Cars and Trucks

Performance Cars Insurance: Everything You Need to Know

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Buying performance cars insurance policies can be expensive because of the exorbitant price tags of these vehicles. If you own a performance car, it is important to know about different insurance options you can purchase to protect yourself and your car. In this article, we discuss the cost of insuring performance cars.

What Makes Car Insurance for Sports Cars Different?

Buying insurance for sports cars is different because of the distinct qualities of these vehicles. They have more horsepower, striking designs, and huge purchase and maintenance costs. These factors make performance cars high-risk items for auto insurance providers.

What Is a Sports Car?

According to The Zebra, a sports car is smaller than a regular sedan and has a high horsepower engine and just two seats. However, insurance companies have developed their own criteria for qualifying sports cars as some regular car brands also mass produce vehicles that fall into this category.

Which Car Insurance Companies Offer Insurance for High-End Sports Cars?

Companies that produce high-end sports cars include Porsche, Bugatti, Aston Martin, Ferrari, Lamborghini, and Jaguar, among others. You won’t likely find insurance policies for these powerful cars from regular auto insurance providers. Insurers such as AIG, Chubb, and Cincinnati Insurance Company are some carriers that can provide coverage for high-end sports cars.

Is it Expensive to Insure a Sports Car?

Policy Genius says that sports cars cost more to insure compared to regular sedans and minivans for several reasons.

  • They have a higher price tag.
  • They have more powerful engines.
  • Drivers take more risk when driving sports cars because of their higher engine performance.
  • They are attractive to car thieves.

    How Much Is Insurance for a Sports Car?

    The cost of insuring a sports car depends on several factors, including the car model and make, the insurance provider, and your driving history.

    What Are the Cheapest Sports Cars to Insure According to The Zebra?

    The Zebra shows that these sports cars have the cheapest insurance rates.

    Mazda MX-5 Miata

    The Miata is a popular and affordable sports car. It’s also one of the cheapest to insure compared to the national average. Nationwide offers the most affordable annual insurance rates for the MX-5 Miata. According to The Zebra, here are the average annual insurance rates for the Miata from different companies:

    • Allstate – $2295
    • GEICO – $1589
    • Farmers – $1367
    • Liberty Mutual – $1848
    • Nationwide – $1004
    • Progressive – $1657
    • State Farm – $1380
    • USAA – $1239

      Hyundai Veloster

      The Hyundai Veloster is another sports car with affordable insurance costs. It costs an average of $1712 to insure the Veloster annually. Nationwide offers the cheapest coverage for the vehicle. Here are the insurance rates for the car according to The Zebra:

      • Allstate – $2429
      • GEICO – $2185
      • Farmers – $1419
      • Liberty Mutual – $2054
      • Nationwide – $1112
      • Progressive – $1730
      • State Farm – $1508
      • USAA – $1264

        Fiat 124 Spider

        Costing only $1527 to insure per year, the Fiat 124 Spider is another sports car with cheap insurance costs. The vehicle is also one of the most affordable high-performance cars on the market. Nationwide and USAA offer the cheapest premiums for this car. Here are the annual insurance premiums for the vehicle from different carriers:

        • Allstate – $2302
        • GEICO – $1614
        • Farmers – $1331
        • Liberty Mutual – $1798
        • Nationwide – $883
        • Progressive – $1671
        • State Farm – $1438
        • USAA – $1175

          Ford Mustang

          The Mustang is one of the most popular muscle cars in the United States. It is affordable and also comes with cheap insurance rates. Again, Nationwide offers the cheapest insurance premiums for this vehicle. Here are the annual premiums from different carriers for the Ford Mustang:

          • Allstate – $2858
          • GEICO – $2110
          • Farmers – $1822
          • Liberty Mutual – $1835
          • Nationwide – $1237
          • Progressive – $1977
          • State Farm – $1474
          • USAA – $1260

            Chevrolet Camaro

            The Camaro is another favorite muscle car popular among drivers in the U.S. It has been dubbed the poor man’s sports car thanks to its exceptionally low price. It costs an average of $1821 to insure the Chevy Camaro. USAA offers the most affordable rates for this car, although you might need to belong to a military family to qualify for the company’s policies.

            Here are the insurance rates for the Camaro from different carriers:

            • Allstate – $2440
            • GEICO – $1988
            • Farmers – $1618
            • Liberty Mutual – $1962
            • Nationwide – $1502
            • Progressive – $1922
            • State Farm – $1734
            • USAA – $1398

              What Are the Cheapest Mid-Level Sports Cars to Insure According to The Zebra?

              Mid-level sports cars are more expensive than regular vehicles. They are also popular among lovers of performance cars. The following are the cheapest mid-level sports cars to insure, based on data from The Zebra:

              Dodge Challenger

              The Dodge Challenger is a high-end muscle car that delivers adrenaline-pumping driving experiences. It costs an average of $2389 to insure per year. Nationwide provides the cheapest car insurance rates for this car. Here are the annual premiums for insuring the Dodge Challenger from the major car insurance companies:

              • Allstate – $3480
              • GEICO – $2772
              • Farmers – $2590
              • Liberty Mutual – $1975
              • Nationwide – $1524
              • Progressive – $2259
              • State Farm – $2283
              • USAA – $2228

                Toyota 86

                The Toyota 86 is a new entrant in the market, and it is one of the few affordable mid-level sports cars. Insuring the vehicle per year costs an average of $2057. USAA and Farmers provide the most favorable insurance rates for this vehicle. Here are the insurance premiums for this car from major insurers:

                • Allstate – $2949
                • GEICO – $2924
                • Farmers – $1587
                • Liberty Mutual – $2155
                • Nationwide – $1686
                • Progressive – $1957
                • State Farm – $1785
                • USAA – $1409

                  Chevrolet Corvette

                  The Chevy Corvette is one of the most popular sports cars from a traditional car manufacturer. The car has an average insurance premium of $2467 per year. Here are the rates from different insurers for this car:

                  • Allstate – $3612
                  • GEICO – $2149
                  • Farmers – $2384
                  • Liberty Mutual – $2384
                  • Nationwide – $1204
                  • Progressive – $2587
                  • State Farm – $2400
                  • USAA – $1874

                    Nissan 370Z

                    The 370Z is an affordable mid-level sports car with an average yearly insurance rate of $2195. Here are the insurance rates for the vehicle from the major insurance companies:

                    • Allstate – $2873
                    • GEICO – $3228
                    • Farmers – $2009
                    • Liberty Mutual – $1944
                    • Nationwide – $1411
                    • Progressive – $2696
                    • State Farm – $1834
                    • USAA – $1567

                      Check this out if you need additional information, resources, or guidance on car insurance.

                      Sources:

                      Car insurance for exotic and performance cars

                      Sports Car Insurance

                      What is the Cheapest Car to Insure?

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