The average cost of insuring a 2024 model sports car will vary based on the model. For instance, full coverage on a Ford Mustang costs around $2,172 a year, which is a relative bargain compared to the $4,116 annual bill you’ll pay to insure a BMW i8.
What’s more, the cost difference between insuring a sports car and a standard vehicle can range from a couple hundred dollars to a few thousand dollars. The average cost of full coverage for a conventional car is around $2,064 a year.
To help you decide if purchasing a hot new ride makes sense, we’ll provide details about how much insurance costs for a sports car, and the factors that can raise or lower your premiums.
Key Points
• Sports car insurance is costly due to high risks and repair expenses.
• Insurance costs differ by model; Maserati Quattroporte is among the priciest.
• Mazda Miata is one of the least expensive sports cars to insure.
• Factors influencing rates include driver’s age, car model, and location.
• Reducing costs involves maintaining a clean driving record and bundling policies.
What Is Sports Car Insurance?
“Sports car” is a common term used for small, low-built cars designed for performance at high speeds. Sports car insurance then refers to typical auto insurance for a sports model. Drivers generally have to pay more to insure a sports car because of the higher sticker price and greater perceived risk.
Sports cars usually have top-of-the-line engines that drivers can easily push to high speeds, upping the likelihood of an accident or speeding ticket. Sports cars tend to be more expensive to repair and replace because their parts are costly to manufacture. As a result, insurers often charge drivers more to cover sports cars.
Need to brush up on your vehicular vocabulary? Check out our roundup of car insurance terms.
How Much Does Insurance Cost for a Sports Car?
Sports car insurance can range from $2,400 for a Mazda Miata to $6,166 for a Maserati Quattroporte. Keep in mind that these numbers are averages. Your costs will depend on many factors, such as your age and the age of the car, security features installed in the vehicle, the state you live in, and how much you drive.
Parents and teens alike may benefit from our insurance tips for first-time drivers.
Average Cost of Insuring a Sports Car
See below for the average cost of insuring a sports car, by make and model:
| Make and Model | National Average Rate |
|---|---|
| Maserati Quattroporte S GranSport | $4,823 |
| Maserati Ghibli S Q4 GranSport | $4,208 |
| BMW M8 xDrive | $3,907 |
| Audi R8 5.2L Spyder Quattro | $3,863 |
| Nissan GT-R Nismo | $3,829 |
| BMW M5 Competition xDrive | $3,777 |
| Tesla Model S | $3,567 |
| Porsche 911 | $3,261 |
| Dodge Charger | $2,930 |
| Jaguar F-Type | $2,751 |
| Dodge Challenger | $2,317 |
| Chevrolet Corvette | $2,420 |
| Mazda MX-5 Miata | $1,857 |
What Do Insurance Companies Consider to Be Sports Cars?
While insurance companies don’t have a strict, universal definition for sports cars, they typically have powerful engines with more horsepower but weigh less than sedans. Sports cars get their name from the sport of racing, which inspires their engine specs and body shape. Manufacturers design sports cars to be small, fast, and maneuverable.
Car enthusiasts and connoisseurs appreciate the expertise and craft that go into making sports cars. But anyone can get behind the wheel of these thrilling and potentially dangerous vehicles. Those dangers have financial implications, so insurance companies tend to charge increased premiums. Still, it’s possible to find affordable car insurance for many sports models.
What Coverage Do You Need for a Performance Car?
Because of a sports car’s higher value, drivers tend to choose maximum vehicle coverage over minimum car insurance. Full coverage can vary but tends to include the following:
Liability Insurance
If you’re at fault for an accident, liability insurance covers the cost of injuries and property damage to the other people involved. It can also cover legal fees and court costs if someone sues you after an at-fault accident. Most states require some level of liability insurance.
Comprehensive and Collision
This coverage provides complete damage coverage for your vehicle, whether it’s beat up by a storm or after an accident. If you lease or finance your sports car, your leasing agent or lender will likely require this coverage.
Uninsured / Underinsured Motorist
UM coverage protects you if you collide with someone with limited or no auto insurance. In an accident where someone else is at fault and they don’t have enough insurance, UM will cover your medical bills up to policy limits. Some states require UM coverage.
