Sports car insurance

If you love your sports car, chances are that thieves will unfortunately love it too. So how do you ensure you have the right insurance for your car without breaking the bank? Sports car insurance can offer petrol heads specialist cover, especially if a car is imported or modified. Read our guide to discover why sports car insurance can often be pricey but how you might be able to save on the premiums for your speedy pride and joy.

What is sports car insurance?

Sports car insurance is designed to cover high-performance cars built to go fast. Nowadays, sports cars can come in all shapes and sizes and an insurer may have its own definition of a sports car. However, these compact cars usually have two seats and are set much lower to the ground in order to increase speed and perform better around corners.

Like traditional car insurance, sports car insurers will look at several factors when calculating the risk and therefore the premiums of a sports car and its driver. For sports cars, these factors include: the sports car’s value when purchased, its performance, how readily available car parts are, the cost of the car parts or the specialist labour to get the car repaired, and how likely the car is of being stolen. An insurer will also look at whether the car has been imported or modified as well as the driver’s age, driving experience and location.

Sports car insurance is typically more expensive than standard car insurance because sports cars tend to be driven faster and therefore have an increased risk of being involved in accidents. They might also be more appealing to thieves, which results in a greater risk of vandalism or theft. The cost to repair or replace a sports car might also be much higher as parts might not be widely available, especially if, for example, they have to be imported, which can push the premium up.

What sports car cover should I get?

Sports car insurance comes in the same three cover levels as standard car insurance including:

• Third party
• Third party, fire and theft
• Comprehensive

As you’ve likely paid a small fortune for your sports car, it’s worth considering getting a comprehensive policy to ensure you won’t be left footing the potentially huge repair bill for your own car if you’re involved in an accident. Contrary to what you might expect, comprehensive cover can be cheaper than third party or third party, fire and theft so it’s always worth checking. This is because of the risk profile of many people who typically get TP.

What does sports car insurance generally cover?

As well as the standard features of any car insurance, sports car insurance policies can sometimes include the following:

• Track days cover. For when you want to use your sports car in a race around the track.
• Enhanced personal accident cover. Increasing this amount could help to cover you financially if you’re injured in an accident.
• Modifications. Your insurer may allow you to make a number of pre-approved modifications or agree to insure your already modified car.
• EU or overseas cover. If you have your heart set on cruising around in your sports car abroad, check you are covered whilst overseas.
• Soft roof cover. Cover for the roof of your soft top convertible if damaged.

It’s always best to shop around for quotes and compare the cover benefits as some cover may be included as standard while other insurers may charge you extra for additional protection.

How much does sports car insurance cost?

The cost of sports car insurance varies from insurer to insurer just as traditional policies do. But sports car cover can often work out more expensive as insurers will generally assume sports car drivers will drive faster and are therefore more likely to be involved in accidents. The car may also be much more appealing to thieves or cost much more to repair. These factors as well as the driver’s age, driving experience and location, can all push the premiums up much higher than standard car insurance.

It’s best to shop around and compare quotes against the cover benefits, as the cheapest cover might not necessarily be the best cover for your needs.

How can I save on my sports car insurance?

• Increase security. If your car is not currently fitted with an alarm, think about adding one to reduce your premium.
• Have a secure location to park your car. Cars kept in a locked garage or on a secure driveway are usually cheaper to insure.
• Limit your mileage. Letting your insurer know about a reduction in your mileage could result in cheaper insurance, especially if your sports car is a second car.
• Increase excess. Agreeing to pay a bigger voluntary excess could make your overall premium cheaper. But remember that your insurer won’t pay out for a claim that costs less than your excess. So be careful about making it too high, as it could leave you out of pocket if damage occurs.
• Add experienced drivers. Adding an older and more experienced driver to your policy could help to lower the premium.
• Limit optional extras if you don’t need them. Think carefully about which optional extras you really want as adding extra protection to your policy will generally push the price up too.
• Avoid paying monthly. If you can, try to pay for your premium in one go as you’ll pay interest if the premium is spread out over the year.
• Limit modifications. Any modifications made to your car to make it look or drive better are likely to increase your premiums so think carefully before making any changes.
• Advanced driving course. Completing an advanced driving course, such as the Pass Plus scheme, could result in your insurer adding a discount to your premium.
• Shop around. Don’t simply choose to renew your car insurance when it’s up for renewal as you could end up paying more than you need. Shop around and compare your options to find the best deal.

Frequently asked questions

• How much does sports car insurance cost?

  The cost will very much depend on the car you drive, your experience and age, as well as a number of other factors. Insuring a sports car can be more expensive than other cars, and young drivers can also expect to pay more as insurers will see drivers with little experience as more of a risk. As a result, some insurers won’t insure sports car drivers under a certain age, for example, 25 years old, but this age restriction may vary between insurers or may not apply with others. Comparing your options is the best way to find the most suitable cover for your needs, which may not necessarily be the cheapest out there.

• Do all insurance providers offer sports car insurance?

  Unfortunately not. While some insurers will happily insure your sports car, others may not so you’ll need to do your research and obtain quotes from a number of different insurers to find a policy that matches your needs.

• Should I use a specialist insurer?

  While it’s not necessary to look for car insurance through a specialist provider, some may offer you important cover benefits as standard that other providers only offer as optional extras. Specialist providers also tend to have more knowledge and experience with a particular group so there’s no harm doing some research.

• Should I tell my insurer that my sports car has some modifications?

  Yes. Failing to let your insurance provider know about any modifications can result in your cover becoming invalid. You’ll need to check if your insurer will cover the modifications that you’re planning before going ahead with them and be prepared for your premiums to increase. If, for example, you plan on modifications that will enhance the security of your car, you may even see your premium drop.

Written by

Esther Wolffowitz

Esther Wolffowitz was a publisher at finder.com specialising in insurance. Esther holds an MSc in Media and Communication Governance from the London School of Economics and Political Science (LSE). See full profile