Which are the best sports car insurance companies around?
The rush you get from zapping across the street at neck-breaking speed in a sports car is truly exhilarating. When that really powerful engine begins to rumble, it gets more than a few heads looking right at you, makes the car worth every dollar you spent on it.
Yet getting insurance coverage for your favorite vehicle can be a bit of a hassle since most sports cars are really expensive and move fast. So if you own a sports car(s), or you’re about to get one, then it’s time to look at the top sports car insurance companies available and the types of coverage they offer.
Table of Contents
What is Sports Car Insurance?
For those wondering what a sports car insurance is, let’s break it down for you. Like regular auto insurance, sports car insurance is a pact between the sports car owner and an insurance company to insulate you from financial expenses when an accident occurs.
But the problem is some of the popular names in the insurance business may not be willing to offer insurance coverage for the more expensive sports cars with really large horsepower engines. Other insurers may not be willing to cover a particular brand, or an exotic car so you may need to have a special kind of insurance coverage.
Another vital point to take note of is the fact that apart from a few exceptions, all cars depreciate. A brand new car loses as much as 25% – 30% the moment they are driven out of the dealership. Five years down the line, the vehicle may not even worth 45% of the price you paid at the dealership when the car was brand new. The same applies to your insurance coverage; the coverage you get for a new car also decreases over time.
As stated earlier, there are a few exceptions where some exotic or classic cars get to retain or even increase their value. This becomes a real problem because the insurance coverage you paid for may not cover the car’s actual value, that is why sports car insurance is essential.
Types of Sports Cars Covered
Sports cars cover a wide variety, including Supercars like Koenigsegg, Bentley, Lamborghini, McLaren, and Bugatti. These cars are usually in the mid-six figures, with some of them even having seven-figure price tags. For Supercars like these, insurance companies are generally very reluctant about covering them. And for self-evident reasons, in the event of an accident, the claims are always enormous. The risks are far less with regular cars and family minivans, so most insurers stay clear of these really expensive cars.
For the less expensive but classy cars like the Ford Mustang RTR, Dodge Viper, Dodge Challenger SRT Demon and the Nisan GT-R are also quite difficult to get an insurer willing to offer coverage. But the more common sports cars gets insured easy enough especially for very good drivers with clean records.
Types of Sports Cars Insurance Coverage
Sports cars Insurance works exactly the same way a regular auto coverage does, and the types of coverage includes
The comprehensive coverage are for damages that are not related to car ccarses like theft, floods, falling tree limbs and debris, glass damage, and other risks.
This type of coverage are for damages from collision with other vehicles, rollovers, trees and other stationary objects
Body Injury Liability
This coverage takes care of injuries to other people covering medical bills, lost wages and a few other things.
Personal Injury Protection (PIP)
This policy covers the medical expenses for injuries sustained when you get hit by a vehicle. Options for this coverage varies from State to State, but if you already have health insurance, it can be used for coinsurance and health insurance deductibles.
UnInsured Motorist Protection
This covers damages to your car caused by another driver who may not have insurance or enough coverage.
Property Damage Liability
This coverage pays for damages that occurs to other people’s property while driving your car
For exotic sports cars, getting the right collision coverage can be a problem since the depreciation rule doesn’t really work for those cars, so it is advised to find an insurer willing to offer special coverage or you get them to offer a fixed amount.
Costs Of Sports Cars Insurance
Since sports cars costs from tens of thousands to millions of dollars, the cost of insurance for sports cars also varies. In other words, the cost to insurance your sports car largely depends on the type of sports car you have.
Unlike regular minivans and sedans, even sports cars with almost the same specs may still have a massive difference in insurance costs.
What To Consider When Getting A Sports Car Policy
Insurers take a lot of data into consideration before setting a premium. Some Insurers lean heavily towards certain factors, while some may use other data points to determine their rates. That is why there aren’t any fixed premiums, and one insurer’s rate may be higher or lower than the other.
Yes it might seem like a great idea to go for the least expensive insurer, but you also need to look at the insurer’s track record. Is the Insurer dependable? Are they really capable of handling viable claims? And do they have enough staying power and adequate coverage levels. With Insurance companies controlled at the state levels, the kind of options that may be availabile in Utah may differ from the policies in Vegas. Nevertheless you still have to take a few points into consideration before choosing an insurance company.
Vital Points to Consider Before Choosing An Insurer.
Researching the financial strength of your insurer is very important; after all, if an insurer is not financially capable, then it will be almost impossible to provide coverage. Most Insurers have their ratings on their website, but it still wouldn’t hurt to use outside sources like Standard & Poor or A.M Best’s ratings just to be sure.
