Why Insuring Sports Cars Are Ridiculously High


Sports cars are built for speed; sleek design, small compartment and a powerful engine. It’s the ultimate dream for people looking for speed, maneuverability, and fame. A typical sports car model is the one with two doors, but there are manufacturers out there who are making the four door models nowadays.

If you have spent a fortune to buy your dream sports car, prepare yourself to spend another fortune when paying for your auto insurance. If you have done your homework, you will notice that most sports car owners are scowling at their insurance companies due to the high cost of insuring these types of vehicles. Right from the very start, they [insurance companies] have always been very clear about how they will charge sports cars due to their speed and expensive replacement parts.

Insurance companies know well that smaller vehicles will suffer the most damage during road collisions. One single moderate car accident between a sports car and a truck could wreck the entire vehicle beyond repair. As with any other types of insurance, the higher the risk of the insured (a person or property), the more expensive the premium becomes.

Sports cars are notoriously known for achieving high speeds in a matter of seconds. This opens up another problem, and that is over speeding. Naturally, sports car owners didn’t buy the car and drive it like a sedan. The likelihood of hitting someone or something is imminent as well as losing control resulting in accidents. No matter how you see it, objects traveling at high speeds will produce great impacts and serious damages than the moderate ones. This is the reason why insurers are keen on encouraging people to stay away from such vehicles if they want to save on their premiums.

Sports car manufactures often use signature parts to fine-tune its performance. Some of its parts, are, in fact, not readily available from any auto shops but from the manufacturer himself. This serves as a countercheck to make sure that their products retain the respect and glamour; in this case, substitutions aren’t always part of the equation. Replacement of these unique and specially crafted accessories and parts has always been too costly right from the very start.  To hedge down the potential losses, insurance companies jack up the premium prices sky-high.

Auto insurance is all about determining the level of risk. Over time, insurance companies have collected car models and their potential costs during an accident. For many years, sports cars were proven one of the most expensive vehicles to insure, hence, low cost insurance premiums are impossible to find.

There’s nothing wrong about rewarding yourself with your dream vehicle. What could be better with a sports car? However, just keep in mind that your expenses don’t stop there. You are required to insure the vehicle each year, and with that, you could end up spending thousands of dollars in return. If you want to save a few hundred dollars in your premiums, speak to your agent about discounts extended to good drivers, safety gadgets installed or loyalty programs that you may qualify.