What do insurance companies consider a sports car?

Sports Cars and Insurance Companies Summary

Are you in the market for a new car? Perhaps you’re looking to make a smart purchase that’s still fun to drive. But what do insurance companies consider a sports car? Are all 2 door cars considered sports cars? Being a savvy consumer, you’ve decided to do some research on how “fun” your car can be before you get dinged on the insurance for having one of the most expensive cars to insure. Sports car insurance rates average $221.25 per month or $2,655 per year.

Many of us buy first and think later, which can lead to excessive insurance premiums. What is an insurance premium? The price you pay for insurance coverage during a given period of time. We’ve put together this guide to help you decide which car you can afford to insure and answer the questions about what is considered a sports car for insurance purposes.

Before finding delving further into the question, “What do insurance companies consider a sports car?”, you can compare sports car auto insurance quotes among top sports car insurance companies to find the best sports car insurance rates. Let’s find out more about sports car insurance rates and plans so we can answer “What is sports car insurance?” and “How does a sports car affect insurance?”

What are considered sports cars?

With high-performance engines and flashy designs, sports cars can offer unique driving experiences. The added horsepower and speed capabilities mean that insurance companies may be less eager to insure them for competitive rates.

A sports car is typically designated as a vehicle that has a higher horsepower engine, two seats, and generally a smaller overall engine size. This is a broad definition, however, as there is no standard set of rules for classification. Insurers can classify these high-performance cars however they choose.

Certain models from manufacturers like Toyota, Subaru, and Honda may not seem like sports cars but may be categorized as such for insurance purposes. So if you’re wondering something like, “Is an Audi considered a sports car?” or “Is a Honda Civic Coupe considered a sports car?” the answer is that it depends on the insurance company.

High-end sports cars don’t leave room for confusion. Obvious sports cars like those manufactured by Ferrari, Porsche, Lamborghini, or Jaguar offer some of the most high-performance engines that you can buy.

Insurers designate vehicles with a symbol that represents their overall characteristics. Each symbol is assigned a “rating variable,” which more or less helps determine how much you pay for insurance (this is an extremely simple explanation of the concept).

Sports cars have symbols associated with higher auto insurance rates.

It’s best to start comparing affordable sports cars insurance quotes from top auto insurance companies to find the right coverage for you.

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Are sports cars different from others?

What cars are classified as sports cars? How do you tell if a car is a sports car? While each insurer may have a different definition of exactly what it considers a sports car, there are some basic characteristics insurance companies look at to determine where to draw the line (some of which may be pretty obvious).

• Make & Model – A Porsche 911 is a sports car, no further consideration is necessary.
• Number of Cylinders – A car with a 4-cylinder engine will almost always cost less to insure than an 8-cylinder. Of course, there are some 4-cylinder cars that fly, which is why this list contains more items.
• Motor Size – Expect to pay a sports car premium with a 350-cubic-inch motor.
• Horsepower – There may not be an exact cutoff, but the more horsepower, the more likely it will be designated a sports car.
• Height to Weight Ratio – A lightweight car that sits low to the ground typically has some “get up and go.”
• Number of Doors – Not all two-door cars are considered sports cars but also not all four-door cars are sedans.
• “Sports Package” – This may be an otherwise tame vehicle model with a wild package added to it.
• Turbo-Charged/Super Charged – Anything that is badged as turbo or super is likely to be a sports car.

What can you expect to pay for insurance on sports cars? In the next section, we’ll take a look at what factors affect sports car insurance rates.

Is auto insurance for a sports car more expensive?

When you buy a sports car, you need to make sure the insurance policy provides the coverage you need to protect you and your vehicle. To determine the amount of your insurance premiums, the insurance company will ask for information such as: make and model, cylinder and horsepower, amount paid as well as height and weight.

Is insurance more for a sports car? Sports car insurance costs will be more expensive than insurance for other types of cars. But why?

The allure of this type of vehicle is that it’s fast, sexy, and inherently more dangerous to drive than a minivan. Forbes stated that “sports cars are just plain built for going fast and driving aggressively — nobody buys a low-slung speedster just to pilot passively to church on Sundays.”

While “sexy” is not a rating factor for any insurer that we’re aware of, terms such as “fast” and “dangerous” certainly stir up images of police lights, speeding tickets, and accidents for insurers. But they’re not just imagining things; sports car insurers have the data to back it all up. (For more information, read our “How much does insurance go up after a ticket?“).

Cars with the Most Frequent Occupant Fatalities

As you can see from the table above, out of the top 10 cars with the highest fatal accident rates, 50% are sports cars.

It boils down to this: Sports cars are known for being involved in high-risk driving behaviors and therefore more likely to be in accidents. These cars typically cost more to manufacture, therefore they cost more and are more expensive to repair or replace in the event they are damaged. Combine that with the fact that tickets may be more common and you’ve got a higher insurance rate.