High Claims Satisfaction
The main purpose of insurance is to protect your finances in the case of an eventuality. You did not just spend that much money on your beautiful sports car just to get it totaled or run someone over. Yet if such a thing should happen, and you do have a claim with an insurance company, then it has to be an insurer with high claim satisfaction. For this, you can use publications like the J.D. Power Claims Satisfaction Study, and the BBB website to read reviews and find out more about an insurer’s claim satisfaction rate.
Online Policy Management
Most Insurers use their website and mobile applications to give you easy access to your policy, with some even offering discounts for online payments and electronic receipts and policy documents.
If you are only given a really short breakdown of your insurance policy, then the chances are that you weren’t given the full details of your policy. You need to take some time to ask important questions and go over everything the policy covers with a fine-tooth comb.
As earlier discussed, if you think you have found a cheaper insurer on the same policy, you have to fully understand what the policy entails before diving in so that you don’t shoot yourself on the foot by spending a lot more than necessary when you have a claim.
You also need to take note of how the roadside assistance is covered within the policy and the actual number of roadside assistance do you qualify for. Using too many roadside assistance can get your insurance policy canceled or cause a major increase in your future rates.
The Best Sports Cars Insurance Companies.
Having covered all you need to know about sports car insurance, it’s time to look at the top sports car insurance companies in the business.
State farm is known as the biggest auto insurer in North America with vast financial strength offering personalized services nationwide. They offer great discounts when you take multiple policies or insure more than one car. You get to manage your policies using their mobile application right from your phone. This Insurance company is a great option for mid level sports cars.
You may not get a policy for your brand new exotic sports car, but you will have no problem getting a policy for mid level sports cars and almost every other vehicle. They have a nationwide network of people they call captive agents, who are experts on every policy in the industry.
Just like State Farm, they also offer significant discounts on multiple policies or when you insure multiple cars. You get to save some money and manage your policies straight from a mobile application or through their agents.
For those with vintage and exotic sports cars that don’t depreciate, Hagerty is one of the best insurance companies for your sports car. With Hagerty’s Guaranteed Value policy, you get full value coverage for your exotic sports cars guaranteed, without any depreciation factored in.
They have a team who specialize in sourcing for hard to find parts for vintage cars to save you the stress of having to do that yourself when the need arises. They also have an online platform to help access and manage your account, with a nationwide network of agents to help with policy binding and other inquiries.
Chubb is also a great insurer for the million dollar hypercars as well as those very rare vintage cars thanks to their agreed value policy. So if your car gets stolen or damaged, you get payed the agreed value for the car without any depreciation. They also cover the cost of repairs and replacement of parts to help maintain the value of your exotic cars.
With Chubb you don’t have to worry about car rental insurance, they have the best car rental policy in the insurance industry.
Progressive insurance is another option worth considering, though it might be very difficult getting a guaranteed value policy for your exotic sports cars. But they have some very very driver-friendly policies that might be in your favor. They cover all 50 states and also have thousands of agents nationwide.
They also offer a variety of discounts and savings plans to help pay for your next deductibles plus you get to manage your account right from your phone.
You may also find it difficult getting the ideal policy for Supercars like McLaren’s Speedtail or even a Lamborghini. But you certainly wouldn’t have a problem insuring any of the Mustangs, Porsches, Mercedes AMG Dodge, or BMW M models.
They have offices spread across all 50 states, and their mobile application platform is one of the best. The best thing about GEICO is their coverage extras with one in particular called the Mechanical Breakdown Insurance, which works almost the same way an extended warranty does.
They offer generous discounts, and you get to save even more money when you bundle your housing and car policies with the same insurer.
Liberty Mutual is the oldest insurer on our list. Their financial strength is also one of the best there is, and they operate in 17 other countries. As far as auto-insurance go, Liberty Mutual is undoubtedly among the best. Getting the right policy for your exotic sports car might also be difficult but not impossible if you have a good driving record. But for other mid-level sports cars with great discounts, even for new drivers who do not have any driving record whatsoever.
They also give you the bundling option; if you are willing to take a policy for your house along with your sports car, it comes with a great discount too. Their offices are situated in every state.
Getting Sports Car Insurance?
For those with the rare exotic sports cars, getting the right kind of insurance is no walk in the park, even with the best auto insurance companies. Even a little blemish on your driving record, like being hit in the rear for no reason, is enough reason for an insurer not to give you a policy. However, it is not impossible; and you can always try another insurer.
Policy rates are determined at state levels, so your premium in Miami, Florida, may not be the same with that of Los Angeles even when it’s the same insurer.