Auto Insurance for Sports Cars

If you own a sports car, chances are you take good care of it. If you don’t have an insurance policy specifically designed for sport cars, you might want to check with your local authorized agent to be sure your car has adequate coverage.

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Sports Car Insurance Coverage Options

In many ways, insuring a sports car is very much like insuring any other car. The same types of coverage options usually apply. You can choose from the following:

• Liability coverage
• Collision insurance
• Comprehensive coverage
• Medical payments coverage
• Property damage coverage
• Bodily injury coverage
• Uninsured and underinsured motorist coverage

Auto Insurance Premiums for Sports Cars

The cost of insuring a sports car tends to be higher than for a regular car.  The reason premiums are more expensive for sports cars is because they have a lot of horsepower.  Since they cost more initially, they are also typically expensive to repair.  Additionally, sports cars are most often driven by younger drivers who are more likely to take risks on the road, which also makes them more likely to have accidents.  Insurance companies consider these drivers to be high risk and, consequently, charge them higher rates.

Sports Car Theft and Auto Insurance Premiums

Popular sports cars are not only popular among consumers, but also among car thieves.  Higher theft rates are another reason why insurance premiums are higher for sports cars.  According to a recent study conducted by CCC Information Services (CCC), the 2001 BMW M Roaster was ranked as the top stolen vehicle in 2005. Other high speed vehicles that made the top 25 most stolen cars of 2005 include the Audi S4, the Jaguar XJR, and the Mercury Marauder.

When insurance companies recognize a particular vehicle is more likely to be stolen, they take into consideration that these vehicles are higher risk, as they are more likely to be stolen. The higher the risk, the higher the premium for an insurer.

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