What cars are the most expensive to insure?

There’s no single type of car that is always most expensive, but in general, luxury cars, sports cars and collector vehicles tend to cost more to insure. Your insurance company will take multiple factors into account, though. For example, a sports car that is on the older side (unless it’s a classic car with collector value) may cost less than a newer model of the same car. Your own driving skills play a role, too, since drivers with a clean record usually pay less for insurance than those with marks on their driving record.

How is exotic car insurance different?

While they may look similar to the untrained eye, sports cars differ from exotic cars in that they are rarer and usually have a higher vehicle value. As a result, many insurance carriers won’t insure exotic cars. For instance, Progressive will not insure your vehicle if it is valued at over $150,000. Drivers of a Lamborghini Aventador, Porsche Taycan Turbo S, or any other vehicle valued higher than $200,000 will likely need to seek out a specialty auto insurance company or those that cover collector vehicles. Some specialty car insurance companies that will work with exotic car owners include PURE Insurance and Hagerty Insurance, which only sells policies for antique and collectible cars.

How is classic car insurance different?

The characteristics that make a vehicle a classic car vary, but a classic car is typically any vehicle more than 20 years old that is restored consistently with its original build. While classic car insurance usually includes normal coverage types such as liability, collision and comprehensive coverage, there are other non-standard elements of a classic car policy. You’ll have to determine an agreed value for your vehicle with the insurance company that should reflect your vehicle’s appreciation. Restoration coverage provides coverage while you’re in the process of restoring or rebuilding your vehicle, and spare parts coverage provides financial protection for specialty tools and parts that may be in your possession. Classic car coverage may include higher limits for spare parts, which can be more expensive than for a standard vehicle.

Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Insurance for sports cars

Written by

Mary Van Keuren

Edited by

Maggie Kempken

Updated Mar 02, 2023

The Bankrate promise

At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation of . Our content is backed by Coverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our .

On This Page

If you are drawn to the allure of a shiny, fast sports car, you might want to consider getting robust car insurance to protect your investment in your vehicle. Sports cars are often more expensive to repair or replace. Other factors that play a role in most states include your age, credit rating and your ZIP code. One factor that doesn’t play a role, despite myths to the contrary, is the color of your sports car. Although some people believe red sports cars have more accidents and cost more to insure, that’s just a myth. Bankrate’s insurance experts have done some research into what factors will affect your sports car insurance to help you get started.

Advertising Disclosure

This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Compare auto insurance rates

Answer a few questions to see personalized rates from top carriers

Age

Please select age

Zip code

Save on auto insurance with quotes from trusted providers like

Drivers switch & save an average of $750+/year

Are you overpaying for auto insurance?

Safe drivers choose Allstate®

Insurance Disclosure

See more providers in

Choose from insurers in

How much is insurance for a sports car?

Sports car owners are likely to pay a higher premium for auto insurance. The steeper cost for sports cars is due in part to the fact that auto insurers recognize that sports cars have a higher risk for:

Collision damage
General safety
Parts replacement
Vehicle theft

In addition to a higher risk profile, sports cars have a higher intrinsic value compared to standard sedans. The higher Insured Declared Value (IDV) on sports cars can make the premium more expensive. How much higher your premium will be than the national average for a standard sedan will depend on your geographic location, marital status, specific vehicle make and model, credit history (in most states) and driving history.

In the table below, you can see the difference in premium costs between a typical sports car, in this case a BMW 330i, and a standard sedan, the Toyota Camry. The average cost of full coverage for standard cars in the U.S. is $1,771 per year for full coverage and $545 per year for minimum coverage. The BMW 330i, meanwhile, has an average cost of $2,270 for full coverage car insurance, nearly $500 more per year than the Camry. However, the minimum coverage average for both cars is similar, which may be due to the fact that state minimums usually reflect only low liability rates for injuries and repairs, and do not take into consideration the higher costs of sport car repairs that must be considered when you add collision and comprehensive coverage.

Average annual car insurance rates for sports cars vs. standard cars

	Model	Full coverage	Minimum coverage
Sports Car	BMW330i	$2,270	$527
Standard Car	Toyota Camry	$1,771	$545

What do insurance companies consider to be sports cars?

Every insurance company is different and vehicle classification standards may vary among insurers. While higher-end models made by world-renowned companies like Porsche or Jaguar are easier to designate as sports vehicles, companies such as Subaru or Honda also produce sporty models that can sometimes be in a gray area. As a general guide, insurance companies usually classify vehicles with the following traits as a sports car:

Smaller and lighter than a standard sedan
Two seats
Soft back
High horsepower
Greater than 350-cubic inch motor
Turbocharged engine

Ultimately, your car insurance company may decide whether your vehicle is a sports car by entering the VIN into the insurer’s system, which will take into account the vehicle make, model, horsepower, number of cylinders, size and weight.

Although some features may be common to both sports cars and regular sedans or SUVs, the former is usually noted by these few distinct traits. However, since many non-sports cars have turbocharged engines, your best bet is likely to ask your insurance company whether or not it considers your vehicle to be a sports car.

