a sports car for insurance purposes.

But, is a Camaro considered a sports car? Most of the time, Camaros are sports cars, which will mean a slightly higher premium.

As for other Mustangs, is a Mustang considered a sports car for insurance? Mustangs are likely to always be considered sports cars by your insurer, which means you’ll be paying extra, regardless of trim.

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How to Find Good Rates on Sports Car Insurance

How much does insurance go up for sports cars? When you compare car insurance quotes online, you will find that you have immediate access to quotes that take your situation as a sports car enthusiast into consideration.

When typing in your information, make sure to include all of your car’s features, as well as your own personal circumstances, that could qualify you for discounts.

From anti-theft devices to window etchings, and from multi-car policies to Electronic Payment Transfers (EFT), there are many ways to earn discounts on insurance for your sports car.

To find out what kind of benefits may be waiting for you, type your zip code into the box in the upper right-hand corner.

Compare quotes on sports car insurance cost today.

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What does it cost to insure a sports car?

The average sports car insurance rates can be more than twice the national average rates for a standard car. Expensive sports cars cost more to repair.

  • Luxury sports cars are expensive to purchase
  • Car insurance on sports cars is also expensive
  • Comparing car insurance rates will help you pay the best price for your premiums

Read through this review of sports car insurance costs to see just how much your sports car auto insurance rates may end up being.

It’s one thing to be riding first class in a snazzy vehicle, but most people forget that along with the atrocious cost of buying a mega-luxury sports car comes the car insurance.

Expensive vehicles have pricey parts that are harder to find, and when there is an accident, the likelihood of repair is not as good as regular cars you see on the street.

From Porsches to Beemers, here’s what you can expect to pay in auto insurance on these ultra-luxury vehicles.

Check out the below review of sports car auto insurance rates. Then, to compare personalized rate quotes from many companies online, just enter your zip code above!

Nissan GT-R Car Insurance Rates

MSRP: $84,060
Engine: 3.8L V6 485HP
Average Annual Nissan GT-R Car Insurance Cost: $2,533.00

The GT-R has a cult following that may have something to do with the fact that it recently made its debut in North America. Prior to its introduction here, it was only available in Japan and on video games.

It seems clear that the insurance industry has taken note, and expects there to be some dramatic crashes of this vehicle until buyers realize that the car is now real.

Porsche 911 Turbo Car Insurance Rates

MSRP: $132,800
Engine: 3.8L H6 500HP
Average Annual Porsche 911 Turbo Car Insurance Cost: $2,706.04

Ever since Ferry Porsche designed his first sports car, they have been coveted by auto enthusiasts. Even so, you can expect to pay almost $3,000 per year for insurance just to own one of these.

And while it could be your daily driver, it would be hard to get all of the weekly groceries into this fine German machine.

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Jaguar XKR Car Insurance Rates

MSRP: $95,150
Engine: 5.0L V8 510HP
Average Annual Jaguar XKR Car Insurance Cost: $2,533.48

Jaguar has been a symbol of British luxury for years.

You might be surprised to know that the brand is now owned by an Indian company called Tata Motors, but judging by the European announcer on their commercials, they probably don’t want you to know that.

Audi R8 Car Insurance Rates

MSRP: $114,200
Engine: 4.2L V8 420HP
Average Annual Audi R8 Car Insurance Cost: $2,751.55

When the R8 was first unveiled, it was lauded for its unique design and form factor. To be sure, Audi had not made a striking vehicle in some time.

What’s also striking is the amount you’ll be paying to keep this vehicle insured: on average, R8 owners must shell out $229.25 per month for their policy. For that amount, you could finance a Honda!

Dodge Viper SRT10 Car Insurance Rates

MSRP: $90,362
Engine: 8.4L V10 600HP
Average Annual Dodge Viper SRT10 Car Insurance Cost: $2,815.90

Nothing says American might like the Dodge Viper. Nothing says fire-breathing power at the pedal when you’re dealing with six hundred horses.

And nothing says you’ve got a bunch of money to blow than by paying over $2,800 in order to legally drive this beast –er –reptile on the mean streets.

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Mercedes-Benz SL65 AMG Car Insurance Rates

MSRP: $66,650
Engine: 5.4L V8 355HP
Average Annual Mercedes Benz SL65 AMG Car Insurance Cost: $2,653.53

The Mercedes-Benz SL65 AMG probably wins the award here for the least expensive car, but in relation to the amount of insurance you have to pay, it’s still a raw deal.

Much of what makes it so expensive is the hard convertible top, which would cost a fortune to replace.

BMW 760Li Car Insurance Rates

MSRP: $137,000
Engine: 6.0L V12 535HP
Average Annual BMW 760Li Car Insurance Cost: $2,565.59

They call BMW, “The Ultimate Driving Machine,” and for good reason because ultimate machines are definitely sedans that need twelve cylinders with over five hundred horsepower.

Do most people really need ultimate machines to get to the gym? Probably not, but the reality is that it makes the insurance industry very happy.

Mercedes-Benz G-Class Car Insurance Rates

MSRP: $105,750
Engine: 5.5L V8 382HP
Average Annual Mercedes Benz G Class Car Insurance Cost: $2,088.00

Honestly, this thing looks like an upscale Jeep that’s ready to tip over at any minute. But to each their own. And for their own ridiculousness, they can expect to pay as much in insurance as a sports car.

That may be why you almost never see these vehicles on the road, and it’s even less likely you would see them off-road, either.

Ford Mustang GT500 Car Insurance Rates

MSRP: $48,645
Engine: 5.4L V8 550HP
Average Annual Ford Mustang GT500 Car Insurance Cost: $2,186.00

The GT500’s list price is reasonable in relation to the amount of power under the hood. But unlike some other cars on this list, the Mustang really only has one purpose: smoky burnouts.

Sometimes, however, smoky burnouts lead to accidents. Thus, owners can expect to pay a premium for their smoky burnout hobby.

Porsche Panamera S Car Insurance Rates

MSRP: $89,800
Engine: 4.8L V8 400HP
Average Annual Porsche Panamera S Car Insurance Cost: $2,744.78

Did you know that Porsche made a four door sedan? The famed roadster manufacturer breaks into the suburban market with this vehicle, guaranteeing that with the Panamera, you’re able to get the family wherever you need to, really fast.

The Cheapest Sports Car Insurance Rates

From luxury car insurance to sports car insurance to luxury sports car insurance – the best auto insurance provider for your vehicle will vary depending upon your location, driving history, and other factors.

Be sure to shop around and compare sports car insurance quotes online from many different companies. Enter your zip below to start right now!

References:

  1. https://en.wikipedia.org/wiki/Sports_car
  2. http://www.chevrolet.com/car/sport.html
  3. http://www.dodge.com/en/viper/
  4. http://www.porsche.com/usa/models/911/911-carrera/
  5. http://www.ferrari.com/en_us/
  6. https://en.wikipedia.org/wiki/Mazda_RX-8
  7. http://www.maseratiusa.com/maserati/us/en/index/shopping-tools/build-price.html
  8. https://www.lamborghini.com/en-en/
  9. http://www.kbb.com/car-advice/articles/the-most-expensive-and-least-expensive-cars-to-insure/
  10. http://www.forbes.com/sites/jimgorzelany/2013/11/01/the-most-stolen-sporty-cars/#12267e8923d4
  11. https://wiki.ezvid.com/best-car-alarms
  12. http://oppositelock.kinja.com/modern-cars-vs-classic-cars-a-pointless-argument-1587813936
  13. http://money.howstuffworks.com/personal-finance/auto-insurance/comprehensive-auto-insurance-cover…