Big price tags, high risk, and costly repairs drive sports car insurance up to an average of $4,850 per year, making strategic insurance shopping essential.

Written by Sarah Gray

Edited by Jessica Barrett

Reviewed by Brice Regling

Updated on Jan 31, 2024

Jump to:

How much does sports car insurance cost?
Why are sports cars more expensive to insure?
Full coverage is a good idea, even for older sports cars
How to get car insurance when buying a sports car
How to save on sports car insurance
FAQs

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High prices, high risk, and costly repairs combine to make sports cars some of the most expensive vehicles to insure. If you drive a sports car, you can expect to pay an average of $4,850 per year for full coverage

car insurance

—and you need full coverage for these high-performance cars.

How much does sports car insurance cost?

Sports cars are about as far as you can get from

the cheapest cars to insure

The average cost for sports car insurance is $404 per month or about $4,850 per year. This makes them some of the most expensive cars on the market to insure, along with

luxury vehicles

and

electric cars

Keep in mind that everyone’s insurance rates will be unique, but to get an idea of what you might pay to protect a sports car, check out the table below.

Model	Average annual cost of full-coverage sports car insurance	Average monthly cost of full-coverage sports car insurance
Mazda MX-5 Miata	$3,643	$306
BMW I8	$5,566	$464
Chevrolet Camaro	$4,477	$373
Chevrolet Corvette	$4,916	$410
Dodge Challenger	$5,270	$439
Fiat 124 Spider	$3,323	$277
Ford Mustang	$4,592	$383
Hyundai Veloster	$4,118	$343
Jaguar F-Type	$5,659	$472
Nissan 370Z	$4,668	$389
Toyota 86	$5,671	$473
Porsche 911	$4,743	$395
Subaru BRZ	$5,068	$422

Our calculations are based on an average of two datasets:
Real quotes from policies sold to Jerry.
Public data from news, automotive, and financial advice websites, including Forbes, Car and Driver, USA Today, and Experian.

Average liability-only costs for sports car insurance will certainly be cheaper than full coverage. That said, because of the high repair and replacement costs associated with sports cars, though minimum coverage may be cheaper now, it’s not a cost-effective option for the long term.

Why are sports cars more expensive to insure?

The simple answer: financial risk.

There’s no standard definition for “sports car” in insurance terms, but providers generally consider any small, two-seat, high-horsepower vehicle a sports car. But don’t let that seat count fool you—despite seating for five, you’ll still pay sports-car insurance prices on vehicles like a Dodge Challenger or a Ford Mustang.

Insurance companies recognize payouts are more likely with sports cars for several reasons:

Increased potential for accidents: Sports cars are built for speed and driving excitement, but last we checked, most drivers don’t get professional training and we’re not navigating on closed courses. This means a higher risk for everything from tickets to accidents.

High-cost collision damage: High-speed collisions result in some of the most expensive damage to repair, but you don’t necessarily need super high speeds to mar your Miata. The aluminum and plastic compounds used to minimize weight in high-end sports car construction buckle at the mere suggestion of a parking lot strike, making payouts for collision and comprehensive claims highly likely—and highly expensive.

Expensive parts: While this doesn’t apply to all sports cars, many feature parts that can be both hard to find and expensive to buy. If you find yourself behind the wheel of an import, expect increased premiums to cover the cost of imported replacement parts after an accident.

Increased risk of vehicle theft: Luxury and sports cars rank highest on the Insurance Institute for Highway Safety’s “most stolen” list, making payouts on comprehensive claims for theft more likely.1

Insurance for exotic imports and classic hot rods

If you drive an exotic car, like a Ferrari or Lamborghini, or a classic car, like a vintage hot rod, you could be looking at even higher auto insurance rates if you plan to use it as a daily driver. However, if you’re like most exotic vehicle owners, you probably have another car for running errands and commutes.

High-end, high-performance vehicles like these often benefit from

specialized policies

that offer agreed value coverage rather than standard policies based on fair market value. These are usually lumped together under classic and collector car policies that offer the coverage options you need for your collectible.

Of course, the rate you pay for car insurance depends on more than just the type of car you drive. Providers consider several highly individualized factors when

calculating your premiums

, such as:

Your driving history

Demographics like your age and marital status

Where you live

Your average monthly mileage

Your credit score

That’s why the best provider for you may not be the best provider for your neighbor.

Full coverage is a good idea, even for older sports cars

If you drive a high-performance vehicle, you need a

full-coverage insurance policy

Insurance providers don’t just assume there’s an increased potential for accidents and theft with sports cars—it’s a statistical fact. This is why insurance experts recommend you opt for higher bodily injury and property damage

liability insurance

limits than required by your state—and you also need both collision and comprehensive coverage:

$100,000 per person/$300,000 per accident of

bodily injury liability

coverage

$100,000 of

property damage liability

coverage

Uninsured motorist

coverage if it’s not already required in your state

Personal injury protection (PIP)

: If it’s offered in your state, adding PIP can help cover your medical expenses quickly so you can avoid out-of-pocket costs.

Collision insurance

: We won’t judge you for getting a little too fast and furious in your F-Type Jag, but if you lose control or cause an accident, you need collision coverage to pay for your damages.

Comprehensive insurance

: Whether it’s struck by thieves, vandals, lightning, or a kamikaze deer, comprehensive coverage offers the financial protection you need to fix most non-collision damage.

