Sports cars are fun to drive, but they can also be expensive to insure. The average annual cost of car insurance for a sports car in the US is $2,209, which is 53% higher than the national average of $1,440. However, not all sports cars are equally pricey to insure. Some factors that affect the insurance rates of sports cars are:
Why Are Sports Cars Expensive to Insure?
- High performance and speed: Sports cars have powerful engines and can accelerate faster than regular cars. This means they can also reach higher speeds and pose a greater risk of speeding tickets and collisions. Insurance companies charge more for sports cars because they are more likely to cause or be involved in accidents that result in higher claims.
- Increased risk of accidents: Sports cars are often driven by younger and less experienced drivers who may be more prone to reckless driving and making mistakes on the road. Additionally, sports cars tend to attract more attention from thieves and vandals who may damage or steal them. Insurance companies consider these factors when calculating the risk profile of sports car owners and adjust their premiums accordingly.
- Higher repair costs: Sports cars have more complex and expensive parts and systems than regular cars. They may also require specialized mechanics and equipment to fix them. If a sports car is damaged or totaled in an accident, the repair or replacement costs can be much higher than those of a regular car. Insurance companies charge more for sports car coverage because they have to pay more for repairs or reimbursements.
Cheapest Sports Cars to Insure
While sports cars are generally more expensive to insure than regular cars, some models are more affordable than others. According to a study by Insure.com, the following are some of the cheapest sports cars to insure in the US in 2023:
1. Fiat 124 Spider
The Fiat 124 Spider is a two-seater convertible that has a base price of $25,390. It has a 1.4-liter turbocharged engine that produces 160 horsepower and 184 pound-feet of torque. It has a fuel economy of 26 mpg in the city and 35 mpg on the highway. The average annual insurance cost for the Fiat 124 Spider is $1,353, which is 6% lower than the national average.
2. BMW Z4 Roadster
The BMW Z4 Roadster is another two-seater convertible that has a base price of $49,700. It has a 2.0-liter turbocharged engine that produces 255 horsepower and 295 pound-feet of torque. It has a fuel economy of 24 mpg in the city and 32 mpg on the highway. The average annual insurance cost for the BMW Z4 Roadster is $1,632, which is 13% higher than the national average.
3. Subaru BRZ
The Subaru BRZ is a two-door coupe that has a base price of $28,845. It has a 2.4-liter naturally aspirated engine that produces 228 horsepower and 184 pound-feet of torque. It has a fuel economy of 20 mpg in the city and 27 mpg on the highway. The average annual insurance cost for the Subaru BRZ is $1,785, which is 24% higher than the national average.
4. Porsche Boxster
The Porsche Boxster is a two-seater mid-engine convertible that has a base price of $62,000. It has a 2.0-liter turbocharged engine that produces 300 horsepower and 280 pound-feet of torque. It has a fuel economy of 21 mpg in the city and 28 mpg on the highway. The average annual insurance cost for the Porsche Boxster is $1,792, which is 24% higher than the national average.
5. Chevrolet Camaro SS
The Chevrolet Camaro SS is a two-door muscle car that has a base price of $37,995. It has a 6.2-liter V8 engine that produces 455 horsepower and 455 pound-feet of torque. It has a fuel economy of 16 mpg in the city and 24 mpg on the highway. The average annual insurance cost for the Chevrolet Camaro SS is $1,869, which is 30% higher than the national average.
How to Get the Cheapest Insurance Rates on a Sports Car?
Even if you own one of the cheapest sports cars to insure, you can still save money on your insurance premiums by following some tips:
- Shop around and compare quotes: Different insurance companies may offer different rates for the same sports car model, depending on their risk assessment and underwriting criteria. You should compare quotes from multiple insurers and choose the one that offers the best coverage and price for your needs. You can use online tools like Bing to search for and compare insurance quotes from various providers.
- Increase your deductible: A deductible is the amount you must pay before your insurance provider covers the remainder. As you take on greater risk, a larger deductible lowers your monthly or yearly premium. However, you should ensure you can afford the accident deductible.
- Maintain a clean driving record: Your driving history is one of the most important factors that affect your insurance rates. If you have a record of speeding tickets, accidents, or other violations, you will be considered a high-risk driver and pay more for your insurance. To avoid this, you should drive safely and responsibly, follow the traffic rules, and avoid distractions while driving.
- Take advantage of discounts: Many insurance companies offer discounts for various reasons, such as being a good student, having low mileage, installing anti-theft devices, taking a defensive driving course, or being a member of certain organizations. You should ask your insurer about the available discounts and see if you qualify for any of them.
- Consider bundling insurance policies: If you have other types of insurance, such as home, renters, or life insurance, you may be able to bundle them with your car insurance and get a lower rate. This is because insurance companies may offer discounts for customers who buy multiple policies from them. However, you should compare the bundled price with the individual prices of each policy and make sure that you are getting the best deal.
Sports cars are not cheap to insure, but some models are more affordable than others. The cheapest sports cars to insure in 2023 are the Fiat 124 Spider, the BMW Z4 Roadster, the Subaru BRZ, the Porsche Boxster, and the Chevrolet Camaro SS. You can also lower your insurance costs by shopping around and comparing quotes, opting for higher deductibles, maintaining a clean driving record, taking advantage of discounts, and considering bundling insurance policies. By following these tips, you can enjoy driving your sports car without breaking the bank on insurance.