Buying insurance for sports cars is different because of the different qualities of these vehicles. They have more power, eye-catching designs, and huge purchase and maintenance costs. These factors make high-performance cars high-risk items for auto insurance providers. For decades, after the rise of muscle cars in the 1960s, concerns about fuel economy and emissions brought powerful but affordable models to the brink of extinction.
How bad did it get? In 1975, the Chevrolet Corvette, America's original supercar, came standard with a 350-cubic-inch V-8 that produced 165 horsepower. Many of today's fastest cars derive their power from forced induction or from an old fashioned engine capacity. But the Camaro ZL1 and its supercharged 6.2-liter V-8 opt for both, offering the second highest horsepower of the vehicles on this list. Its time of 12.2 seconds in a quarter of a mile and its 3.9 second time from 0 to 60 seconds (as tested by Motor Trend) demonstrate that the Camaro chassis is capable of grounding the engine's 556 pound-feet of torque in an impressive way.
This has the strange consequence that some muscle cars are less expensive to insure than a half-price economy with half the power. With the same driver behind the wheel, the 4355-horsepower Mustang GT costs about the same as insuring a 179-horsepower Scion TC. That's the nature of the insurance business. Your insurer can't afford to increase your potential payments without revising your insurance rate upward.
Insurance companies analyze claims to establish a risk profile for a car in the same way that they analyze driving history to qualify a driver. But what does insurance consider a sports car? Some may say that a car with more horsepower is a sports car. To help you comprehensively compare the variables and rates of different insurance companies, we'll look at the critical factors that can increase your car insurance rates. Some even consider muscle cars to be sports cars, even though not all sports cars are muscle cars.
The insurance provider will ask you for information such as the make and model, the cylinder and power, the money paid, and the height and weight to calculate your insurance rates. You probably won't find insurance policies for these powerful cars from regular auto insurance providers. Depending on the insurance provider, you may be able to get a discount on your car insurance if you do a little research. It's important to remember that insurance providers are considering how you're more likely to have an accident if you drive at a faster pace, since the car has more power.
However, insurance companies have developed their own criteria for qualifying sports cars, as some regular car brands also mass-produce vehicles that fall into this category. We have years of experience in the industry and can quickly tell you the types of cars that seem to have the highest car insurance rates. That leaves out a significant majority who don't know why they're paying dearly for something as simple as car insurance. There will be an increase in the cost of sports vehicle insurance compared to the cost of other forms of insurance.
Insurers such as AIG, Chubb and Cincinnati Insurance Company are some of the companies that can provide coverage for high-end sports cars.