Cheapest Car Insurance For Sports Cars 2024
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Globally, sports cars make up 5.6% of market revenue. When it comes to insuring these vehicles, drivers can generally expect to pay more than the national average due to the increased collision risk and the higher costs to repair. However, as an insurance expert in the industry for over 20 years, there are a few cheaper car insurance companies I would recommend.
As with any other insurance policy, the price you pay for a sports car will depend on various factors, such as where you live, the year, the make and model of the car, and your prior driving experience. If you own a sports car and are shopping around for new insurance, here are the cheapest car insurance policies to check out.
Key Takeaways
The price you pay for insurance on your sports car will depend on what type of car and the insurance company
Sports cars are more expensive to insure because they are often driven by inexperienced drivers, are high-performance, are stolen more frequently, and are generally more expensive to replace.
The cheapest sports car to insure is a Chevy Camaro at $1,518 annually.
Who Has The Cheapest Sports Car Insurance?
The cheapest company for sports cars will vary as the rate depends on the coverage you select. Adding comprehensive and collision coverage to a policy will increase the rates, while insuring a vehicle with liability only will be cheaper. Based on my experience and research, USAA offers the least expensive policy for sports cars at an average of $1,347 a year.
Is Car Insurance For Sports Cars More Expensive?
According to an Insurify study, sports cars account for half of the top 10 vehicles involved in accidents. In addition, 11.7% of all Audi S4 drivers have had a prior at-fault accident, making it the car model with the most accidents. As such, insuring this car, and other sports cars, are generally more expensive to insure than other makes and models.
The following are additional reasons why insurance is pricier for sports cars.
- Drivers – The Highway Loss Data Institute conducted a study that states young drivers are 6 times more likely than adults to have claims in midsize sports cars. Additionally, the National Highway Traffic Safety Administration states younger drivers make up 5.1% of all drivers but account for 8.5% of all fatal crashes. Since teenagers are more likely to drive sports cars and more likely to get into car crashes, it’s understandable that auto insurance rates will be higher for both.
- High Performance – Sports cars are high-performance vehicles, so they tend to reach higher speeds than other cars. Of the top ten vehicle makes with the most speeding tickets, 90% were sports cars. Whether drivers who regularly speed primarily gravitate towards these types of cars or the cars themselves cause drivers to speed, the impact on insurance is the same.
- Theft- According to the FBI, car thefts have increased 9%. The Highway Loss Data Institute cites two particular sports car models, the Dodge Charger SRT Hellcat, and the Dodge Charger Hemi as being stolen 60 times more than the average for the 2020-2022 models. Thieves are drawn to sports cars because their overall value is higher. Thus, the higher risk of theft results in the higher insurance price.
Note: Despite not being sports cars, the insurance prices for Kias and Hyundais have also skyrocketed within the past year. This is due to a series of TikTok videos where content creators demonstrated how easy it was to hot wire these cars. Insurance rates are routinely changing based on the trends companies are seeing in their losses.
- Value – The value of sports cars is higher due to their powerful engines and advanced suspensions and because they are made with better and more expensive materials. Since it costs insurance companies more to repair or replace these vehicles in an accident, the insurance price will be higher as a result.
Note: Purchasing an older model sports car may help with insurance costs. Before choosing a specific vehicle, call your insurance company and get a quote to ensure you aren’t blindsided by the cost to insure it!
How Much Is Insurance For A Sports Car?
The price of insurance depends on many different factors, including the type of vehicle you drive. For the reasons mentioned above, sports cars are generally more expensive to insure than most other types of cars. The average price of insurance on a sports car is $3,660 per year for full coverage.
Other factors that may impact the price you pay for a sports car are the following:
- Where you live
- Your driving history
- Prior accidents/violations
- Your credit score
- The coverage you choose
- Deductible amounts
- Applicable discounts
Note: While most insurance companies use the same rating factors in car insurance, each will weigh them differently. This means that you may be able to get a lower price on your sports car elsewhere. It’s recommended to get quotes from different companies every year to ensure you are getting the best price.
What Are The Cheapest Sports Cars To Insure?
The make and model of your sports car will largely determine what you pay for insurance. If price is important to you, it’s a good idea to purchase a sports car with a lower average insurance rate. Based on my research, the Chevrolet Camaro tends to be one of the cheapest sports cars to insure with Nationwide at $1,518 annually.
For those who would prefer other makes of sports cars, here is a list of the most common makes and models and the average price of insurance.
| Sports Car | Average Insurance Price |
| Porsche Taycan | $1,256 |
| Nissan 350Z | $1,279 |
| Ford Mustang EcoBoost | $1,872 |
| Subaru WRX | $1,145 |
| Chevrolet Camaro LS | $1,564 |
| Subaru BRZ | $1,216 |
| Chevrolet Camaro SS | $1,586 |
| Dodge Challenger R/T | $1,656 |
| Ford Mustang GT | $1,643 |
| Toyota 86 | $1,565 |
Cheapest Car Insurance For Sports Cars
For those who currently drive a sports car or are not willing to compromise on a specific make and model, the following is a breakdown of sports car insurance prices by company.
