What are the best sports car insurance companies?
The rush you feel as you zap down the street at lightning speed in a sports car is truly exhilarating. When that really powerful engine starts roaring, more than a few heads are watching you, making the car worth every dollar you spent on it.
Still, getting insurance coverage for your favorite vehicle can be a bit tricky, as most sports cars are very expensive and move fast. So if you own a sports car (s), or are about to get one, it's time to take a look at the best sports car insurance companies available and the types of coverage. that they offer.
Top 10 cheapest sports cars to insure
What is sports car insurance?
For those wondering what sports auto insurance is, let's break it down for you. Like regular auto insurance, sports auto insurance is a pact between the owner of a sports car and an insurance company to protect you from financial costs in the event of an accident.
But the problem is, some of the popular names in the insurance industry may not be willing to offer insurance coverage for more expensive sports cars with very high horsepower engines. Other insurers may not be willing to cover a particular brand or exotic car, you may need to purchase specific insurance coverage.
Another key point to note is the fact that with a few exceptions all cars depreciate. A new car loses up to 25% to 30% by the time it is kicked out of the dealership. Five years later, the vehicle is not even worth 45% of the price you paid at the dealership when the car was new. The same applies to your insurance coverage; the coverage you get for a new car also decreases over time.
As stated before, there are a few exceptions where some exotic or classic cars can keep or even increase their value. It becomes a real problem because the insurance coverage you paid for may not cover the actual value of the car, which is why sports car insurance is essential.
Types of sports cars covered
Sports cars cover a wide variety, including Supercars like Koenigsegg, Bentley, Lamborghini, McLaren and Bugatti. These cars are usually in the middle of the six digits, with some of them even having seven digit price tags. For Supercars like these, insurance companies are usually very reluctant to cover them. And for obvious reasons, in the event of an accident, the claims are always huge. The risks are much less with regular cars and family vans, so most insurers avoid these very expensive cars.
For cheaper but stylish cars like the Ford Mustang RTR, Dodge Viper, Dodge Challenger SRT Demon, and Nisan GT-R, it's also quite difficult to get an insurer ready to offer coverage. But the most common sports cars are insured quite easily, especially for very good drivers with clean records.
Types of insurance coverage for sports cars
Sports car insurance works exactly the same as regular auto insurance, and the types of coverage include
Full
Comprehensive coverage covers damages that are not related to car accidents such as theft, flooding, falling tree branches and debris, glass damage and other risks.
Collision
This type of coverage covers damage caused by collision with other vehicles, rollovers, trees and other fixed objects.
Liability for bodily injury
This coverage takes care of other people's injuries covering medical expenses, lost wages and a few other things.
Personal Injury Protection (PIP)
This policy covers medical expenses for injuries sustained when you are struck by a vehicle. The options for this coverage vary from state to state, but if you already have health insurance, it can be used for coinsurance and health insurance deductibles.
Motorist protection not insured
This covers damage to your car caused by another driver who may not have insurance or sufficient coverage.
Liability for material damage
This coverage covers damage to the property of others while driving your car.
For exotic sports cars, getting the right collision coverage can be a problem as the amortization rule does not really work for these cars, so it is advisable to find an insurer willing to offer special coverage or have them offer one. fixed amount.
Sports car insurance costs
Since sports cars cost in the tens of thousands to millions of dollars, the cost of insurance for sports cars also varies. In other words, the cost of insuring your sports car largely depends on the type of sports car you own.
Unlike regular minivans and sedans, even sports cars with almost the same specifications can still make a huge difference in insurance costs.
What to consider when obtaining a sports car policy
Insurers take a lot of data into consideration before setting a premium. Some insurers lean heavily on certain factors, while some may use other data points to determine their rates. This is why there are no fixed premiums and the rate of one insurer may be higher or lower than that of the other.
Yes, it might seem like a good idea to choose the cheapest insurer, but you should also look at the insurer's track record. Is the insurer reliable? Are they really capable of handling viable claims? And do they have sufficient battery life and adequate levels of coverage? Because insurance companies are controlled at the state level, the type of options that may be available in Utah may differ from Vegas policies. Nonetheless, you still need to take a few points into consideration before choosing an insurance company.
Essential points to consider before choosing an insurer.
Financial solidity
Finding the financial strength of your insurer is very important; after all, if an insurer is not financially capable then it will be nearly impossible to provide coverage. Most insurers have their ratings on their website, but it still wouldn't be a problem to use external sources like Standard & Poor or AM Best to be sure.
