If you love sporty cars chances are that you're always looking at the newest 'hot rides' on the market, whether or not they're realistically within your price range. If you're like most car enthusiasts, you probably often think of how great it would be to have that sweet set of wheels, especially the kind that let's you put the top down and feel the wind rushing through your hair (assuming, of course, that you have hair). Now, if you're actually thinking of bringing one of those babies home, before you hit the gas pedal you should tap the brakes a bit to make sure you can handle the insurance payments that come along with it as a package deal. Invariably, a sports car will typically cost you a whole lot more to insure than a regular vehicle.
Why? Well, just think about it for a moment. Who's more likely to be speeding down the highway – someone in a 1986 Astrovan or someone in a 2009 Corvette? Furthermore, if there's a wreck, which do you think will cost more to fix – the minivan or the 'Vette? You probably get the picture. And, these are precisely the kinds of things that insurance companies look at when considering the rates to charge for covering various vehicles. Additionally, insurers know that those who own sports cars generally love to drive them. Sports-car drivers tend to rack up many more miles than people who operate more, shall we say, mundane vehicles. All that extra time on the road translates to more opportunity of being involved in an accident and filing a claim on their insurance policy.
So, when you're ready to get insurance for that shiny new speedster, be sure to shop around diligently for the best deal available. Although the basic types of car insurance coverage are the same for whatever vehicle you drive, the money you'll shell out for that sports car should necessitate an even greater need for thorough comparison-shopping. And give careful consideration to deductibles: the higher deductible you choose, the lower your premium rate will be.
Personal- and Property Liability coverage
Almost all states insist on personal- and property liability insurance all vehicles. This is the insurance that takes care of anyone you may hurt in an accident, as well as any repairs that their cars or property may require. Notice that this coverage is only for other people involved in the accident. It does not cover any injuries that you yourself may incur when involved in a collision.
Collision and Comprehensive insurance
These are options that can be added to your insurance policy that will take care of your car when it's damaged. Whether you hit another vehicle or drive off the road into a ditch, collision coverage will pay for your car's repair and/or replacement costs. Comprehensive coverage will protect your car if someone steals it or breaks into it and takes valuables. If your vehicle is financed, it's likely that the creditor will demand you carry these two options.
Personal Injury coverage
With personal injury coverage, any people riding in your car will be covered if you're involved in an accident. This includes you and any passengers that may be riding with you. This coverage option typically pays for medical bills as well as lost wages due to injuries.
Uninsured/Underinsured Motorist protection
These options will cover your repairs and medical expenses if you can't find the person that hit you or the person either doesn't have insurance or doesn't have enough of it.