Do you need additional coverage on a sports car? As further protection against financial loss, we also recommend adding
gap insurance
or
new car replacement insurance
to your full coverage policy to make sure you don’t get stuck making car payments on a car that’s been totaled or stolen.

Learn More:

Your guide to the 6 types of car insurance

If you’re thinking you can drop full coverage on an older sports car, think again. According to

Consumer Reports

, repair costs for cars with sport and premium trims are generally higher than standard cars—even when they’re older.

Learn more:

How much car insurance do you need?

How to get car insurance when buying a sports car

Whether you’re buying from a private seller or a dealership, you’ll need valid proof of insurance before you can legally drive away in your sports car.

When you’re ready to start

shopping for a new policy

, follow these three easy steps:

Step 1: Shop around for car insurance quotes

You can use the

Jerry

app to build a profile for you and your used vehicle.

Step 2: Choose your coverage levels

Jerry will automatically include quotes with your state’s minimum insurance requirements but you can use the app to change your liability limits, adjust full coverage deductibles, and even select additional coverage options like roadside assistance.

Step 3: Activate your policy

Once you’ve found the rate you like best, you can activate your policy and select your start date right in the app. Many providers even offer same-day coverage.

How to save on sports car insurance

Opt for a lower-priced (lower-powered) model: Price, horsepower, and even the number of cylinders in your engine play a big role in determining what you’ll pay for sports car insurance. That’s why coverage for downlevel trims, like the Mustang EcoBoost® Fastback are often the cheapest sports cars to insure.

Opt-in on safety features: You may pay a little more to add things like blind-spot monitoring and forward collision mitigation, but these features can save you money on car insurance in the long run. The safest vehicles often have the cheapest insurance.

Bundle your insurance policies:

Bundling your homeowners and auto insurance

with the same provider can often lead to discounts.

Participate in a telematics program: Many providers offer drive-tracking telematics programs that rate your driving habits. The more safely you drive, the more

car insurance discounts

you may qualify for, so keeping a

clean driving record

truly pays—but, keep in mind, if you’re going to be sporting around in your new two-seater, you could actually end up paying more for insurance with telematics than without.

Install an anti-theft device: One of the things driving up sports cars’ car insurance rates is the increased potential for theft. That’s why many auto insurance companies offer lower rates for owners who install anti-theft devices to help keep their cars safe.

Reduce your coverage: We’ll say it again: you need a full-coverage car insurance policy for your sports car, but lowering coverage limits on other vehicles you own can help take the sting out of paying your monthly premium.

Raise your deductible: Comprehensive and collision policies include a deductible, or an amount you’ll pay out-of-pocket before your insurance kicks in to foot the rest of the bill. The higher this amount, the lower your insurance premiums will be. Just make sure you select a rate you’ll be able to afford to pay if it comes time to file a claim.

Don’t sleep on smaller providers: It’s easy to assume larger providers like GEICO, Progressive, or State Farm will be the

best car insurance companies

for sports car coverage, but be sure to look at small carriers (like Clearcover and MAPFRE) when comparing quotes, too.

FAQs

Is it more expensive to insure a sports car?

It is often more expensive to insure a sports car because they present a higher-than-average risk for damage and theft, and feature expensive repair and replacement costs.

What classifies sports cars for insurance?

There’s no standard definition for “sports car” in insurance terms but providers generally consider any small coupe with two seats and high horsepower a sports car. But that doesn’t mean a five-passenger sedan is off the hook—just ask

Dodge Charger

owners how they feel about their insurance costs.

How much is insurance for an old sports car?

How much insurance will be for an old sports car depends on the car, its age, and you. If you’re trying to insure a classic hot rod and you have a poor driving history, your classic car insurance will likely cost more than insurance on a 20-year-old car that just happens to be a Mustang—especially if you have a good driving record.

Do faster cars have higher insurance?

Generally, faster cars do have higher insurance because of higher potential financial risk.

What is the cost of insurance for a sports car?

The average cost for sports car insurance is $404 per month or about $4,850 per year.

How can I get cheaper sports car insurance?

One of the best ways to ensure you get the best rate on a quality policy is to shop around. Jerry simplifies insurance shopping by

comparing car insurance quotes

from over 50 of the top providers in the nation to find you the best policy and rate in minutes.

Do sports cars cost more to insure in the winter?

Your insurance policy will have a term of either six or 12 months. During that term, your rates will remain unchanged, regardless of the season.

How long does a sports car insurance policy last?

Like policies for any other type of vehicle, your sports car insurance policy will have a term of six to 12 months.

What is the cheapest car to insure?

According to Jerry’s research, the Subaru Outback is one of the cheapest cars to insure in 2023, with average auto insurance rates of $1,552 per year.

Are sports cars harder to insure?

They can be—especially if you have a poor driving record. But even the worst drivers can usually find insurance coverage for most types of vehicles if they’re willing to pay higher rates for it.

Can my insurance company raise my insurance rates because I own a sports car?

Car insurance companies may quote you higher rates for sports car coverage, and adding a sports car to your existing policy will increase your overall policy rate. However, adding a sports car to your policy will not increase your rates on another vehicle you’ve already insured.

SOURCES

https://www.iihs.org/media/c1cb9ff8-8e04-423d-8088-3cc508330640/x-BdZQ/HLDI%20Research/Insurance%20reports/hldi_theft_WT-22.pdf