How to Insure a Sports Car Without Breaking the Bank
It’s tough not to appreciate sports cars, especially if you love driving. They’re fast, responsive, and overall just a lot of fun. Not to mention they usually turn heads. But they aren’t cheap. If you’re determined to get one, you may want to know how you can trim a few bucks off the cost of owning it.
Here are some tips for saving money when you insure a sports car:
Drive it less
Let’s be honest, do you really need to use a Porsche to pick up the groceries? No. For most people, especially in Canada, sports cars are secondary vehicles used only in the sunny seasons, and even then only in certain situations. While some people may decide to go all year in some rally-inspired sports car like the Subaru WRX, this would be really expensive for anyone who doesn’t have a long, clean driving history.
Increase your deductible
As with any insurance policy, assuming more of the risk will make the insurer a little more lenient with the premiums. Increase the amount you pay out of pocket and the monthly cost to insure your sports car will drop.
Just because you can go fast doesn’t mean you should
Insurance premiums take into account the replacement cost of your vehicle, so if you’re riding around in something out of a rap video prepare for a hefty premium to go along with it. Chances are you’re speeding. Just because you can go fast doesn’t mean you should. Avoid falling into the trap of getting violations while driving your sports car.
Just purchase basic liability coverage
If you can insure your sports car with nothing more than basic liability coverage, it is a great way to cut your premiums nearly in half. While most people probably need comprehensive and collision coverage for their daily driver, you may be better off with just liability coverage on your sports car -- as long as you can afford to pay for repairs on your own.
Hunt for discounts
When you shop around for auto insurance, you can find better rates. Some companies will offer you discounts based on your membership to organizations like CAA or even your profession. Even if you save some time and money by using an online insurance quote, don’t hesitate to ask the agent about discounts they can get you based on information that isn’t in the form.
Since sports cars usually serve as second or third vehicles, chances are you can save money by bundling the policies as a family deal. On top of that, you can bundle your auto policy with your home policy for further savings.
If you’re a good driver, your premiums should get lower over the years. That’s no secret, and that means that even though you may get a new sports car, you’ll still be given a preferred rate due to your history.