Best Cheap Sports Car Insurance For 2023 [Compare Quotes]

Cheap Sports Car insurance

Finding the best cheap sports car insurance is easy once you know how to buy the right one. We know zooming around in your sports car certainly looks excellent. Still, the enormous financial responsibility that comes along with it is undeniable.

Best Cheap Sports Car Insurance
Best Cheap Sports Car Insurance

Buying a sports car means that you will also be responsible for its upkeep. You have to shoulder the considerably heavy finances of getting sports car insurance. Worry not! Keep reading to learn about the cheapest options for buying auto insurance for your sports car from a reputed insurance company.

[Watch] Best Cheap Sports Car Insurance

Sports Car With Cheapest Insurance: Key Takeaways

When we talk about sports car drivers, they shop around for expensive cars with the best safety features that can get you the lowest auto insurance rates, personal injury protection, and the best coverage options. Nationwide is the insurance company that offers very cheap sports car insurance in comparison to other insurers.

Sports Car With Cheapest Insurance
Sports Car With Cheapest Insurance

The average annual sports car insurance rate can be around $1,682, which equals $140 monthly. Amongst all, the Fiat 124 Spyder is one of the cheapest sports cars to insure, with average annual insurance of $1,353, whereas Nationwide can offer it at an overall cost of $884 yearly.

Why Trust Mount Shine

With Mount Shine’s unbiased quotes comparisons, you can know everything you need to get appropriate and affordable insurance rates for multiple vehicles. We are committed to providing transparent and detailed information so that you can make informed decisions about your car insurance.

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Which Are The Cheapest Sports Cars To Insure? [2023]

The rule of thumb is that the cars with the most anti-theft device features get the lowest auto insurance policy costs. It holds in the case of sports cars as well. The sports car with the cheapest insurance will have the highest safety ratings, safety features, anti-burglary features, and other factors. Also, the older a car model is, the more chances there are to get cheap car insurance. The same goes for classic car insurance, too; yes, the providers are fewer, but they are the best, where affordable insurance coverage is readily available.

Cheapest Sports Cars to Insure
Cheapest Sports Cars to Insure

Here are some of the cheapest sports car insurance rates to ensure:

  1. Fiat 124 Spyder has an average annual auto insurance rate of $1,353.
  2. BMW Z4 Roadster has an average annual auto insurance rate of $1,561.
  3. The auto insurance cost for Chevrolet Corvette Stingray is $1,562 annually.
  4. Annual sports car an average annual insurance rate for Subaru BRZ is $1,562.
  5. Porsche Boxster auto insurance stands at $1,580 every year.

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How Is Cheap Sports Car Insurance Different From Other Cars? [2023]

Exotic cars like the Chevrolet Camaro ss, Chevrolet Corvette, dodge challenger, Toyota Camry, and other vehicles stand out because of their fascinating designs and robust engines. While they are a cut above the rest in terms of performance, they attract higher interest rates in the case of classic car insurance. Many insurance companies are less invested in insuring sports cars than they would be in the case of another luxury vehicle.

Cheap Sports Car Insurance Different From Other Cars
Cheap Sports Car Insurance Different From Other Cars

The cost of exotic car insurance differs from other car models since insurance companies judge sports cars based on their high power capacity. High-power vehicles increase the chance of speeding and hence high insurance costs. On average, you will have to spend $727 more annually on sports car insurance than on any other vehicle. But by taking advantage of our research, you can save money on full coverage and comprehensive coverage on these fast cars.

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How Much Does Sports Car Insurance Cost? [2023]

Insurance premiums for high-cost sports cars have a starting point of $1,353 yearly, depending on the vehicle type, as is the case for the First 124 Spyder, one of the cheapest sports cars to insure. However, the best bet will vary based on the type of sports car you have, the driver’s driving habits and driving history, and the policies of the insurance company in question.

Sports Car Insurance Cost
Sports Car Insurance Cost

On the other end of the price range comes the BMW i8. Nationwide quotes $2,387 on average for this particular high-end car, whereas Allstate offers insurance at a yearly premium of $6,759.

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Is Auto Insurance For Sports Cars Expensive? [2023]

Sports cars are high-performance cars with high horsepower and expensive parts. Sports cars will automatically have a higher risk of more accidents and high damage repair costs, thus resulting in coverage limits. Moreover, sports cars also tend to be driven around by relatively younger drivers, which can substantially increase insurance costs.