Read more:

• Do I have to tell my insurance company about my speeding ticket?
• How do insurance companies find out about speeding tickets?

The Insurance Institute for Highway Safety concurs that sports cars provide a higher risk, but also says that efforts are being made to make these cars as safe as possible.

As a side note, sports car insurance for a driver under 25 is exceptionally expensive due to the liabilities of the car and the inexperienced driver combined.

Sports car insurance works the same as other types of insurance, however, you will need to find an insurer that will insure your high-performance vehicle. Because sports cars represent a higher risk to insurers, it might be challenging to find a company that will provide insurance for your high-performance sports car. When these types of vehicles get in an accident, the claims can be significant.

How much does it cost to insure a sports car?

As with most cars, insurance rates will vary depending on the type of car and the insurance provider providing the policy. Rates also depend on many things such as age, driving record, and location. As we’ve discussed, though, insurance rates will definitely be higher for sports cars.

Monthly Average Car Insurance Rates By Vehicle Type

The data above shows average annual rates for several popular vehicle types. The sports car edges out the other vehicle types on the table. What does Geico consider a sports car? Every company can have different specifications, so it’s best to ask a Geico insurance agent if you want to know what qualifies a sports car.

Let’s take a look at some examples and tiers of insurance in order to answer, “How much would insurance be for a sports car?”

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What are the cheapest sports cars to insure?

Not all sports cars have insurance rates that are through the roof. Some of these cars average relatively affordable premiums. For a few cars, the yearly sport car insurance cost is close to the national average.

Cheapest Sports Car Average Monthly Insurance Rates

Looking at some of these rates and cars might be a little surprising. Is a Mustang considered a sports car for insurance?  How does the popular Camero rank as one of the cheaper to insure? Is a Nissan Maxima considered a sports car for insurance purposes? These rates demonstrate that some sports cars can garner reasonable rates.

The Mazda MX-5 is a popular sports cars and it’s one of the more affordable to insure. One of the least expensive sports cars on this list, the Hyundai Veloster, is also on the cheaper end for insurance. The same goes for the Fiat 24, which has both a reasonable sticker price and more affordable insurance rates.

Read more: Why are some car insurance companies cheaper than others?

Perhaps two of the most iconic cars of all time on the list, the Ford Mustang and the Chevrolet Camaro, are also relatively inexpensive to insure.

What’s mid-level sports car insurance?

This category contains an iconic sports car as well as a few newcomers. MSRPs for these vehicles tend to be higher than those of the average vehicle.

Mid-Level Sports Car Average Monthly Insurance Rates

Vehicle Make and Model	Rates
Toyota 86 (Scion FR-S)	$171
Nissan 370Z	$183
Dodge Challenger	$199
Chevrolet Corvette	$206

This list holds one of America’s beloved muscle-car era vehicles in the Dodge Challenger. Is a Dodge Challenger considered a sports car? Is a Chevy Cruze considered a sports car? Some might say no, but as discussed above, the distinction is up to the insurance companies.

The Dodge Challenger combines an intense driving experience with hefty insurance rates. Formerly known as the Scion FR-S, the Toyota 86 is one of the newer names on the list with insurance rates that are more expensive than other vehicles at a similar price point.

One of the most iconic sports cars in history, the Chevy Corvette holds a spot on the list with a heftier price tag and insurance rates. Finally, the Nissan 370Z is a moderately-priced sports car with higher-than-average insurance rates.

What’s high-end sports car insurance?

The cars in this category are as sleek and powerful as luxury sports cars. Given the performance and MSRPs of these vehicles, insurance rates will be much higher.

High-End Sports Car Average Monthly Insurance Rates

BMW, known for its luxury and power, saw the i8 come in with some of the highest average rates among cars. The classic Porsche 911 comes with high performance, a high price tag, and above-average insurance rates. The only electric vehicle on this list, the Tesla Model S has redefined the idea of a sports car. With a very high MSRP and complex engineering, the Model S has higher-than-average insurance rates as well.

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How to save money on insurance for sports cars?

As discussed, your specific insurance rates will depend on a number of variables. We also know that your new sports car will come with higher rates due to the risk associated with such a vehicle.

Opportunities for car insurance discounts will vary depending on the insurance company; however, doing some research may yield some program discount incentives. Some common discounts offered by insurance companies include:

• Added safety features – Additional vehicle safety equipment reduces the risk to the insurer and may come with a discount.
• A clean driving record – A usage-based program may provide discounts for monitoring your safe driving.
• Anti-theft devices – Features that deter theft will yield a discount as they reduce the risk to the insurer.
• Defensive driving courses – Some insurers will give you a policy discount if you successfully complete a driving course.
• Bundling policies – If you have additional types of insurance, such as a homeowners policy, with the same company, you may get a discount.
• Insuring multiple vehicles on the same policy – As with the bundling discount, you reap the benefits of having more than one vehicle insured on your insurance policy.

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