What’s considered a sports car for insurance purposes?

As you shop for a new car, the insurance rates on it may be the last thing on your mind. However, you should take the time to consider what’s considered a sports car for insurance purposes.

What do car insurance companies look at when deciding if a car is a sports car? What is considered a sports car for insurance purposes?

It can be difficult to know what a car is a sports car and how that can affect your rates. For instance, you may be asking, is a Mazda 3 considered a sports car for insurance purposes? Together we will find out how an insurer labels your car and how you can save money on premiums. Before learning more about what’s considered a sports car for insurance purposes, enter your ZIP code above to compare car insurance rates from the best companies in your area.

Why does the type of vehicle you drive affect your car insurance rates?

When it comes to the monthly cost of car insurance, what you drive does matter. The fact is that insurance companies look at a range of factors when it comes to insurance rates, including whether a vehicle is a sports car.

Insurance companies view sports cars as a higher risk because they have the capability of attaining higher speeds. In their eyes, this means that people are more likely to speed in sports cars, which leads to more accidents.

Additionally, accidents involving high speeds tend to cause more damage.

This means that insurance companies look at the size of claims as well as the frequency.

These next tables are going to go into the IIHS death rates for model years 2014-2017 midsize vehicles. There will be an overall death rate and then a confidence limit in parentheses. For those not adept at statistics, a confidence limit is the maximum or minimum value above or below which you are confident that the statistics will be accurate. Let us begin with midsize two-door cars.

U.S. Death Rates for Midsize Two-Door Vehicles

The one two-door midsize vehicle exceeded the overall death rate average. Let’s move on to four-door midsize cars.

U.S. Death Rates for Midsize Four-Door Vehicles

As you can see, eleven of the seventeen models exceeded the average death rate. Let’s move on to luxury models.

U.S. Death Rates for Luxury Vehicles

Only four of the nine luxury midsize vehicles exceeded the average death rate. Let’s move on to luxury SUVs.

U.S. Death Rates for Luxury SUVs

Out of the ten total 2014-2017 luxury SUVs, not a single one exceeded the average overall death rate. Finally, let’s cover sports cars and see where they fit in comparison to the remaining model types.

U.S. Death Rates for Sports Cars

As you can see, all three sports cars exceeded the average death rate. In fact, one model — Ford Mustang GT coupe — was over twice as high as the overall average.

Where you drive matters too, as some states are more likely to have higher fatality rates. New York, for instance, is, of course, highly populated. This leads to it being a more natural candidate for increased crashes than a state that is primarily rural in nature. Fewer cars on the road means fewer crashes. Fewer crashes mean fewer fatal crashes.

Let’s move on to what else results in higher premiums.

Read more:

• How much is Mercedes Benz car insurance?
• How much does Corvette insurance cost?

How does engine size affect the cost of insurance for sports cars?

Insurance companies use the VIN to pull up a good deal of information about a particular car, including the engine size. Luxury sports cars with large engines tend to carry the highest premiums.

Why are sports cars more expensive to insure? It’s due to the power the car can deliver. They’re able to travel faster and are therefore considered riskier.

In one study, it was found that the insurance premiums for a high-end sports car were roughly triple what the owner would pay for one of the cheapest cars to insure.

If you’re worried about your rates skyrocketing when you buy a sports car, then take the time to shop around for better rates. There are car safety features that will help you save on car insurance. You can find companies that will provide you with discounts for safety features, having multiple policies with them, or insuring two or more cars on one plan.

What are the most expensive sports cars to insure?

The insurance industry is able to access a wealth of research when it comes to different cars and claims. Are sports cars more expensive to insure? Let’s see by taking a look at the 10 most expensive cars to insure, according to data collected by the Insurance Institute for Highway Safety (IIHS).

Average Annual Car Insurance Rates for the Ten Most Expensive Cars to Insure

The cost to insure these vehicles is pretty astronomical. Do you have one of these models? Let’s take a look at the 10 least expensive cars to insure in 2019.

Read more: What is the best sports car insurance?

Average Annual Car Insurance Rates for the Ten Cheapest Cars to Insure

Especially in comparison, the figures shown in this last table are very reasonable, especially when one considers that the average among all vehicles in 2019 was $1,812.

Now, let’s move on to insurance sports car list factors that insurers consider when setting premium rates.

How do auto insurance companies determine rates for sports cars?

Car insurance companies won’t rely on something as simple as the number of doors to determine if a vehicle is a sports car. Instead, they look at the big picture.

You may be asking, does a car’s horsepower determine if it’s a sports car, or what about the height and weight of the vehicle? Furthermore, you might have asked yourself, does the number of cylinders determine if a car is a sports car?

Insurance companies want to know how risky a car is based on its potential speed and handling. That’s why they consider key factors such as:

• Make and Model – A Porsche will be labeled as a sports car because what the company is known for.
• Number of Cylinders – As the number of cylinders rises, the potential for speed goes up. This is why a family sedan with six or eight cylinders can be labeled a sports car when the four-cylinder model is not.
• Engine Size – You want a larger engine so that you can have a better pickup and achieve higher cruising speeds. The insurance company will raise your rates for the same reasons.
• Horsepower – There’s no exact number that companies are looking for, but cars with more horsepower under the hood are more likely to be defined as sports cars.
• Turbo-Charged Packages – Again, this relates to the speed factor. Cars that are turbocharged are typically sports models and will be insured as such.
• Height to Weight Ratio – A light car that sits close to the ground has more pep and spunk than a heavy car with a high center of gravity. Again, the insurance companies are looking at the ability to speed and the likelihood that you will do so.