Toyota GR86
For Toyota GR86 owners, my research shows that USAA is the least expensive company to insure at $1,944 annually. USAA only offers insurance to those who are in active military or their families. If you don’t qualify for USAA, State Farm is also inexpensive at $2,136 per year.
| Insurance Company | Average Annual Premium |
| USAA | $1,944 |
| State Farm | $2,136 |
| GEICO | $2,220 |
| Safeco | $2,220 |
| Nationwide | $2,460 |
| Allstate | $2,664 |
| Progressive | $3,144 |
| American Family | $3,384 |
| Liberty Mutual | $3,396 |
| Direct Auto | $3,804 |
Ford Mustang
Once again, my research finds USAA to be the cheapest sports car insurance company for the Ford Mustang with an average annual premium of $1,656. State Farm is a close second with an average price of $1,824 annually.
| Insurance Company | Average Annual Premium |
| USAA | $1,656 |
| State Farm | $1,824 |
| GEICO | $1,896 |
| Safeco | $1,896 |
| Nationwide | $2,100 |
| Allstate | $2,268 |
| Progressive | $2,676 |
| American Family | $2,880 |
| Liberty Mutual | $2,892 |
| Direct Auto | $3,240 |
Chevy Camaro
The cheapest insurance for the Chevy Camaro sports car is once again USAA at an average annual premium of $1,704. State Farm, GEICO, Safeco, and Nationwide round out the top 5 least expensive insurers for this make and model.
| Insurance Company | Average Annual Premium |
| USAA | $1,704 |
| State Farm | $1,872 |
| GEICO | $1,944 |
| Safeco | $1,944 |
| Nationwide | $2,160 |
| Allstate | $2,328 |
| Progressive | $2,748 |
| American Family | $2,964 |
| Liberty Mutual | $2,976 |
| Direct Auto | $3,336 |
Dodge Challenger
The average price to insure a Dodge Challenger is $3,240 per year. But according to my research, State Farm is the cheapest insurer for Dodge Challengers at $1,853 annually. Safeco and USAA also offer insurance at a price lower than the national average.
| Insurance Company | Average Annual Premium |
| State Farm | $1,853 |
| Safeco | $2,100 |
| USAA | $2,339 |
| GEICO | $2,727 |
| Nationwide | $3,182 |
| American Family | $3,204 |
| Liberty Mutual | $3,228 |
| Direct Auto | $3,600 |
| Allstate | $4,570 |
| Progressive | $4,759 |
Porsche 911
Drivers with Porsche 911s can expect to pay an average of $3,744 annually for their insurance. Allied offers the least expensive option for insurance on this car at $1,177 per year.
| Insurance Company | Average Annual Premium |
| Allied | $1,177 |
| Tennessee Farmers | $1,389 |
| Nationwide | $1,682 |
| Auto Owners | $1,918 |
| 21st Century | $2,102 |
| Vermont Mutual | $2,460 |
| Country | $2,462 |
| Arbella | $2,551 |
| Erie | $2,598 |
| Plymouth Rock | $2,710 |
Audi A5
Depending on the trim level and year, the price of insurance on an Audi A5 can average $2,732 a year. Allied offers the cheapest insurance for Audi A5s at $1,082 per year, while Tennessee Farmers is next in line at $1,389.
| Insurance Company | Average Annual Premium |
| Allied | $1,082 |
| Tennessee Farmers | $1,389 |
| American Family | $1,582 |
| Nationwide | $1,593 |
| Vermont Mutual | $1,806 |
| Erie | $1,827 |
| 21st Century | $1,827 |
| State Farm | $1,974 |
| USAA | $2,069 |
| Country | $2,091 |
Chevy Corvette
Country offers the cheapest insurance for the Chevy Corvette at $1,372 annually, followed by USAA at $1,608 per year.
| Insurance Company | Average Annual Premium |
| Country | $1,372 |
| USAA | $1,608 |
| Texas Farm Bureau | $1,739 |
| Erie | $1,748 |
| State Farm | $1,776 |
| GEICO | $1,848 |
| Safeco | $1,848 |
| Nationwide | $2,040 |
| Allstate | $2,208 |
| Travelers | $2,230 |
Mazda MX-5 Miata
The cheapest insurance for the Mazda MX-5 Miata is Allied at $705 per year. Nationwide and Vermont Mutual follow at $916 and $973 respectively.
| Insurance Company | Average Annual Premium |
| Allied | $705 |
| Nationwide | $916 |
| Vermont Mutual | $973 |
| Country | $1,190 |
| Acuity | $1,290 |
| Arbella | $1,303 |
| USAA | $1,320 |
| GEICO | $1,324 |
| Tennessee Farmers | $1,389 |
| Southern Farm Bureau | $1,393 |
BMW I8
The average price for car insurance on a BMW I8 is $3,212 per year. My research shows that Progressive offers the cheapest price for these cars at $2,315 annually.
