Are you considering buying a sports car, but the thought of a hike on your auto insurance bill has you pumping the brakes?

While many sports cars drive up your premiums, specific models provide safety features and options that can help prevent sports car insurance rates from becoming outrageous. Additionally, comparison shopping for car insurance and asking your provider about applicable discounts and bundle offers can help your wallet outpace your coverage.

Planning your purchase around the extra costs that start adding up after the manufacturer’s suggested retail price (MSRP) will help keep your sporty ride more affordable in the long run.

One of the easiest ongoing costs to budget for is insurance. Unfortunately, every driver’s insurance cost is somewhat unique. However, comparing the average annual premiums for the cheapest sports cars to insure will give you a jump off the starting line.

Cheapest Insurance Premiums for Sports Cars

When deciding which sports car to purchase, whether it is a new car or an older car, it is important to compare the car’s average annual premium. While rates will vary according to the specific model’s year, Car and Driver reports that the cheapest sports cars to insure are:

Make & Model Average Annual Insurance Premium
Fiat 124 Spyder $1,353
BMW Z4 Roadster $1,561
Chevrolet Corvette Stingray $1,562
Subaru BRZ $1,580
Porsche Boxster $1,580
Audi TT $1,584
Chevrolet Camaro SS $1,606
Ford Mustang GT $1,656
Subaru WRX STI $1,688
Nissan 370Z $1,692

What Qualifies as a “Sports Car”?

The vehicle that might have caught your eye may be sleek or have an engine note that purrs like no other, but your auto insurer may not classify the model as a “sports car.” According to State Farm, a car insurance company may classify a specific vehicle as a sports car according to its:

  • Engine size (i.e., displacement)

  • Number of cylinders (e.g., V8, inline 6)

  • Height and weight

  • Horsepower

  • Make and model

Contact your insurance provider to determine if the vehicle you are considering purchasing qualifies as a sports car. If it does not, you reap unexpected savings on your new premium.

Most Affordable Sports Cars for 2021

CarMax analyzed its sales data from the second half of 2020 to compile the most affordable sports cars in 2021. Their list consists of:

  • Ford Mustang

  • Chevrolet Camaro

  • Subaru WRX

  • Volkswagen Golf GTI

  • Mini Cooper Countryman

  • Mazda MX-5 Miata

  • Nissan 370Z

  • Subaru BRZ

Note that many of CarMax’s most affordable models were also featured in Car and Driver’s list of the cheapest sports cars to insure. Your insurance rate will typically rise in conjunction with a vehicle’s value, so many of the most affordable sports cars will likely be the cheapest to insure.

Sports Cars are Typically More Expensive to Insure

Kelly Blue Book simplifies the logic behind sports cars’ coverage costs: “Statistics prove smaller, sportier cars are driven at higher rates of speed by younger, riskier drivers. Because they’re involved in more accidents, they’re more expensive to insure.”

The contributing factors that increase auto insurance premiums on sports cars include:

  • A fast car with a larger or more powerful engine equates to more opportunities for speeding, unsafe driving, and more dangerous accidents. The same car model with a higher displacement engine —or one capable of greater horsepower and torque values— carries higher premiums than its less powerful counterpart.

  • Sports cars tend to have much more flashy aesthetics, and flashy cars carry a greater chance of theft. The Insurance Information Institute estimates that 33% of comprehensive coverage payouts are related to auto theft. The thievery doesn’t stop at “all-or-nothing” for vehicles either, as catalytic converters have been stolen in continually increasing numbers since January 2019. Hood ornaments aren’t safe either.

  • Sports cars typically carry more expensive price tags, along with higher repair costs and parts. As insurance companies expect to pay more for claims or replace a sports car, premiums end up costing their drivers more.

  • Your driving record and age factor heavily into your insurance premium regardless of the type of vehicle you drive. Drivers with long records of safe driving without at-fault incidents are rewarded with lower rates. Insurers charge more for numerous accidents, driving violations, and other infractions or marks (e.g., lapsed insurance coverage). As insurers regard younger drivers as riskier, their premiums stay comparatively high.

  • Your state of residence determines much of your car insurance coverage and how much you pay. Each state sets its minimum liability requirements that drivers must carry. When states set higher minimums, insurers pay out more for each claim and raise rates accordingly. Additionally, statistics such as the percentage of uninsured drivers of the road affect rates—Maine sits among the lowest numbers for both.

Do I Need Insurance Just to Buy a Sports Car?

The answer is almost certainly yes. While purchasing from an individual seller doesn’t require proof of coverage, driving your new vehicle home does in every state except New Hampshire- although drivers must still be able to demonstrate financial responsibility should they cause an accident without it.

If you intend to purchase a sports car from a dealer, you can still make the purchase without insurance if you have the funds in full, but the keys will stay out of your hands. If your purchase needs additional financing or on a lease, insurance will be required.