Is Auto Insurance For Sports Cars Expensive
Is Auto Insurance For Sports Cars Expensive

Most sports cars undergo several post-purchase modifications that impact insurance rates. Because of their attractive design, full coverage, high-performance vehicles, and high cost, they are prone to theft, so it also becomes important to have anti-theft equipment in that car.

You can consider the Ford Mustang as an example, a car that every younger generation wants to buy.

These factors play a significant role in increasing the insurance premium on any car. Cumulatively, all these reasons contribute to the high insurance cost for sports cars.

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Sports Car Insurance By Coverage Tier: Explained [2023]

Sports car drivers can take financial decisions for their standard vehicle based on multi-policy discounts. Whereas sports car insurance can be divided into three tiers:

  1. Cheap insurance,
  2. Mid-level sports cars to insure, and
  3. High-end variety,
Sports Car Insurance By Coverage Tier
Sports Car Insurance By Coverage Tier

Their multiple providers in 2023 are:

Fiat 124 Spyder and Hyundai Veloster fall in the first category, with yearly coverage of $1,004 and $1,112, by Nationwide.

The Dodge Challenger, Toyota 86, and Nissan 370Z are mid-level sports cars with yearly insurance rates of $1,524, $1,686, and $1,411, respectively. These are all quotes provided by Nationwide.

In the high-end bracket, you have the BMW i8 insured at $2,387 yearly by Nationwide, Tesla Model S insured at $2,026 annually, and Jaguar F-Type with an annual insurance rate of $1,533.

Mount Shine Tip: Insure to have anti-theft devices installed in your car as one of the safety features. This reduces higher risk where in case your car gets stolen, you can easily track it.

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Compare Fast Cars With Cheapest Insurance [2023]

Fast Cars With Cheapest Insurance
Fast Cars With Cheapest Insurance

The engine’s quality, the car’s design, and the maximum rev are all factors that decide the overall quality of the sports car you own. Out of the three tiers, each tier has category-appropriate sports cars with the corresponding set of features. Of course, the fast cars with the lowest insurance rates typically have very satisfactory safety ratings.

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Most Affordable Sports Cars [2023]

Most Affordable Sports Cars
Most Affordable Sports Cars

Some sports cars are relatively cheap to insure. For example, the Mazda MX-5 (Miata) is insured at $1,589 yearly by GEICO. Nationwide offers an even lower annual insurance rate of $1,004! The Hyundai Veloster is insured by Nationwide at $1,112 annually, while the Fiat 124 Spyder, the cheapest sports car to insure, has a yearly insurance rate of $884. Insurance companies offer cheap insurance; you must know where to buy it.

Best Ways – How To Fight A Speeding Ticket

How To Apply For Sports Cars With Cheapest Insurance?

While sports cars are generally expensive with equally expensive insurance costs, there is always something you can do to ensure that you get the cheapest sports car insurance plans.

Cheap sport car insurance
How To Apply For Cheap Sport Car Insurance

Primarily, the safety rating is the main factor determining insurance rates for sports cars. The most important thing to do is check your vehicle’s NHTSA and IIHS ratings. For example, if your sports car is equipped with a performance package, front and rear parking sensors, a head-up display, adaptive cruise control, and a lane change assist, you’re likely able to access cheap sports car insurance.

Other than that, maintaining a spotless driving record, like avoiding speeding and following general rule could also help. Insurance costs will become exceptionally high if the driver has a history of at-fault accidents. Finally, you always have group car insurance or discounts. Being on top of the discounts you can avail of will be a massive help if you are looking for cheap sports car insurance.

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Frequently Asked Questions

Why is Florida car insurance so expensive?

There are several reasons behind high Florida home and auto insurance rates, including extreme and accident-conducive climatic conditions, state insurance laws, driver profiles, et cetera.

How To Cancel Sports Car Insurance?

Most car insurance providers do not have any limits on when you get to cancel your insurance. Typically, you will need to communicate with your agent or a representative from your insurance provider to gain access to the procedure you need to follow.

How To Get An Insurance Claim If A Window Is Broken?

You can claim for a broken window if you have comprehensive or collision car insurance coverage. As soon as your car suffers any damage, whether it’s a broken window from an accident or because of weather conditions, file a claim for the best coverage.

Best Cheap Sports Car Insurance For 2023 [Compare Quotes]
Best Cheap Sports Car Insurance For 2023 [Compare Quotes]

Sagar Das
Sagar Das

Sagar Das is a freelance content writer at Mount Shine responsible for developing educational content about auto insurance.

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