Recommended: How Much Car Insurance Do I Need?
Personal Injury Protection
PIP insurance covers medical bills, lost wages, and funeral expenses after an accident, no matter who caused it. Some states require this type of coverage.
Gap Insurance
When a newer car is totaled, standard insurance will reimburse you the car’s actual cash value (ACV), which may be less than the amount left on your loan or lease. Gap insurance covers the gap between the vehicle’s ACV and the amount you owe, minus the deductible.
Learn more about how gap insurance works.
New Car Replacement
New car replacement operates similarly to gap insurance by covering the cost of purchasing the same make and model vehicle that was damaged — after the deductible.
Which Sports Car Has the Cheapest Insurance?
The sports car that’s cheapest to insure is the Mazda Miata, with an $2,400 average annual premium, per ValuePenguin. That may be because Mazda is known as one of the safest car brands on the market. In 2024, five of its cars earned the Insurance Institute for Highway Safety’s Top Safety Pick+ award.
For a deep dive into the process, read this take on how to get car insurance.
Which Sports Car Is the Most Expensive to Insure?
According to Insure.com, the Maserati Quattroporte is one of the most expensive sports cars to insure, costing $6,166 annually on average. Maserati is a renowned exotic car manufacturer whose vehicles are both expensive and exclusive. The Quattroporte is a supercharged luxury sports sedan.
Recommended: How to Save on Car Maintenance Costs
How Can You Save Money on Sports Car Insurance Rates?
Although sports cars are expensive to own, you can lower the cost of car insurance with the following tips:
Take Advantage of Discounts
Insurance companies reward drivers with discounts for various efforts, such as avoiding tickets and driving less. As a sports car driver, you can do the following to reduce insurance costs:
• Install an anti-theft device.
• Do the bulk of your driving with another car. For example, you could commute with an economy car and take your sports car out on weekends.
• Keep a clean driving record free of accidents and tickets.
• If you have multiple vehicles, insure both with the same company for a potential price reduction.
• Purchase your homeowners or renter’s insurance from the same company providing your auto policy to receive a discount.
• Pass a driver safety test.
• Install a tracking device to record your driving habits.
Increase your Deductible
Deductibles and premiums have an inverse relationship. If you choose a high deductible (what you pay before your insurance covers the remaining costs), your monthly premiums fall. Therefore, you can change your policy to take on more of a financial burden if you get into an accident, making your policy more affordable on a monthly basis.
Shop Around
You don’t know what you don’t know, and that is very true of insurance costs. Requesting quotes from multiple insurance companies allows you to compare insurance packages and find the best price. Regular personal insurance planning sessions can make sure you’re saving money on all of your policies.
Switching car insurance may seem counterintuitive if you think you have an excellent price, but it doesn’t hurt to check. Bundling is often helpful in reducing insurance costs, but you might find an outstanding deal with an insurer that beats the discount your current insurance company offers. Specifically, online insurance may offer lower rates than traditional insurers.
The Takeaway
Sports cars are fast, fun vehicles that make driving exciting — and expensive. While their agility and speed are enjoyable, their insurance costs can be prohibitive, especially for younger drivers.
However, you can reduce insurance costs by avoiding the most expensive sports cars, such as Maseratis and Audis, and driving more modestly priced models like the Mazda Miata or Nissan Z. Also, older “classic” sports cars don’t have the same insurance upcharge as newer models. And of course, it pays to keep a clean driving record.
When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.
FAQ
Is it more expensive to insure a sports car?
Generally speaking, yes, it costs more to insure a sports car than a conventional car. For example, full coverage on a BMW i8 costs $4,116 a year. But it only costs around $2,064 a year for full coverage on the average conventional car.
Does insurance go up when you buy a sports car?
Since sports cars tend to be faster than standard cars (which increases the probability of an accident), it usually costs more to insure one.
How can I lower my insurance on my sports car?
You can lower your insurance on your sports car by building a favorable credit score, maintaining a clean driving record, bundling multiple types of insurance, and fulfilling specific conditions from your insurance company. For example, you might install a car alarm or reduce your monthly miles driven to receive discounts on your premium. Also, shopping among insurance companies for the best deal could help you find a lower rate.
Photo credit: iStock/Arand
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