Lenders and leasing agents will want to protect their investment until you have completed your car payments, often requiring additional insurance coverage. State liability minimums only payout for any other persons, vehicles, or property you damage in an at-fault accident. Expect lenders and leasing agents to include extra coverage with the agreement.

Types of Additional Insurance Coverage

Additional insurance protection will add to your premiums. The greater the chance a policy provider must pay a claim or the more significant the payments your coverage specifies, the more expensive premiums will be.

Expensive cars usually lead to more costly payouts, and if an insurance company cannot keep pace with its payouts, it will go out of business. To avoid such, providers charge more on premiums when they stand to lose more money should an incident occur.

Though additional coverage will make your insurance premium for your sports car more expensive, options include repair or replacement for your vehicle as well as medical payment assistance. Expanding your coverage beyond your state’s minimum required liability is a wise choice to protect yourself and your vehicle.

Collision & Comprehensive Coverage

Collision and comprehensive coverage are two of the most popular additions that drivers add to their policy. Drivers choose these two protections most often because they provide basic insurance for you and your vehicle. Collision coverage insures against accidental damage caused to your sports car (regardless of the at-fault party). Comprehensive coverage protects against non-accident damage caused by incidents such as theft, vandalism, or severe weather.

Personal Injury Protection

Mandatory in some states, Personal Injury Protection (PIP) coverage, or “no-fault insurance,” covers a policyholder’s healthcare expenses up to the specified amount regardless of who was responsible for an accident. Some PIP plans extend beyond medical bills to assisting with additional living expenses or hardships that may have occurred following an accident (e.g., household cleaning service while you continue to recover).

As PIP is required in some states but optional in others, contact your provider and ask whether or not you already have this protection.

OEM Endorsement or Aftermarket Parts Coverage

If you have a specific sports car in mind that you intend to purchase, you may want to explore coverage options that include equivalent repairs or any additional money and work you’ve invested. OEM endorsement will ensure that your vehicle’s repair parts match those initially used by the original equipment manufacturer (OEM). If you have modified your sports car in any way, you may want to see what policies protect the aftermarket parts in which you’ve invested.

Total Loss Coverage

If you purchased your dream sports car, you certainly don’t want to replace it with something boring following an accident. With total loss coverage, your insurance company will replace your vehicle if totaled with an equivalent model.

Decrease the Insurance Premiums on Your Sports Car

If you’d like to decrease the amount you pay for your sports car insurance, the two easiest methods are to contact your current provider and inquire about the discounts they offer or comparison shop online for new quotes.

Car and Driver suggest that insurance companies may offer discounts for safety features, including:

  • Parking sensors or backup cameras

  • Blindspot warnings or lane-change assist

  • Automatic emergency braking

  • Adaptive cruise control

If you are shopping for a car, take a look at our other blogs about the cheapest trucks to insure and cheapest luxury cars to insure. This way you can see what is within your budget long-term.

Comparison Shop for New Quotes

If you’ve already contacted your insurance provider regarding discounts you might qualify for—or have decided you’d like to shop around—then you’re in the right place. At OnlineAutoInsurance, we provide a simple tool for gathering quotes.

To present a complete list of policy quotes for you to compare, we’ll only need a few non-sensitive answers (e.g., your zip code, your vehicle’s year, make, and model; your age range). In less than five minutes or so, you should be able to sort through policy quotes from numerous providers to compare the best coverage at the best rates.

Sources:

AAG Injury Law Firm. Uninsured Motorist Statistics for 2019: Growth of Uninsured Drivers by State. \ https://aronberglaw.com/uninsured-motorist-statistics-2019-uninsured-drivers-state/

Car and Driver. What are the Cheapest Sports Cars to Insure? https://www.caranddriver.com/car-insurance/a36178302/cheapest-sports-cars-to-insure/

CarMax. Best Affordable Sports Cars for 2021: Reviews, Photos, and More. https://www.carmax.com/articles/best-affordable-sports-cars

Inspiring Quotes. Carroll Shelby Quote: Horsepower Sells Cars, Torque Wins Races. https://www.inspiringquotes.us/quotes/kj4J_QfETpvKL

Kelly Blue Book. What are Most Expensive and Least Expensive Cars to Insure. https://www.kbb.com/car-advice/what-are-most-expensive-and-least-expensive-cars-to-insure/

National Insurance Crime Bureau (NICB). Catalytic Converter Thefts Skyrocket Across the Nation. \ https://www.nicb.org/news/blog/catalytic-converter-thefts-skyrocket-across-nation

The News Wheel. Theft Alert: Keep an Eye on Your Vehicle Emblems and Hood Ornaments. \ https://thenewswheel.com/theft-alert-keep-an-eye-on-your-vehicle-emblems-and-hood-ornaments/

State Farm. Sports Car Insurance from State Farm. https://www.statefarm.com/insurance/auto/sports-car-insurance