Sports cars are known to attract relatively high auto insurance costs as compared to regular cars. However, the following tips can help you keep your sports car insurance rates affordable:
Set an Agreed Value for the Replacement Cost
One of the reasons sports cars attract high insurance rates is because they are expensive. An expensive car will cost your insurance company a lot of money to fix or replace, so your rates must be adjusted to reflect these costs. Fortunately, you can agree on a replacement value of the car and then let the insurer work out its related insurance costs. This approach makes sense if you own a low-value sports car because you eliminate the risk of over-valuation.
Buy a Safe Sports Car
Another reason insurance for sports cars cost that much has to do with their power and speed. Fast cars tend to cost more injuries and damages during accidents. Such accidents trigger expensive liability claims that your insurance company has to pay for. Therefore, buy a sports car with a safety rating or review to save on the insurance costs.
Avoid Aftermarket Power Modifications
Some people buy sports cars, most of which are already powerful and a fast, and then saddle them with aftermarket modifications. Such modifications not only increase the value of the car, but they also increase the risk of liability claims due to increased risk of accidents. After all, a powerful car is more likely to cause more expensive damage than a medium-powered car. Not only that, but some modifications increase the risk of accidents by making cars unstable. Therefore, unless you have accepted to shoulder the increased insurance costs, don't modify your car too much.
Opt For Sports Cars That Aren't Thief Magnets
Sports cars tend to be thief magnets. This is mostly because of their value, the prices their parts fetch on the black market, and there are ready buyers for them. However, sports cars are stolen at the same rate, and you can lower your insurance costs by buying one without a terrible theft history.
Drop Comprehensive and/or Collision Coverage
Comprehensive and collision coverage are not required by law. Therefore, dropping comprehensive or collision coverage may help you lower the rates. This is particularly helpful given that the two forms of coverage contribute a great deal to increases rates of sports car insurance costs. Not that you may not be able to drop these forms of coverage under certain circumstances, for example, if you haven't cleared your car loan.Share