If you’ve ever owned a sports car, then you know the insurance rates are always going to be a bit higher than the average car. Higher insurance rates are just going to be something you pay for when you want a finely tuned machine that’s able to burn some serious rubber. That doesn’t mean you have to be raked over the coals though, and it’s important to actually investigate the different types of cars and the insurance that covers them. There are other factors that will play into your sports car’s insurance cost, other than just its ability to go fast. Don’t be discouraged right away by the higher premiums you find, because not all fast cars are judged the same.
Why Is Insurance More Expensive For Sports Cars?
There are multiple factors as to why sports cars may have more expensive auto insurance, so let me drop some important knowledge on all of you with the need for speed.
- Insurers find faster cars to come with greater risk, due to their ability to attain greater speeds and therefore cause more damage to themselves, other people, and property. When a 2,200lb vehicle can attain speeds up to 185-200mph, then the damage it can cause is of a much greater magnitude. The other part of this risk is that they also find those that drive fast cars to be more irresponsible.
- The cost of fixing sports cars is more expensive, and therefore the insurance rates have to be higher to make up for the high cost of the repairs that may be incurred by the insurers. Cars that cost $35,000 and up, tended to have around a 16% increase in the cost of car repairs over cars that cost between $15,000-$25,000.
The Cheapest Fast Cars To Insure
Everyone remembers the movie Gone In Sixty Seconds. Not just because it starred Nicolas Cage and the amazing gorgeous Angelina Jolie, but because it had beautiful fast cars running down the road at amazing speeds. One of those cars was unforgettable, and so we decided to use one of its more modern versions for this comparison. I know you’re chomping at the bit to find out which car we’re starting with, so here it is, and it’s the highest cost annually in our research of five different cars:
- The 2014 Ford Mustang Shelby GT500, running at 0-60mph in 3.13 seconds, costs an average of $3,543 a year in insurance premiums.
- The 2013 Cadillac CTS-V, running at 0-60mph in 3.82 seconds, costs an average of $3,211 a year in insurance premiums.
- The 2013 Audi TT, running at 0-60mph in 4.23 seconds, costs an average of $3,103 a year in insurance premiums.
- The 2013 Chevrolet Camaro ZL1, running at 0-60mph in 3.64 seconds, costs an average of $2,784 a year in insurance premiums.
- The 2013 Chevrolet Corvette Z06, running at 0-60mph in 3.32 seconds, costs an average of $2,259 a year in insurance premiums.
As you can see, the fastest of the five cars we used for this has the highest yearly insurance premiums, which isn’t a surprise. These are going to be some of the least expensive fast cars for you to get insured, and that is information worth having before you make your next sports car purchase or lease.
Most Affordable Sports Cars
Not everyone thinks that sports cars should be only attainable by the wealthy, especially the companies that build them. There are a number of affordable sports cars out there, that have all the get-up and go that you could possibly want. Here’s a ranking of five different sports cars to give you a jump on searching out an affordable one for you.
- The 2013 Nissan 370Z goes from 0-60mph in 4.54 seconds, has an annual insurance premium of $3,017, and costs $21,079. This is a highly affordable sports car with a powerful engine.
- The 2013 BMW 135is goes from 0-60mph in 4.89 seconds, has an annual insurance premium of $2,851, and costs $21,192. Another highly affordable sports car that also comes with the impressive BMW label to go with it.
- The 2013 Chevrolet Camaro ZL1 goes from 0-60mph in 3.64 seconds, has an annual insurance premium of $2,784, and costs $26,631. Costing a little bit more than the first two, but does have a lower yearly insurance premium to cover.
- The 2013 Audi TT goes from 0-60mph in 4.23 seconds, has an annual insurance premium of $3,103, and costs $28,028. The highest so far in our statistics survey but also carries the title of Audi for all of those drivers that are true Audi fans.
- The 2013 Chevrolet Corvette Z06 goes from 0-60mph in 3.32 seconds, has an annual insurance premium of $2,259, and costs $37,044. This car may cost a little more at the beginning of purchase but definitely pays off in the long run due to the lower cost of insurance for it.
In short, there are affordable fast cars out there, you just have to go over the statistics to find the right one for you. Time to get your affordable speed on!