| Insurance Company | Average Annual Premium |
| Progressive | $2,315 |
| State Farm | $2,423 |
| GEICO | $2,663 |
| Travelers | $2,698 |
| Nationwide | $2,934 |
| USAA | $3,228 |
| State Farm | $3,564 |
| Safeco | $3,696 |
| Allstate | $4,428 |
| American Family | $5,628 |
Lamborghini Huracán
The average price of insurance on a Lamborghini Huracan is $5,208 per year. Fortunately, all the insurers on my list offer insurance below this amount. Based on my research, Westfield is the least expensive insurer for Lamborghini Huracans at $1,409 per year.
| Insurance Company | Average Annual Premium |
| Westfield | $1,409 |
| American Family | $1,506 |
| USAA | $2,496 |
| Allstate | $2,556 |
| State Farm | $2,760 |
| Farmers | $2,786 |
| GEICO | $2,868 |
| Safeco | $2,868 |
| Nationwide | $3,168 |
| Progressive | $4,044 |
How To Find Cheap Sports Car Insurance
To find cheap sports car insurance, drivers should follow the steps outlined below:
Research
You should first research which sports car you’d like to buy, based on which factors such as price and performance are most important to you. In general, cars that typically cost more are also more expensive to insure, while vehicles that don’t go as fast will save you some money on insurance.
Determine Coverage
Next, determine which coverage you want on the car. If you’re financing, the bank will likely require you to carry both comprehensive and collision coverage, so you must ensure you get quotes that include that level of insurance. You should also consider how much liability coverage you want as well.
Compare Quotes
To ensure you are getting the best price for your vehicle, your next step should be to compare quotes with different insurance carriers. One way to do this would be to contact a local independent agent who represents multiple insurance companies. They will be able to provide you with a few companies for comparison.
Monitor Rates
Once you have chosen your insurance company, you should monitor the premium at each renewal. As your policy renews, your price will likely change as will your unique circumstances. You may require more or less coverage than you did previously and you may want to shop around for a new policy.
What Does Sports Car Insurance Cover?
Insurance for sports cars usually offers the following coverages:
- Bodily Injury- Bodily Injury pays for any damage you cause to another person. The limit is typically broken down into a per-person and per-accident limit.
- Property Damage- This coverage pays for damage you cause to another person’s property, including another vehicle.
- Medical Payments- This coverage pays for medical expenses you or your passengers incur, regardless of fault.
- Personal Injury Protection (PIP)- Similar to medical payments, this coverage also pays you and your passengers for medical expenses. However, it also offers broader benefits, such as lost wages and funeral expenses.
- Uninsured/Underinsured Motorist- Uninsured motorist covers your bodily injury or property damage if you are hit by someone who doesn’t have insurance. Underinsured motorist is similar but pays for your bodily injury or property damage if you are hit by someone who doesn’t have enough insurance to cover your damages.
- Comprehensive- This coverage pays for the physical damage to your car by non-collision events such as fire, theft, vandalism, or collision with an animal.
- Collision- This coverage pays for damage to your car caused by colliding with another vehicle or object.
Most states will require you to carry a minimum amount of liability insurance to register your car. Purchasing comprehensive and collision coverage is optional unless you are financing or leasing. However, you may still want to have these coverages depending on the value of your sports car.
Auto Insurance companies will pay the actual cash value of your car in a loss, which considers depreciation. Most cars tend to depreciate in value as they get older. This means that if the value of your sports car is on the lower side, it may not be worth paying extra for comprehensive and collision.
Note: If you make any modifications to your sports car, be sure to notify your insurance company. You may need a special endorsement or a new policy to cover any enhancements not made by the vehicle’s manufacturer.
What’s The Difference Between Sports Car Insurance And Other Car Insurance?
There is no difference between sports car insurance and other car insurance, except the type of vehicle insured. In fact, a sports car can be added to a standard auto policy as the coverages are exactly the same. However, the cost of insurance on sports cars will often be more expensive than other vehicles due to the higher performance and cost of repair.
FAQs
Why are sports cars more expensive to insure?
Sports cars are often more expensive to insure than other vehicles due to a few different factors. Namely, the cost of repairing or replacing the cars. These cars can also hit higher speeds which can cause more accidents and more overall damage, which accounts for the higher premiums.
How to lower your sports car insurance?
To lower your sports car insurance premium, you can ask your insurance company or agent to review your policy for any possible discounts for which you are eligible. You also may be able to lower your coverage or increase deductibles to help save money. Additionally, if you live in a state where credit is used for rating, improving your credit score can result in lower premiums.
Are older sports cars cheaper to insure?
In general, older sports cars are cheaper to insure because they may cost less to repair or replace in an accident. However, classic or antique cars may be more expensive to insure. It’s always best to get a quote from your insurance company to confirm the exact cost to insure your vehicle.
Sources
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