Is it more expensive to get insurance for a high-performance sports car?
Is it more expensive to get insurance for a high-performance sports car?
Jermaine J.
With their high-performance engines and athletic designs, sports cars can offer some of the most incredible driving experiences out there. However, the added horsepower means many car insurance companies might be less eager to insure them.
Take a look at our breakdown of car insurance for sports cars to get an idea of the prices and coverage options you can expect for your high-performance vehicle.
Note: all of the insurance resources published by The Zebra are written and reviewed by licensed insurance experts.
Generally, a sports car is defined as having a high horsepower engine, two seats, and a smaller overall size than a typical sedan. This is a very general definition, however, as insurers may classify certain automobiles differently than others. Certain models from Toyota, Subaru, and Honda may blur the lines but are often considered sports cars for insurance purposes.
High-end sports cars, on the other hand, leave little room for error. Models manufactured by the likes of Ferrari, Porsche, Lamborghini, Bugatti, Aston Martin, and Jaguar offer some of the most high-performance engines on the market. Many standard carriers — such as GEICO, State Farm, or Progressive — are not likely to provide coverage for such high-end vehicles. For more expensive cars such as these, it might be more beneficial to seek coverage from premier carriers such as Chubb, AIG, or Cincinnati Insurance Company.
If you have a sports car, chances are that it will cost more to insure than the family minivan. Many sports cars come with a higher price tag, which already contributes to higher insurance costs. However, add in the boosted performance power — and a drivers' temptation to tap into that extra power — and you suddenly increase the potential risk for an accident. Furthermore, sports cars are usually more appealing to car thieves as well. As such, sports car insurance costs may run higher than for most average vehicles.
Insurance premiums will vary drastically depending on the type of car that you have and the insurance company providing the policy. We’ve given some average rates for some of the more common high-performance vehicles on the market. Below is a list of sports car price tiers and the average of what it costs to insure popular models.
Some sports cars are relatively affordable. As such, yearly insurance costs manage to come in somewhat close to — or even under — the national yearly average of $1,548. Below are some of the cheaper sports cars to insure.
The Mazda MX-5 is one of the more popular sports cars on the market. Compared to the yearly national average, it is one of the more affordable sports cars to insure. If you are looking for the cheapest carrier, check out rates from Nationwide.
| Company | Premium |
| Allstate | $2,295 |
| GEICO | $1,589 |
| Farmers | $1,367 |
| Liberty Mutual | $1,848 |
| Nationwide | $1,004 |
| Progressive | $1,657 |
| State Farm | $1,380 |
| USAA | $1,239 |
One of the least expensive sports cars on this list, it isn't surprising that Hyundai's Veloster would be cheaper to insure. Average yearly rates for the Veloster are $1,712, with Nationwide providing the most affordable coverage.
| Company | Annual Premium |
| Allstate | $2,429 |
| GEICO | $2,185 |
| Farmers | $1,419 |
| Liberty Mutual | $2,054 |
| Nationwide | $1,112 |
| Progressive | $1,730 |
| State Farm | $1,508 |
| USAA | $1,264 |
Another sports car with a smaller price tag and more affordable insurance rates is the Fiat 124. Annual insurance rates for the Spider come in at just $1,527 on average.
| Company | Annual Premium |
| Allstate | $2,302 |
| GEICO | $1,614 |
| Farmers | $1,331 |
| Liberty Mutual | $1,798 |
| Nationwide | $883 |
| Progressive | $1,671 |
| State Farm | $1,438 |
| USAA | $1,175 |
Perhaps one of the most recognizable sports cars of all time, the Ford Mustang is also relatively inexpensive to insure. Among the major carriers, rates average $1,822 per year. As far as the cheapest carriers go, Nationwide just beats out USAA to claim the lowest rates.
| Company | Annual Premium |
| Allstate | $2,858 |
| GEICO | $2,110 |
| Farmers | $1,822 |
| Liberty Mutual | $1,835 |
| Nationwide | $1,237 |
| Progressive | $1,977 |
| State Farm | $1,474 |
| USAA | $1,260 |
Another of the perennially popular legacy muscle cars is the Chevy Camaro. On average, the yearly cost to insure a Camaro is $1,821. Those who qualify for USAA can benefit from the cheapest coverage for a Camaro.
| Company | Annual Premium |
| Allstate | $2,440 |
| GEICO | $1,988 |
| Farmers | $1,618 |
| Liberty Mutual | $1,962 |
| Nationwide | $1,502 |
| Progressive | $1,922 |
| State Farm | $1,734 |
| USAA | $1,398 |
The following category contains one of the most iconic sports cars in history, as well as a few newcomers that have since made a splash on the market. Price tags for the following vehicles tend to be higher than the average vehicle, with some nearing the higher-end market.
