What makes car insurance for sports cars different?

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. 

 

Car insurance for sports cars — table of contents:
  1. What cars do insurance companies consider sports cars?
  2. Is auto insurance for a sports car more expensive?
  3. How much is insurance for a sports car?
  4. What coverage do you need for your sports car?
  5. How can you save money on sports car insurance?
  6. What's the best way to find cheap sports car insurance?

 

Note: all of the insurance resources published by The Zebra are written and reviewed by licensed insurance experts.

 

Which cars do insurance companies consider "sports cars"?

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

 

Is auto insurance for a sports car more expensive?

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. 

 

How much is insurance for a sports car?

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. 

 

Sports car insurance by coverage tier:

  1. Cheapest
  2. Mid-level 
  3. High-end

 

The 4 cheapest sports cars to insure

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. 

 

Mazda MX-5 (Miata)

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

Annual Mazda MX-5 insurance rates
CompanyPremium
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

 

Hyundai Veloster

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. 

HYUNDAI VELOSTER INSURANCE RATES
CompanyAnnual 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

 

Fiat 124 Spider

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.

FIAT 124 SPIDER INSURANCE RATES
CompanyAnnual 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


Ford Mustang

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. 

FORD MUSTANG CAR INSURANCE RATES
CompanyAnnual 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


Chevrolet Camaro

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.

CHEVROLET CAMARO INSURANCE RATES
CompanyAnnual 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

 

Mid-level sports car insurance

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.

 

Dodge Challenger

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.

DODGE CHALLENGER INSURANCE RATES
CompanyAnnual 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


Toyota 86

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.

TOYOTA 86 CAR INSURANCE RATES
CompanyAnnual 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


Chevrolet Corvette

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.

CORVETTE INSURANCE RATES
CompanyAnnual 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


Nissan 370Z

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.

NISSAN 370Z INSURANCE RATES
CompanyPremium
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


High-end sports car insurance

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 i8

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. 

BMW i8 INSURANCE RATES
CompanyPremium
Allstate$6,759
GEICO$2,734
Farmers$4,122
Liberty Mutual$3,411
Nationwide$2,387
Progressive$3,694
State Farm$2,904
USAA$4,253


Porsche 911

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.

PORSCHE 911 INSURANCE COSTS
CompanyAnnual 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


Tesla Model S

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. 

TESLA MODEL S INSURANCE RATES
CompanyAnnual 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


Jaguar F-TYPE

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. 

JAGUAR F-TYPE INSURANCE RATES
CompanyAnnual 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


What coverage do you need for your sports car? 

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.

 

How can you save money on sports car insurance? 

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:

  • Added safety features
  • A clean driving record
  • Anti-theft devices
  • Defensive driving courses
  • Bundling policies
  • Insuring multiple vehicles on the same policy

 

What’s the best way to find cheap sports car insurance?

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.

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Ross Martin LinkedIn

As a licensed insurance agent, Ross is responsible for researching and writing about all matters related to auto and home insurance. He has a background in writing and education, as well as a master's degree from Royal Holloway, University of London. He has been quoted by CNET, iDriveSafely.com, and Kin Insurance.