Finally, sports cars are at a higher risk of theft, and that also leads to more claims with comprehensive plans.

Let’s take a look at the most stolen sports cars based on NICB’s annual hot wheels report on car thefts from January 1, 2009, through December 31, 2012.

Ten Most Stolen Sports Cars in the U.S.

This table is restricted to vehicles from the 2010, 2011, and 2012 model years, with a total of 3,780 sports cars stolen. Notice how many were Chevrolet Camaros, nearly 40 percent.

Let’s move on to what else results in higher premiums.

Read more: Car Insurance for Turbo Cars

How does a car’s performance affect rates?

There’s a reason insurance companies call them “performance cars.” That’s because it’s not about how the car looks; it’s all about how the vehicle drives. Performance cars are designed and built to go fast. They have strong powertrains along with the handling to stay on the road and the necessary braking systems.

Ask five different people what a sports car is, and you’re likely to get five different answers.

However, the insurance companies have resolved this matter by looking at the intent of the car and how well it can perform. If it’s made with speed in mind, then it’s going to carry a higher premium.

Just because it is made with speed in mind, however, does not mean you have to exceed speed limits. This is just one of several factors that can damage your record and increase your premiums.

Let’s take a look at a table that shows premium-elevating behaviors. For the sake of simplicity, these are insurers’ rates in Florida.

Average Annual Florida Car Insurance Rates Based on Driving History

As you can see, an accident or a speeding ticket affects car insurance rates . It is important to drive safely to avoid any unnecessary premium hikes.

What other factors do car insurance companies consider when setting rates?

In addition to the various characteristics of your vehicle, car insurance providers consider personal factors like your age, marital status, gender, driving record, and credit score when considering your risk profile. Drivers with good credit and a clean driving record will pay a lot less for their auto insurance coverage.

Of course, your rates will also depend on the types and amounts of coverage you buy. Insurance policies with liability coverage only are the cheapest option, but if you only buy the bare minimum coverage, your car will not be well-protected. If you care about your sports car, at the very least, you should add collision and comprehensive coverage to your policy.

If you have poor credit or a bad driving record, make sure to ask about insurance discounts, as these can cut down the cost considerably.

The best way to save money on your auto insurance is to shop around for better rates. Rather than settling for a smaller, less versatile car, you can go with a different company that’s willing to reward you for being a safe driver. Make sure to get an auto insurance quote from multiple companies before making your decision.

Before making the final purchasing decision, you’re also encouraged to speak with your agent about how your rates may change. Your agent can alert you to potential increases so that you can make a more informed decision and help you answer the question “how can I save money on sports car insurance?” Should you shop for insurance before buying a sports car? Absolutely, no matter what car you’re in the market for. Just enter your ZIP code into the FREE tool below to find the best car insurance options for your needs.

Frequently Asked Questions: What’s cars are considered sports car for insurance purposes?

Below are common questions about sports cars and insurance.

#1 – What is a muscle car, and are muscle cars considered sports cars by insurance companies?

A muscle car is frequently used for drag racing and, yes, they are considered sports cars.

#2 – What coverage do you need for sports cars, and how much does it cost to insure a sports car on average?

At least, you must carry liability insurance as you would for any other vehicle. A sports car will, on average, cost at least a little more than $2,000 per year to insure.

#3 – What’s the best way to find cheap sports car insurance and should I shop for insurance online or with a local agent?

The best way is to comparison shop, like with our handy tool. While our tool is online, if you can find an agent you trust, this is a good way to find competitive rates also.

#4 – Is a Chevy Camaro, a Chevy Cruze or a Ford Mustang considered a sports car for insurance?

Yes, the Chevy Camaro, the Chevy Cruze, and the Ford Mustang are all considered sports cars by insurers.

#5 – Will a sports car driver under 25 pay more for insurance?

Most likely, just as with any other vehicle, it takes years of experience to level off and lower rates. Statistically, younger people get in more accidents, and sports cars increase that likelihood. In short, yes, insurance for a sports car for those under 25 is more expensive.

#6 – Is a Dodge Challenger considered a sports car for insurance? Is a Nissan Maxima or a Dodge Hellcat considered a sports car for insurance?

Yes, these are all examples of vehicles labeled sports cars by insurers.

#7 – How are sports car insurance rates determined?

Just like with any vehicle, sports car insurance costs are determined via a variety of factors.

#8– Are there four-door sedans that are considered sports cars? Are all two-door cars considered sports cars?

Yes, there are a few four-door cars such as the Dodge Charger SRT Hellcat and the Aston Martin Rapide S. There are two-door cars designed for other purposes, so they are not all sports cars.

#9 – Will one insurance company consider a car a sports car while another won’t?

Most likely not since their criteria are all fairly similar if not nearly identical.

#10 – What are the least expensive sports cars to insure?

The 2017 Ford Mustang GT, the 2018 Audi TT, and the 2017 BMW Z4 Roadster are three examples of relatively cheap sports cars to insure.