So the speed fiend in you has finally gotten the car of your dreams—one that can blaze rubber down the highways and leave only a blur on traffic cameras. Before you turn that key, though, you’ll want to make sure that the vehicle is properly insured. Playing out your high-speed fantasies can turn very pricey indeed when accidents that produce damaged cars, and high-cost transportation is involved. Proper coverage can take a load off one’s mind, especially with big ticket items like sports cars, where a ding on a bumper can cost anywhere between hundreds and thousands of dollars to replace. Insurance is something you’ll definitely want to look into for your new purchase.
Unfortunately, specialist sports car insurance isn’t cheap. Insurance companies see such commodities as luxuries, and risky ones at that. The fact that such cars are built for speed and that their owners usually are not timid about putting their engines to the test, makes for very expensive premiums.
There are ways, though, you can make sure to get the best deals on your sports car insurance.
First, is it really classified as a sports car by your insurance company?
Different companies classify cars by different standards. Some use price as a basis, and these cars may be classified as luxury cars—not necessarily sports cars (which have more expensive coverage). Some use a car’s age as one of the deciding factors— a classic Firebird may be viewed as a classic collectible rather than a speedster. Generally, the rule of thumb is: if it has only two doors, it’s probably going to be viewed as a sports car. So if you haven’t purchased the vehicle yet, 4-doors may well become one your criteria in choosing.
Other factors also enter prominently into a sports vehicle’s insurance rates. An owner’s pristine driving record could reduce premiums greatly, and a good credit rating always helps. The area in which the car will mostly be driven is something taken into account. Urban areas have higher incidence rate of accidents and theft, whereas more suburban or provincial locales are seen as lower-risk places for anything other than cheap cars. Insurance companies also notice if you order safety extras like antilock brakes, srs airbags and traction controls for stability. This kind of mindset in a client reassures them and helps lower your premiums.
All of these considerations mean one thing for you and your roadster: Do your research. Sports cars are a big gray area in auto insurance, and spending few extra hours to find a good deal could mean the difference in spending a few extra grand in pricey premiums.