Sports Car Insurance: Fact vs. Fiction

When it comes to buying sports car insurance, it is important to understand you are in a higher risk category and so slightly different standards are applied to those being insured.

Fiction: Regular Car Insurance Companies Do Not Sell Sports Car Insurance

Contrary to this rumor, it is certainly possible to purchase sports car insurance from a car insurance company that does not specialize in it.  Sometimes you will even be able to get a better rate from a non-specialized company than from a car insurance company that specializes in sports cars. It is recommended that you shop around a bit before buying sports car insurance to make sure that you are getting the best rates, wherever you buy it from.  If you want to start by talking to companies that focus more on sports car insurance, ask for some recommendations from the dealer where you bought your car.

Fact: Sports Car Insurance is More Expensive

Unfortunately for sports car owners, this one is a fact.  Sports car insurance tends to be significantly higher than insurance for other cars.  This is based on statistics that show that sports car drivers tend to drive faster and be involved in more accidents; this also means that the accidents tend to be at a higher speed thus creating greater damage and injuries and costing the insurance company more money.  If you are over 30, have a clean driving record, and minimal speeding offences, you may be able to lower the price of your sports car insurance, but otherwise you’ve got to face the fact that this kind of insurance tends to be pricey.

Fiction: You Should Keep a Low Deductible

It may seem that with a high statistic of being involved in accidents, you would be wise to keep your deductible low just in case something happens.  However, this would not be a wise decision.  By keeping your deductible low you will end up paying a lot more each month on the premium and with a sports car, that premium can be quite high.  Instead, it is recommended that you raise your deductible thereby lowering your monthly premium and saving yourself money in the long run.  If you are involved in an accident and need to meet the higher deductible, you will hopefully have saved at least that much by lowering your monthly premium payments.

Fact: When You Spruce Up Your Car, Insurance Needs To Know

If you buy a $3,000 sound system for your sports car, your car insurance company needs to know.  You may worry that it will make your costs go up, and it might, but more importantly if you do not tell the company, you will lose coverage in the case of an accident.  For example, if you do not tell the car insurance company about the addition of the pricey sound system and it is consequently damaged in an accident, insurance does not have to cover it and could even call what you’ve done insurance fraud.  In short, if you make significant changes of any kind to your sports car, tell your car insurance company.


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