A holdover from the muscle-car era, the Dodge Challenger offers a high-power driving experience with an athletic design. Average yearly insurance costs come in at about $2,389 per year, with Nationwide far and away the cheapest option among the major car insurance companies.
| Company | Annual Premium |
| Allstate | $3,480 |
| GEICO | $2,772 |
| Farmers | $2,590 |
| Liberty Mutual | $1,975 |
| Nationwide | $1,524 |
| Progressive | $2,259 |
| State Farm | $2,283 |
| USAA | $2,228 |
Formerly known as the Scion FR-S, the Toyota 86 is one of the newer names in the mid-level sports car market. While it's still a moderately priced sports car, insurance runs a little more expensive than vehicles at a similar price point, coming in at around $2,057 per year on average. However, both USAA and Farmers offer competitive rates that come in below the national average.
| Company | Annual Premium |
| Allstate | $2,949 |
| GEICO | $2,924 |
| Farmers | $1,587 |
| Liberty Mutual | $2,155 |
| Nationwide | $1,686 |
| Progressive | $1,957 |
| State Farm | $1,785 |
| USAA | $1,409 |
One of the most iconic sports cars in history, the Chevy Corvette continues to hold a special place in the sports car market. With a heftier price tag, insurance for a Corvette trend higher than average, coming in at around $2,467 per year among the major carriers. However, if you are looking for the cheapest insurance for a corvette, Nationwide offers much lower rates than most companies.
| Company | Annual Premium |
| Allstate | $3,612 |
| GEICO | $2,149 |
| Farmers | $2,384 |
| Liberty Mutual | $2,384 |
| Nationwide | $1,204 |
| Progressive | $2,587 |
| State Farm | $2,400 |
| USAA | $1,874 |
Another moderately-priced sports car with higher-than-average insurance rates is the Nissan 370Z. The yearly insurance rates average about $2,195 for the Nissan 370Z, with both Nationwide and USAA offering competitive rates closer to the national average.
| Company | Premium |
| Allstate | $2,873 |
| GEICO | $3,228 |
| Farmers | $2,009 |
| Liberty Mutual | $1,944 |
| Nationwide | $1,411 |
| Progressive | $2,696 |
| State Farm | $1,834 |
| USAA | $1,567 |
Below you'll find insurance rates for a number of higher-end sports cars. Many of these cars combine luxury, engineering, and design to create a vehicle that is both powerful and striking in appearance. As such, you can expect insurance rates to be higher for such vehicles. Check out the details below to see which insurance companies have the cheapest rates for these luxury sports cars.
BMW is a car manufacturer known for its high-quality design, luxury, and power. Among the top auto insurers, average rates for the i8 come in at around $3,783 per year. The cheapest carrier for the i8 is GEICO, coming in at an average of $2,834.
When asked to recall the image of a sports car, many would point to the Porsche 911. Its classic design captivates drivers looking for both high-quality design and power. However, with that attention to detail comes a higher price tag — and above-average insurance rates. The average yearly price to insure a Porsche 911 is $3,261 among the major carriers. Those looking for less expensive rates would do well to check out USAA and Nationwide.
| Company | Annual Premium |
| Allstate | $2,873 |
| GEICO | $3,228 |
| Farmers | $2,009 |
| Liberty Mutual | $1,944 |
| Nationwide | $1,411 |
| Progressive | $2,696 |
| State Farm | $1,834 |
| USAA | $1,567 |
The only purely electric vehicle covered on this list, the Tesla Model S has redefined what a sports car can be. It offers a sleek design, comfort, and high performance, all while being powered by electricity. Expect average yearly insurance rates for the Model S to come in at around $3,567. Among the major carriers, Nationwide offers the most affordable rates on average, while USAA is also on the cheaper side.
| Company | Annual Premium |
| Allstate | $5,813 |
| GEICO | $6,360 |
| Farmers | $4,022 |
| Liberty Mutual | $3,154 |
| Nationwide | $2,026 |
| Progressive | $2,578 |
| State Farm | $2,383 |
| USAA | $2,202 |
A classic luxury brand with more than a few iconic roadsters under its belt, the F-TYPE marks Jaguar's modern entry into the sports car market. Among higher-end sports cars, the F-type is cheaper to insure on average, coming in at $2,751 per year. Those looking for the cheapest insurance rates for the Jaguar F-TYPE should check out Nationwide.
| Company | Annual Premium |
| Allstate | $3,781 |
| GEICO | $2,868 |
| Farmers | $2,828 |
| Liberty Mutual | $2,363 |
| Nationwide | $1,533 |
| Progressive | $2,486 |
| State Farm | $2,018 |
| USAA | $2,034 |
The insurance policy that you choose will depend on a number of different factors. However, you will likely find that some coverages are often required. Nearly every state requires liability insurance to cover property damage or bodily injury that you may cause. Furthermore, if you are financing your vehicle, the lienholder may require you to carry collision and comprehensive coverages. These coverages will help to cover physical damage to your vehicle, and are always a good idea for more expensive cars.
Many owners of performance cars also tend to modify their vehicles. If you have made modifications to your high-performance vehicle, you may need a special type of policy altogether. If your car is newer and you have added equipment to increase performance or change the vehicle’s appearance, you will always want to let your insurance company know, as these modifications may not be covered otherwise or could even void your policy in some cases.
If you have a classic sports car, such as a Stingray from the 60s, you will want to seek out a different policy as well. While classic car insurance is available from some major carriers, companies like Hagerty and Grundy specialize in policies for classic cars.
As with any type of auto insurance, your rates are determined by a variety offactors. Along with the car you drive, this can include your driving history, credit score, and even your marital status. Discounts vary from one company to another, but many carriers provide savings on their insurance premiums for the following reasons:
Car insurance rates for high-performance cars can be much higher than that of average vehicles. If you’re looking for cheaper insurance coverage for your sports car, the best way to start is to shop around with a number of insurance companies.
The Zebra provides free side-by-side insurance quotes from top car insurance companies. Enter your ZIP below to get started.