High complaint satisfaction
The main purpose of insurance is to protect your finances in the event of a contingency. You haven't just spent so much money on your nice sports car just to total it up or run over someone. Yet, if such a thing happens and you have a claim with an insurance company, it must be an insurer with a high satisfaction rating. You can do this by using publications like the JD Power Claims Satisfaction Study and the BBB website to read reviews and learn more about an insurer's satisfaction rate.
Online policy management
Most insurers use their website and mobile apps to give you easy access to your policy, with some even offering discounts for online payments, electronic receipts, and policy documents.
Red flags
If you only receive a brief description of your insurance policy, chances are you haven't received all of your policy details. You need to take the time to ask important questions and go through everything the policy covers with a fine tooth comb.
As stated earlier, if you think you've found a cheaper insurer on the same policy, you should understand what the policy entails before you dive in so you don't shoot yourself in the foot by spending a lot more than you need to. a claim.
You should also take note of how roadside assistance is covered by the policy and the actual amount of roadside assistance you are entitled to. Using too much roadside assistance can void your insurance policy or lead to a significant increase in your future rates.
The best sports car insurance companies.
After you've covered everything you need to know about sports car insurance, it's time to take a look at the best sports car insurance companies in the business.
State Farm
State Farm is known as the largest auto insurer in North America with great financial strength providing personalized services nationwide. They offer big discounts when you buy multiple policies or insure more than one car. You can manage your policies using their mobile app right from your phone. This insurance company is a great option for mid-level sports cars.
Allstate
You might not get a policy for your new exotic sports car, but you will have no problem getting a policy for mid-level sports cars and almost all other vehicles. They have a national network of people they call captive agents, who are experts on all policies in the sector.
Just like State Farm, they also offer big discounts on multiple policies or when you insure multiple cars. You can save money and manage your policies directly from a mobile app or through their agents.
Hagerty
For those who have old and exotic sports cars that don't depreciate, Hagerty is one of the best insurance companies for your sports car. With Hagerty's Guaranteed Value Policy, you get full coverage for the value of your exotic sports cars, with no depreciation taken into account.
They have a team that specializes in sourcing hard to find parts for vintage cars so you can take the stress out of having to do it yourself when the need arises. They also have an online platform to help you access and manage your account, with a nationwide network of agents to help you with binding policy and other inquiries.
Chubb
Chubb is also an excellent insurer for million dollar hypercars as well as these very rare vintage cars thanks to their agreed value policy. So if your car is stolen or damaged, you get paid the agreed value for the car without any depreciation. They also cover the cost of repairing and replacing parts to help maintain the value of your exotic cars.
With Chubb, you don't have to worry about rental car insurance, they have the best rental car policy in the insurance industry.
Progressive
Progressive insurance is another option to consider, although it can be very difficult to get a guaranteed value policy for your exotic sports cars. But they have some very, very driver friendly policies that might work in your favor. They cover all 50 states and also have thousands of agents across the country.
They also offer a variety of discounts and savings plans to help pay for your next deductibles and you can manage your account right from your phone.
GEICO
You may also find it difficult to get the ideal policy for Supercars like the McLaren Speedtail or even a Lamborghini. But you would certainly have no problem insuring the Mustang, Porsche, Mercedes AMG Dodge or BMW M models.
They have offices in all 50 states and their mobile app platform is one of the best. The best thing about GEICO is their additional coverage with one in particular called Mechanical Failure Insurance, which works almost the same way as an extended warranty.
They offer generous discounts and you can save even more by bundling your home and auto policies with the same insurer.
Mutual Freedom
Liberty Mutual is the oldest insurer on our list. Their financial strength is also one of the best around and they operate in 17 other countries. When it comes to auto insurance, Liberty Mutual is without a doubt among the best. Getting the right policy for your exotic sports car can also be difficult but not impossible if you have a clean driving record. But for other mid-level sports cars with big discounts, even for new drivers who have no driving record.
They also give you the option of grouping; if you are ready to purchase a policy for your home with your sports car, it also comes with a big discount. Their offices are located in each state.
Getting Sports Car Insurance?
For those who own the rare exotic sports cars, getting the right kind of insurance isn't a walk in the park, even with the best auto insurance companies. Even a small flaw on your driving record, like getting kicked in the back for no reason, is reason enough for an insurer not to issue you a policy. However, it is not impossible; and you can always try another insurer.
Policy rates are set at the state level, so your premium in Miami, Florida may not be the same as in Los Angeles, even if it's the same insurer.
