If you are drawn to the allure of a shiny, fast sports car, you might want to consider getting robust car insurance to protect your investment in your vehicle. <\/p>
With their high-performance engines and athletic designs, sports cars can offer some of the most incredible driving experiences out there. However, the added horsepower means many car insurance companies might be less eager to insure them. Sports cars are often more expensive to repair or replace, which in turn can make insuring them more expensive. <\/p>
Other factors that play a role in most states include your age, credit rating and your ZIP code. And contrary to popular belief, the color of your sports car has no bearing on rates.\u00a0<\/p>
Sports car insurance works similarly to standard\u00a0car insurance\u00a0in which drivers can opt for third party, third party, fire and theft or fully comprehensive cover.\u00a0<\/p>
However, this kind of policy comes with added extras that are specific to a car\u2019s high value, features and high performance \u2013 such as damage to soft top roofs on the vehicle, or to cover any modifications that may have been made to the car.<\/p>
The definition depends on the insurer. That said, generally high-performance cars such as GTs, coupes, roadsters and even some sporty hatchbacks could fall into the sports car category.<\/p>
Other types of car that could be considered sports cars include two-seater cars, cars with a lower suspension (low to the ground), cars in higher insurance groups (more on this below) and cars with bigger engines, designed for high speeds or those that use advanced tech.<\/p>
Insurers put all makes and models of car into\u00a0car insurance groups\u00a0which go from 1 to 50. Where a particular car fits will be defined by its value, security, safety and power or performance.\u00a0<\/p>
The group your vehicle belongs to determines the risk it poses for insurance purposes, which in turn affects its insurance premium. The higher the group, generally the more the policyholder must pay for cover.<\/p>
As sports cars tend to cost more (be of a higher value) and have bigger engines and higher performance they tend to fall into the highest insurance groups. Most sports cars will be in group 30 or above, for example. Some older, or less powerful, sports cars may come into lower groups.<\/p>
While a licensed insurance agent can work with you to find the best coverage for your needs, the general rule of thumb with auto insurance is that you start by considering your assets and what level of financial risk you are willing to assume. Because sports cars tend to have higher-end features, specialty parts and other costly components, you may want more well-rounded coverage to financially protect the vehicle in case of damage. <\/p>
You may also want to consider purchasing liability coverage limits above your state\u2019s minimum requirements. <\/p>
Outside of your state and lender requirements, there are no additional requirements for sports car coverage that drivers must meet. Instead, it is up to sports car owners to ensure they have the breadth of coverage necessary for protecting their assets, as well as for meeting or exceeding their state\u2019s minimum insurance requirements. <\/p>
Consulting with your insurance agent can help you understand what coverage limits and add-ons are available to help further protect your financial stake in your luxury vehicle.<\/p>
Sports car insurance can offer the same coverage as standard car insurance, plus add-on extras or increased limits for some cover that is specific to high-performance or sporty car models.<\/p>
This is likely to include, for example:<\/p>
How much you\u2019ll have to pay to insure your sports car will depend on many variable factors including:<\/p>
In addition to a higher risk profile, sports cars have a higher intrinsic value compared to standard sedans. The higher Insured Declared Value (IDV) on sports cars can make the premium more expensive. How much higher your premium will be than the national average for a standard sedan will depend on your geographic location. It also depends on your marital status, specific vehicle make and model, credit history (in most states) and driving history.<\/p>