After reading multiple reviews, watching countless videos and saving thousands of pounds, you’ve just purchased your dream sports car. This will be an exciting moment for any driver. For many motorsport enthusiasts, sports cars are a part of their identity, and this can be expressed with the right vehicle.
This guide will help you better understand the insurance implications of owning a sports car. You don’t have to pay a crazy amount for cover when using an online comparison. It’s quick and easy to compare very cheap car insurance quotes to find the best deal. You can select between varying levels of cover such as Third party, Third party, fire and theft and Comprehensive and filter deals by price.
Do I need specialist car insurance cover?
When looking for a good car insurance policy for your new sports car, you don’t actually need a specialist type policy. If you do want cover for something specific, make sure you read the terms and conditions beforehand to see if it will be included.
For example, you may want to be insured against malicious damage to your car’s body, paintwork or tyres. If you do find a suitable policy that covers every type of scenario you can think of, it’s important to disclose every detail about your vehicle to ensure a claim isn’t refused by the provider. This is because some sports cars come with modifications and optional extras that may have been included by the previous owner. If it’s a stock car, you don’t have to worry about this.
What actually qualifies as a sports car?
Most insurance underwriters will define a sports car as a car that is specifically designed to be a performance vehicle from the offset. Common examples include: coupes, roadsters and GTs. With this in mind, your car could still be classed as a sports car even if it doesn’t fit into one of the above categories.
Many years ago, a number of car manufacturers realised that there was a demand for high performance vehicles that were practical for everyday real world usage. Traditionally, sports cars are normally designed to be compact, lightweight and aerodynamic, which meant very little room on the inside for more than two people and no space in the boot. The attitude for what describes a sports car has altered over the past few decades. The VW Golf GTI is a hot hatchback, the BMW M5 is a sports saloon and more recently, performance SUVs like the Porsche Cayenne have hit the market. These three cars don’t meet the traditional definition but are performance vehicles nonetheless.
Why does it cost more to insure a sports car?
All new cars are placed into an insurance group. This will be based on the associated risk factor, which is calculated by looking at statistics surrounding the previous number and type of claims for similar vehicles. The level of risk is assessed on how likely a driver is to make a claim and what the total cost would be to make things right.
With sports cars, many insurers will look at the performance level straight away. It won’t come as a surprise that these vehicles include engines that provide rapid acceleration and a higher top speed compared to most cars you’ll see on the road.
Manufacturers also engineer these cars to be similar in characteristic to racing cars, including excellent handling and good braking systems. Whilst great, this unfortunately, increases the chances of being involved in an accident as not all drivers are responsible on the road with this type of vehicle class.
Performance vehicles also cost more to repair and replace, as the parts needed cost more and can be difficult to source as they aren’t always readily available. These cars also attract higher price tags too, requiring specialist servicing. Your everyday mechanic may not know how to carry out maintenance on these types of vehicles. Thieves are also attracted to these cars, making the likelihood of theft greater.
What’s the cheapest sports car to insure?
We’ve put together a list of ten sports cars with a cheaper average premium. Figures were obtained between the dates of June 2019 and December 2019.
1. Porsche Boxster
2. Mazda MX-5
3. BMW Z4
4. Porsche 911
5. Porsche Cayman
6. Toyota MR2
7. Porsche Macan
8. Toyota Celica
9. Ford Mustang
10. Nissan GT-R
It is important to note that the car itself is only one factor that is used to calculate the premium. Other factors that will alter the total insurance price include: the driver’s age, previous driving history and how many years no claims bonus has been built up.
To get cheaper car insurance cover, use the following tips:
• Always drive safely and responsibly
• Build your No Claims Bonus
• Increase your voluntary excess
• Select a less exotic car model
• Reduce your annual mileage
• Consider a telematics insurance policy
• Have a car alarm and immobiliser fitted in your performance vehicle
In summary, sports cars carry addition risk factors making them more expensive to insure. You can save money on cover by using the tips listed above. Remember to always drive responsibility for your own safety and those around you.