How much does car insurance cost for sports cars?
How much does it cost to insure a coupe?
Depending on the make and model of your coupe, insurance premiums are generally higher than average for this car type.
Sports car insurance premiums vary—but in general, they’re high. Even if you have a clean driving record, you’ll be considered a higher risk than most drivers. So even if you choose only property damage and bodily injury liability coverage, you’ll pay hefty auto insurance rates.
Unless you paid cash for that new Ferrari, you’ll be paying a loan on it, meaning your lender will require you to have full coverage (liability, comprehensive, and collision coverage). Even if you own the car outright, you’ll want to have as much protection from your insurance policy as possible, including uninsured motorist coverage.
One simple way to get your insurance rates down is to make sure that along with a high number of cylinders, your sports car is also stocked with anti-theft devices and safety features. A high deductible would help, too. And some newer auto insurance companies provide per-mile policies that might be a great fit for your sports car if you’re not using it to commute every day.
Metromile
A new company with a direct and novel approach to car insurance, Metromile offered the lowest sports car insurance quotes, at just $86 per month. Metromile has the full suite of policies you’d want in an auto insurance provider. It charges a low base rate, and then at the end of the month, you pay for each mile you drive.
This approach could work especially well for sports cars, where the amount you drive can vary highly depending on the season. In general, Metromile can save you money if you only drive 10,000 miles per year or less, and in the case of a Ferrari that you’re likely not taking on errands, this might be a really good match.
Farmers
A legacy insurance company with decent ratings across the board, Farmers bids low in the sports car insurance category, so you might want a quote. If you value a usable mobile app, its ratings on the iOS platform are especially good.
If your sports car also happens to be an EV or hybrid, you can save 5% right away, and Farmers’ bundling discount with home or another policy is 10%. A driver training discount if you’re over 55 can help you get points for safe driving, which will help offset the higher-risk status you’ll earn with a high-horsepower vehicle.
USH&C
United Security Health & Casualty Insurance Company (USH&C) offers car insurance in Arizona, Missouri, Illinois, Nebraska, Indiana, and Arkansas. It offers sports car drivers an enticing $97 per month average quote, and you can lower that with discounts for anti-theft equipment, multi-policy discounts, and claims-free renewal.
USH&C provides health insurance, but you won’t be able to pick up a discount bundling home and auto insurance. However, you can get a 5% discount for being a homeowner.
TSC Direct
New York is one of the most expensive states for sports car insurance: Insurify’s database shows an average monthly quote of $297 per month. That’s why it’s even more of a surprise to see TSC Direct on our list of lowest sports car insurance quotes. It only serves the tri-state area, and primarily New York City.
TSC Direct also offers homeowners insurance and a bundling discount to lower your rates. “Why should everything cost more just because we live in the greatest city in the world?” asks the company’s website. Its mobile app is up and running for claims, bill pay, and the rest.
21st Century
Did you buy a sports car to cruise on the Pacific Coast Highway? California drivers can get insurance from 21st Century, which has sold car insurance and other policies in the Golden State since 1958. The company advertises a number of discounts, especially for safe drivers, good students, safety features on your car, and taking driver’s education courses.
Since you’ll already want anti-theft equipment for your sports car, you’ll be pleased to know that 21st Century offers an average discount of 15% for state-of-the-art theft protection. If you have had no violations or points on your driving record in the last five years, you can take advantage of extra savings that the company claims could be over 20%.