Buying a flashy sports car will cost you an arm and a leg, insuring your new purchase is no different. A word to the wise, you can expect to pay a small fortune in insurance premiums. Before we go any further let’s first take a look at how insurance companies define sport cars!
Defining whether a car is a sports car or not is not as complicated as you might think. Below are a few things insurance companies take into consideration when defining a car as a sports car.
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What is the horsepower of the car, if it is turbo charged or super charged then it will be classified as a sports car.
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If the car has only two doors it will likely be classified as a sports car.
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If the car has manual transmission it may be classified as a sports car.
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If you have an antique vehicle that meets one or more of the above mentioned criteria it will be classified as a sports car!
With sports car insurance you can expect to pay higher monthly premium, your monthly premium will be higher for three reasons:
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Sports cars draw unwanted attention, it is a well know fact that sports cars are top targets amongst thieves as well as vandals.
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Sports cars are high power vehicles. Statistics show that drivers of sport cars are more likely to be involved in an accident.
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The cost of replacing sport car parts is substantially higher than that of a regular car!
You may attempt to reduce your risk and lower your insurance premiums by:
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Resisting the urge to add flashy modifications to your sports car.
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Fitting your sports car with the appropriate anti theft device.
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Keeping your sports car in a locked garage.
Unfortunately there is no sure fire way to reduce you sports car insurance premium either way your flashy new toy is going to end up costing you a bundle!
Insurance Definition of Sports Car
They usually go by horsepower, stock and aftermarket modifications (i.e. turbo or superchargers), etc. They will usually know if you have a sports car or not. You can also have a car classified as rare or collectable that might be a sports car. If a car has two doors its almost always classified as a sports car no matter what. Also if the car is equipped with a manual transmission its also most likely a sports car. It also depends how on the replacement cost of the auto and location.
Insuring sports cars has always been a niche market, so it more often than not pays to do your homework and contact the specialist companies rather than the general insurers. If you have a classic sports car in mind, there are a specialist companies for these vehicles too.
More Information:
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I drive a ’94 T-Bird. Some companies say it’s a sports car (with the V6? Yeah right), some luxury (almost passes as that), and some just as a plain old car.
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I have a Firebird, 2 doors, manual and it’s still not considered a sports car.
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I have a 2 door 2004 Dodge Stratus SXT that is only a 4-cylinder but rated a 19 which is a sports car rating with high premiums.