Understanding the Cost of Insuring a Sports Car
While sports cars are some of the most visually and aesthetically appealing autos available on the market, any enthusiasm you might have for them can be deflated by the cost involved with insuring them. Before you drive off the dealership lot with your new Ferrari, get an idea of how much you can expect to pay to ensure your new ride and the factors that determine your final cost of coverage.
Know What Your Insurance Provider Considers a Sports Car
Insurance providers have different qualifications for what they consider sports cars. Some of those qualifications include the size of your engine and how much power it puts out, the amount of horsepower your new vehicle has, special features like a turbocharger and how many doors the car has. Essentially, the faster your automobile goes, the more of a risk it is, which means it’s likely to be more expensive to insure. Additionally, a convertible, a lighter car or a model with two doors could be considered a sports car.
Let Your Carrier Know How Much You Plan on Driving Your Car
While your sports car might easily be able to zip past most other vehicles on the road, you may not drive it that much, and that’s especially true if the sports car won’t be your primary means of transportation. Be sure to let your insurance agent know how much you plan on driving your sports car. If you don’t drive it that much, there’s a chance you can lock in a less expensive premium rate.
Get a Model With an Abundance of Safety Features
No matter if you’re getting a sports car or a standard vehicle, the more safety features the vehicle has, the less expensive your insurance premiums are likely to be. The sports car you choose should at the very least have airbags, multi-point seatbelts, crumple zones, anti-theft technology and maybe even access to 24/7 emergency services in the event you get into an accident. While you may have your heart set on a specific make and model that doesn’t come with very many safety features, you can save some money in the long run if you’re willing to compromise a bit.
Look for Special Carriers
If you don’t mind parting ways with your current auto insurance provider, you might be better off looking for coverage provided by specialty carriers. Such carriers could be better equipped to cover you and your sports car. As you’re looking for such carriers, check to see whether they’ll cover you for the real or agreed value of your vehicle, and this is an especially good idea if you buy a vintage sports car with a high value. A standard insurance policy might not be adequate enough to reimburse you for the full value of your car, something that can leave you at a significant loss should you be involved in an accident.
Ask About Discounts
Some of the discounts common to standard car insurance policies apply to sports cars as well. For instance, completing a defensive driving class could net you a discount on your premiums, and the same is true of getting a safe driver discount and opting for a higher deductible. Don’t have a problem letting your current provider insure your sports car? Consider bundling multiple policies such as your renter’s or homeowners policy to get a discount. Also, you might not realize it, but having a good credit score could result in lower coverage premiums. This is because those with a poor credit rating are often perceived as a higher risk than those with high credit scores.
Ask the Dealer for Coverage Recommendations
Before closing the deal on buying your sports car, ask the salesperson if she or he has recommendations for an insurance provider who can offer you great coverage at a fair price. If you bought the car from an individual rather than a dealership, ask who his or her provider is. Additionally, you could also have some luck turning to a local car club.
Wait Until You’re Older
Your age also determines your insurance rate. Someone under the age of 25 buying a sports car will undoubtedly be seen as a higher risk than an older driver. Even if you are older, you can still be seen as a higher risk if you have a bad driving record.
Driving a sports car is an undisputable thrill, but insuring it can be an expensive ordeal. Do everything you can to get low premiums and take steps to keep them as low as possible.