What is sports car insurance?
Insurance for sports cars is much like any other car insurance policy, and it’s likely you won’t need to find a specialist insurer. However, sports cars are inevitably classed in the highest insurance groups – and because they are involved in accidents more often and because replacement parts cost a lot, cover for sports cars is much more expensive than normal.
If you’re looking for cheap car insurance for your sports car however, it’s still possible to save money if you’re smart.
Does it cost more to insure a sports car?
Insurance is more expensive for sports cars than for almost any other type of car. This is because insurers believe that a sports car poses a greater financial risk. There are several reasons for this:
- Sports cars have more powerful engines and reach higher speeds, which increases the statistical likelihood of an accident
- Sports cars are more likely to be targeted by thieves and vandals, and providers have to take this danger into account
- Many sports cars have soft, convertible tops, further increasing the risk of theft or vandalism
- Replacement parts for a damaged sports car are often expensive and more difficult to source
Can I get sports car insurance if I’m under 25?
Some providers of sports car insurance impose an age restriction on their policies, limiting options for young drivers.
However, even among providers who do consider younger drivers, you’re still likely to find that sports car insurance is extremely expensive.
Drivers under 25 face much higher premiums in regular cars than older drivers, because they’re statistically more likely to be involved in an accident. While only 7% of motorists are under 25, they are involved in a quarter of all traffic accidents leading to a fatality or serious injury. This risk, combined with the specific dangers of sports cars, leads to simply enormous premiums.
How can I get cheaper sports car insurance?
While insurance premiums for sports cars are so high, there are still plenty of ways you can help bring your costs down. These include:
- Avoid modifications: While it’s popular to modify sports cars – for instance, by adding new wheels, tinted windows or a custom exhaust system – this can significantly increase the price of insurance, and insurers can’t check the standard of alterations. It may also make your car more attractive to thieves or vandals
- Boost your security: Your insurance premiums should fall if you add security features such as an alarm or an immobiliser, and park your car in a garage or driveway rather than on the street
- Limit your mileage: Because many sports car owners drive infrequently – on weekends or during warm weather – you might be able to get a significant discount on your sports car insurance if you agree to only drive a certain number of miles per year. You would have to keep to this limit to avoid invalidating your insurance, and your car must remain insured at all times (unless you take it off the road)
- Increase your excess: If you agree to increase your voluntary excess – the amount you pay yourself in any insurance claim – you might be able to get a better deal. You should always make sure you can afford your excess in case you need to make a claim
- Join a sports car club: If you’re a member of a recognised sports car club, you may be able to get insurance discounts from some providers
- Add a named driver: A young person driving a sports car could add a named driver – an older and more experienced driver of the same car – to the policy, which will bring down costs. To avoid invalidating your insurance and breaking the law, the main driver of the car must always be the person indicated as the main driver on the policy
Compare cheap sport car insurance quotes
MoneySuperMarket’s online comparison service is a quick and easy way to compare cheap quotes for sports car insurance. Just remember to read the small print carefully to make sure the cover is adequate. Some policies, for example, do not insure track events or races, so you might need to seek specialist advice if you plan to use your sports car in unusual ways.
