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Whether you are a teen or a mature adult, there has been a sports car on the road that made you look twice. Maybe, it’s the high speed with which it whooshed past. Or the sleek trendy exterior that stood out. Yes, sports cars are head turners. And the drivers of sports cars seem to be well off as they could afford such a car. The purchase and maintenance costs are pretty steep for sports cars. But the insurance costs could also be huge. On an average basis, just the first year’s premiums can sum up to around one-third of the new sports car’s buying price. In Ontario, whether you drive a sports car or not, you have to carry mandatory insurance with at least the minimum level of coverage. The decision to buy a sports car may increase your insurance costs further if you are a novice young driver.

How Are Premiums Calculated For Sports Cars in Ontario

sports car

Insurance companies do consider many factors while calculating car insurance premiums. It varies with each person and vehicle profile. All insurers do not work on the same formula. A vital factor that could affect the insurance rate is the type of car. The age of the car, make model, crash history, theft, and safety ratings are some of the criteria. All this is based on statistical data maintained by IBC as per the CLEAR rating. The insurance premiums are calculated using the benchmark rating as per CLEAR and approved by FSCO. This is a requirement that all insurers have to follow while arriving at the insurance premiums for each policy they set up.

As per CLEAR, sports cars do have a high-risk rating for theft and collision. So, there is no doubt that a sports car would have a higher insurance cost than a sedan. Whether it is the temperament of the driver or the design of the car, such cars mostly perform best when driven fast. The fast speed of the sports car makes it unsafe on the roads and calls for more risk. Especially, novice drivers could save a lot on insurance if they choose a sedan or a minivan over a sports car. Sports cars do have a tendency to be involved in more collisions when compared to other cars. The repair or replacement of spare parts of sports cars is also very costly. Hence insurance companies do end up settling claims for huge amounts. These cars are expensive too and easily stolen. So, the theft rating goes over the roof and insurance costs rise too.

How Can You Save On Car Insurance Premiums For Sports Cars In Ontario


So, you have done your shopping around and decided to buy a sports car. When you look at the insurance quote, it might not look good. You may want to check out how you could save on car insurance costs for your sports car so that you do not have to pay through your nose.

Get Your Sports Car Protected From Theft

Sports cars are expensive and an easy target for thieves. So, if you do your best to reduce the theft risk then your insurer may consider giving you a better deal. Fitting some anti-theft devices such as sensors, immobilizers and alarms could be a good idea. Another great way to keep your sports car protected would be to have the VIN etched on the windows. This is not a requirement as per law. But if a thief stole your marked sports car, it might fetch a lot less money in the gray market as the VIN is etched on the glass. If your sports car is on the high end, the cost of etching could be worth it. You may weigh your options against paying higher insurance premiums after a big claim settlement. Or pay for etching the VIN on the car’s glass of your sports car.

Adjust Coverage

In case you are driving an old sports car, it may be a good idea to remove optional coverage. When you remove comprehensive and or collision coverage your insurance cost would cut down. You may save around 35% annually. As per law, you have to carry liability coverage. But you need to note that you are reducing your coverage level at the cost of higher risk to your pocket. You may have to pay for theft or vandalism damage and cannot claim.

Drive An Old Sports Car

New sports cars cost much more than old cars in terms of purchase and insurance. Instead, you may get an old sports car at a much lesser cost and comparable performance. This could reduce your insurance premiums as the replacement value is less for an old car.

Increase Deductibles

You may reduce your car insurance premiums by raising the deductible amounts.

Auto Club Membership

The benefits of being a member of an auto club like CAA could be handy. Your insurance company may reduce your premiums by giving you a discount.

Trade Discount

It would be a fine idea to check if your insurer could give you a discount related to your profession. Some discounts may apply through your employer if there is an affiliation.



You may get a better deal if you shop for many quotes. You may use our car insurance calculator to get the best quotes easily from many insurers. It will save you time and money.

Household Discount

You could save a lot when you combine policies for different cars. Or you could bundle your car insurance and home insurance policies with the same insurance company and save.

Drive Safe

When you are behind the wheel of a sports car it could be natural to step up on the gas. If you refrain from doing so and drive safe you could avoid collisions. This would help you stay claims-free and build good ratings with no tickets.

List Of Top 10 Sports Cars With Cheapest Insurance Rates in Ontario as per CLEAR scaling low top to bottom.

   1.     MINI COOPER S 2DR

With a manual six-speed or automatic variant, this car lives up to the BMW technology-powered engine. The 2.0-liter turbo with 189 hp has 4 cylinders to scoot this sports car up to speed. Fuel efficiency, steering direct and excellent wheel brakes are some highlights of this car.

  1. MAZDA MX-5

This sports car is very well balanced in proportions and dynamics. It is also the winner of the car for Best World Car for 2016. It has very good safety technology and excellent interior design for function and form. Mazda also boasts of offering the only warranty for unlimited mileage in Canada.


This car has great looks combined with performance. With many engine choices, the turbocharged 4- cylinder does pack some power. Also, known as the sporty American coupe version, this car has an electronic line-lock and launch control for manual transmissions.


Available in a V8 engine, 8 speed automatic and 455 hp is very lightweight with a good braking response. The refined quarter panels and profile give it the stealth of a sports car. The design is very stylish with a streamlined sleek look.

  1. FIAT 500S 2DR

An Italian car, the Fiat 500 sports version has cruise control, 16-inch alloy wheels with a 1.4 liter 4-cylinder 101 hp engine. This car comes with airbags on the front side and there is a choice of trendy sports seats and good engine performance.


This car has great agility, rear-wheel drive with a front-engine. The powertrain options range from manual 305hp to auto 8 speed 372hp. One of the biggest in the sports car segment, this car is huge but still faster than a Mustang.


A new generation sports car available in 8-speed auto transmission this car has 348 hp  V6 engines. It features sport bucket seats that have artificial leather interiors. The styling is bold and this car is well balanced in architecture.


This car comes with great contouring, a lightweight body, and a great design in engineering. The steering wheel is multifunctional and has a great response. A great fit for the racetrack. The Porsche effect is unmistakable and comes with engines of 370 hp at manual or PDK.


This car is constructed with lightweight components for better performance and has 2 variants in BRZ AND FRS. The front-end style is good with a 2.0 liter 4-cylinder and 200 hp. It has a 6-speed manual and optional 6-speed auto. The interior design is supreme for fast driving and grip. The contouring effect is unique with this car.


Crafted with precision and great technology to match, this sports car has all aluminum. The engine is a V10 with 645hp and 8.4 liters. The torque is excellent at 600 for any car of this class. The bold impact color choices and trendy exterior and interiors give this car a chic look.

About the Author: Ashley Miller

Ashley is an insurance content professional and very knowledgeable on all related subjects. Ashley has over 12 years of insurance content writing experience working with various insurance companies throughout her career.