What coverage do you need for a performance car?

While a licensed insurance agent can work with you to find the best coverage for your needs, the general rule of thumb with auto insurance is that you start by considering your assets and what level of financial risk you are willing to assume. Because sports cars tend to have higher-end features, specialty parts and other costly components, you may want more robust coverage to financially protect the vehicle in case of damage. You may also want to consider purchasing liability coverage limits above your state’s minimum requirements. The following coverages can be considered when purchasing your sports car insurance policy:

Collision and comprehensive insurance: Collison and comprehensive insurance, two coverage types that make up what is commonly known as full coverage car insurance protect you financially against repairs or replacement of your sports car after a covered loss.
Personal injury protection or medical payments insurance: With personal injury protection (PIP) or medical payments (medpay) insurance, your insurer will help cover the cost of medical expenses for you and your passengers, regardless of who is found to be at fault in an accident. If you live in a no-fault state, PIP is most likely required.
Gap or new car replacement insurance: Gap coverage may be of interest to drivers financing their brand new sports cars, as it will cover you if you owe more on the car than your insurance company would pay to replace it. With new car replacement coverage, you are able to recover the cost of buying a replacement vehicle of the same make and model.

Outside of your state and lender requirements, there are no additional requirements for sports car coverage that drivers must meet. Instead, it is up to sports car owners to ensure they have the breadth of coverage necessary for protecting their assets, as well as for meeting or exceeding their state’s minimum insurance requirements. Consult with your insurance agent to understand what coverage limits and add-ons are available to help further protect your investment in your luxury vehicle.

How can you save money on sports car insurance rates?

Sports car insurance is typically more expensive than insurance for a standard economy sedan, but there are some ways you can potentially reduce their premium. By taking advantage of all available discounts that you qualify for you may be able to secure lower rates without sacrificing coverage. The following are some of the best car insurance discounts to watch for when purchasing your sports car insurance policy:

Good driving: Safe driving programs are common with many insurance carriers, providing discounts for those who have avoided traffic violations and accidents for a given period of driving history. Many providers allow drivers to install a telematics monitoring device that sends real-time data to the insurer on your driving habits. If you drive safely, you may see savings on your premium.
Multi-policy discounts: If you obtain a home insurance policy alongside your auto insurance policy from the same company, most insurers offer a bundling discount, applying savings to one or both policies.
Safety features: Some insurers offer discounts if your vehicle is equipped with special safety features. Review the list of eligible safety features to see if your car qualifies for a discount. While these might not be as common with sports cars, ask your insurer to see if you qualify for a unique safety discount based on your vehicle’s features.

In addition to the discounts, drivers could also save on premiums by taking on a higher deductible. While this lowers your premium, it does mean you are assuming more financial responsibility in the event of a claim. Keep in mind that deductibles only apply to certain types of car insurance coverage, most notably collision and comprehensive coverage, so you may not have a deductible if you have minimum car insurance coverage.

Frequently asked questions

There’s no single type of car that is always most expensive, but in general, luxury cars, sports cars and collector vehicles tend to cost more to insure. Your insurance company will take multiple factors into account, though. For example, a sports car that is on the older side (unless it’s a classic car with collector value) may cost less than a newer model of the same car. Your own driving skills play a role, too, since drivers with a clean record usually pay less for insurance than those with marks on their driving record.
While they may look similar to the untrained eye, sports cars differ from exotic cars in that they are rarer and usually have a higher vehicle value. As a result, many insurance carriers won’t insure exotic cars. For instance, Progressive will not insure your vehicle if it is valued at over $150,000. Drivers of a Lamborghini Aventador, Porsche Taycan Turbo S, or any other vehicle valued higher than $200,000 will likely need to seek out a specialty auto insurance company or those that cover collector vehicles. Some specialty car insurance companies that will work with exotic car owners include PURE Insurance and Hagerty Insurance, which only sells policies for antique and collectible cars.
The characteristics that make a vehicle a classic car vary, but a classic car is typically any vehicle more than 20 years old that is restored consistently with its original build. While classic car insurance usually includes normal coverage types such as liability, collision and comprehensive coverage, there are other non-standard elements of a classic car policy. You’ll have to determine an agreed value for your vehicle with the insurance company that should reflect your vehicle’s appreciation. Restoration coverage provides coverage while you’re in the process of restoring or rebuilding your vehicle, and spare parts coverage provides financial protection for specialty tools and parts that may be in your possession. Classic car coverage may include higher limits for spare parts, which can be more expensive than for a standard vehicle.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

$100,000 bodily injury liability per person
$300,000 bodily injury liability per accident
$50,000 property damage liability per accident
$100,000 uninsured motorist bodily injury per person
$300,000 uninsured motorist bodily injury per accident
$500 collision deductible
$500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Model: To determine cost by vehicle type, we evaluated our base profile with the following vehicles applied: BMW 330i

Written by

Mary Van Keuren

Insurance Contributor