If you’ve ever found yourself shopping for cheap car insurance after purchasing a sports car, you’ll quickly realize that it’s a task that’s easier said than done. Most premiums on sports cars are much higher than what you would normally find for family and economy automobiles. This is due to the increased risk of owning a sports car, with many studies showing that people are more likely to file insurance claims on sports cars than cars that were purchased for economy or seating capacity. By the same token, sports cars are more likely to be written off as totaled than their more benign non-sport cousins.
First of all, what defines a “sports car” in the eyes of the insurance company? As frustrating as it is, the answer is actually “it depends.” Insurance companies often have varying definitions of what a sports car actually is, with only a few commonalities: For example, a sports car is almost always one with two doors. This is an important item to note when you’re searching for insurance quotes on your new vehicle; ensuring that you receive quotes from as many individual insurance companies as possible will give you the best chance of finding a rate that will work with your budget. Ask your insurance agent if your automobile is classified as a sports car by that particular agency before continuing with the quote; this will allow you to narrow down your search to those insurance companies that do not consider your vehicle a sports car.
The vehicle’s age is another factor that must be considered when shopping for car insurance. A sports car purchased off the showroom floor as the newest model year will undoubtedly command a higher premium than an older model. Because sports car insurance can even surpass the monthly payment on the car loan itself, it may be beneficial to choose a previous model year vehicle instead of the latest and greatest. This may save you hundreds each month in insurance premiums.
The driver’s age is one of the top factors looked at by insurance companies, particularly when the driver is being insured behind the wheel of a sports car. Drivers who are under 25 years of age can generally expect to pay a significantly higher premium than those who are older. Drivers who are under the age of 21 may find premiums much higher than those who are between 22 and 25, and drivers under 18 may find themselves unable to be insured in a sports car. While most insurance companies will work with drivers who are under the age of 18, there are simply some cars that are deemed to be too high-risk for underage drivers. If you are a parent who is interested in purchasing a car for your under-18 son or daughter, it’s important to speak with an insurance representative first. With many unassuming cars being classified as sports cars nowadays, an insurance quote is extraordinarily important before signing your name to a car loan or lease. With average rates for many sports cars exceeding $300 per month for drivers under the age of 25, this is an essential step.
Probably the most important factor looked at by an insurance company with regard to sports car insurance is the individual’s driving history. Any moving violations, drug/alcohol violations, or accidents will be looked at strongly by the insurance agency. While a small number of speeding tickets may not ruin your chances for being insured in the sports car of your choice, any DUI (driving under the influence) conviction will most likely be seen as too high-risk. Additionally, at-fault accidents will tend to significantly raise insurance rates for a period of 3-5 years depending on the state in which the vehicle is insured. While an at-fault accident will not typically be a barrier to receiving insurance in a sports car, a clear history of at-fault collisions (as well as single-car accidents) may cause the insurance company to think twice about insuring you. If you’re considering a sports car purchase, it’s important that you first take the time to visit your state’s Department of Motor Vehicles office; there you will be able to receive a copy of your official driving record.
With the above recommendations and information, you should be able to form an expectation of the premiums you will pay for your sports car. Most insurance companies offer free quotes, so take full advantage of that before making your next automobile purchase.
Tags: car insurance, cheap car insurance, sports car insurance
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