Insuring a sports car can be more expensive than insuring a standard passenger vehicle due to several factors, including the higher performance capabilities, higher cost of repairs, and greater likelihood of the vehicle being driven aggressively.
However, the exact cost of insuring a sports car can vary greatly depending on several factors, including the make and model of the car, your driving history, age, location, and the level of coverage you choose.
Some insurance companies may offer discounts for features like anti-theft devices, good driving history, and low annual mileage, which can help lower the cost of insuring a sports car. Additionally, choosing a higher deductible can also result in lower insurance premiums.
It’s important to shop around and compare quotes from multiple insurance providers to get the best coverage for your sports car at the most affordable rate. It’s also a good idea to carefully consider the level of coverage you need, as choosing a higher level of coverage can help protect your investment in the event of an accident or theft.
Most expensive sports cars to insure in Ontario
The cost of insuring a sports car in Ontario can vary greatly depending on several factors, such as the make and model of the car, your driving history, age, and location. However, some sports cars are generally considered to be more expensive to insure due to factors such as their high performance capabilities, high cost of repairs, and greater likelihood of being driven aggressively.
Some examples of sports cars that are known to be among the most expensive to insure in Ontario include:
- Lamborghini Aventador
- McLaren 720S
- Porsche 911 GT3
- Audi R8
- Nissan GT-R
- BMW i8
- Mercedes-Benz AMG GT
- Chevrolet Corvette
- Ford GT
- Acura NSX
Again, these are just examples and the exact cost of insuring a particular sports car can vary greatly depending on several factors.
The cheapest sports cars to insure in Ontario
Some examples of sports cars that are known to be among the cheapest to insure in Ontario include:
- Mazda MX-5 Miata
- Subaru BRZ
- Ford Mustang EcoBoost
- Porsche 718 Boxster
- Chevrolet Camaro LS/LT
- Mini Cooper S
- BMW 2 Series
- Audi TTS
- Volkswagen Golf GTI
- Nissan 370Z
The average cost of insuring a sports car in Ontario
It’s estimated that the average cost of insuring a sports car in Ontario can range anywhere from $2,000 to $5,000 per year or more.
Who offers sports car insurance?
Most major auto insurance companies in Canada offer coverage for sports cars. Some of these companies include:
- Intact Insurance
- Allstate Insurance
- TD Insurance
- The Co-operators
- Economical Insurance
- Aviva Canada
- RSA Insurance
- Desjardins Insurance
- CAA Insurance
How to save money on sports car insurance
There are several steps you can take to help reduce the cost of insuring your sports car:
- Consider a higher deductible: By choosing a higher deductible, you can lower your monthly or annual premium payments. However, keep in mind that you’ll need to pay more out of pocket if you file a claim.
- Bundle your insurance policies: If you have multiple insurance policies with the same provider, such as home and auto insurance, you may be eligible for a discount.
- Maintain a good driving record: A clean driving record can help you to qualify for lower rates. Avoiding traffic violations and accidents can help keep your record clean.
- Store your sports car securely: If you store your sports car in a secure garage or storage facility when you’re not using it, you may be eligible for a discount on your insurance premium.
- Choose the right coverage: Make sure you have the right coverage for your sports car. Consider factors such as your car’s value, performance capabilities, and the cost of repairs when choosing your coverage.
- Compare quotes: Get quotes from multiple insurance providers and compare their policies and rates. This will help you find the best coverage at a competitive price that meets your needs and budget.
- Stay up-to-date with safety features: Keeping your sports car up-to-date with the latest safety features can help you to qualify for lower insurance rates.
By taking these steps and working with an insurance professional, you can help reduce the cost of insuring your sports car and find the coverage that meets your needs and budget.
Why does sports car insurance cost more?
Sports cars typically cost more to insure than other types of vehicles for several reasons:
- Higher value: Sports cars are often more expensive than other types of vehicles, which means that they have a higher value and cost more to repair or replace if they’re damaged in an accident.
- Increased performance capabilities: Sports cars are designed to be fast and agile, which can increase the risk of accidents and make them more expensive to insure.
- High risk of theft: Sports cars are often targeted by thieves because of their high value, which can increase the cost of insurance.
- Costlier parts and repairs: Sports cars often have specialized and more expensive parts and systems, which can make repairs more costly.
- Younger drivers: Sports cars are often more appealing to younger drivers, who tend to be less experienced and have higher rates of accidents.
These factors contribute to the increased cost of sports car insurance and make it important to carefully consider the cost of insuring a sports car before making a purchase. Keep in mind that insurance rates can vary greatly based on your unique circumstances, so it’s important to compare quotes from multiple insurance providers and carefully review their policies and coverage options.