Sports car insurance is pretty expensive compared to conventional auto insurance. This is largely due to the fact that sports cars are much more expensive to maintain and repair. We shall discuss the major reasons for the high cost of sports car insurance and also how to reduce these costs substantially below.
As mentioned before, sports car insurance is expensive mainly due to the high cost of repairing a damaged car. The insurance company is liable to pay you the amount that the repairs are going to cost if you have comprehensive collision coverage or if you have a first party insurance policy. This is the reason for the high cost when you go in for a costly sports car. The tag price of the car will solely drive up the cost. The best way to make sure that you avoid such a scenario is to buy cheaper sports cars if you need to. Now buying a sports car in the first place is an extremely personal choice and to base your selection of the car on the price of insuring it is solely left to your discretion.
Another reason for the high cost of insuring a sports car is the risk associated with driving one. The insurance companies assume that since the car has a high top speed, the driver will push it to its limit. It is automatically assumed that the driver is a rash driver who is out for an adrenaline rush. Now this is not always true. Most sports cars are just a status symbol or an addition to a collection. The fact that they can be pushed to obscene speeds does not mean that the driver will do so. You can argue by saying that there are laws and traffic police who will monitor speeding on the road and hence will control your behavior. You can also show good driving records to prove that you have not broken the law in the past. In fact there are a lot of sedans which at times outperform thorough bred sports cars. You can put forth this point to get your rates down further.
Sports cars are also expensive to insure due to the lack of proper mechanics and body shops which specialize in such cars. You can show that you are in contact with a good mechanic who knows the car and can maintain at top working condition. This will help the insurance company believe that you are serious about the quality of performance that your car is giving you. This is all the more important when your car is a classic sports car or a muscle car. Most of the Italian makes have a larger user base and can be maintained by company owned service centres but it is the American muscle cars which need special handling.
Lastly, make sure you convey to the insurance company that you are buying the car for purposes other than racing. Do not in any way imply street races or drag races in your interview with the agent. Racing cars have a different sort of insurance policy. And their rates will be stratospheric. You need to convince them that your sports car is a street going commuter or show car at the very least.
