Sports Car Insurance

Reader’s Question:

Why is it that sports cars cost so much to insure? Is there any chance at all to find cheap sports car insurance? I’ve been wanting to buy a 2 door BMW for a while now, but the sports car insurance prices are holding me back.

Travis

Las Vegas, NV

A fast ride in cool wheels is just about any guy’s dream. But it does come with costs-more powerful engines not only burn more fuel but also cost a lot more to insure. It’s not really that hard to see why sports car insurance come with higher price tags compared to your good old family cars or sedans. If you look at it from the insurer’s point of view, it boils down to simple logic. Because sports car parts are more expensive and usually cost more to repair, it would mean that the insurance company will have to shell out more cash in case a claim is filed against sports car insurance. The likelihood of theft is also higher with a sports car. Really, if you were a car thief, and you saw a station wagon and a Porsche in a deserted parking lot, which would you steal? So, insurance companies have to take into account the risk of theft and the cost it would take to replace the stolen vehicle. Driving accidents involving sports cars also tend to cost more. Sports car drivers like to drive fast, don’t they? So if an accident happens, it is probable that the damage would be greater, again costing more to repair.

But this is just all the more reason for you to do more research on sports cars and sports car insurance. Try to find the car which has higher safety ratings and lower liability risks and think of buying that car instead. Also a second hand car costs less and may reduce the amount of premium you pay. You should also try browsing online for car insurance companies that offer relatively cheap sports car insurance.