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Does it cost more to insure a sports car?

Posted by AnswerFinancial

Heavy on horsepower–but often light on fuel efficiency–sports cars have played a significant role in automotive culture since Ferdinand Porsche was credited with designing one of the first, The “Prince Henry Vauxhall” in 1910. In America, Ford, Chrysler and General Motors have produced dozens of  sports and “muscle” cars which have infiltrated American culture as a symbol of freedom, success and excitement through their depiction in movies, advertisements, showrooms and on the streets. So, how much does it cost to insure a sports car compared to other vehicles? Let’s take a look at what would happen if a sedan driver were to (yes, upgrade) to a slightly used Chevy Corvette Z06 V8 as a 40th birthday (mid-life crisis *cough cough*) present.

What factors would affect the insurance premium of a sports car?

Revved up horsepower can mean higher insurance premiums. Insurance companies take several factors into consideration:

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So what’s the bottom line?

Let’s take “Jeff”– a 40-year-old male male living in Los Angeles, CA, who lives in a house and has another driver on his policy. He plans on garaging the Corvette and will purchase the following insurance coverage: Bodily Injury Liability Limits of $25,000 per person and $50,000 per accident, Property Damage Limits of $25,000 per accident, Uninsured Motorist coverage equal to his Bodily Injury and $500 deductibles on his Collision and Comprehensive coverage. About how much would his insurance change if he traded in his 2008 Toyota Camry for a 512 horsepower, 2008 Chevy Corvette Z06? Just for fun, we also considered a vintage Corvette for Jeff. The results may surprise you.*

Who is Answer Financial?

Answer Financial can help you compare, buy and often save the smart way on insurance. So before you shop, remember to rely on your insurance experts to find you the right home insurance plan for your needs and budget.

*Quotes are generated from AnswerFinancial.com. Actual quotes may vary based on numerous factors. **Results of a national survey of new Answer Financial customers reporting insurance savings 2023.

September 15, 2023

Sources: Experian, “How Does Mileage Affect Car Insurance?” https://www.experian.com/blogs/ask-experian/does-mileage-affect-car-insurance/ Cars.com, “These Vehicles Are Most Vulnerable to Theft, Says IIHS,” https://www.cars.com/articles/these-vehicles-are-most-vulnerable-to-theft-says-iihs-457296/ *Results of a national survey of new Answer Financial customers reporting insurance savings 2023.

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