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Are Sports Cars More Expensive To Insure?

Are Sports Cars More Expensive To Insure?

When looking for a new car, you are looking at the price tag, monthly payment, and insurance costs. The make and model of a vehicle ascertain the insurance bill of a car. Indeed the sports cars are likely more expensive to insure, the reason being; the spike in accidents and pricey onboard safety equipment.

Car assurance costs have been on the rise lately. Additional risks in driving sports cars make them expensive to insure. The insurance of a sports car can range anywhere between $1200 to $5000 bucks. Sports cars are heavy on power but use more gas; the need for adrenaline in sports cars has undoubtedly played a significant role.

Sports cars are often glamorized in Hollywood as a symbol of freedom, power, and excitement. Can you wonder about the price tag of these sports cars? They are obviously settling in the range that would take all your salary and savings. If you want to hoard some bucks from your pocket, the used sports car is the way to go.

We are well aware every vehicle depreciates yearly with a considerable margin, so do the sports cars. Before you visit the marketer, make sure to get the revs check report. A car’s history report offers a great deal of authentic information related to stolen, written off, and finances. Moreover, It’s time efficient and accurate.

Related: Top 10 Cars Driven By Nigerian Elites And Celebrities

How do insurance companies define a sports car?

The cost of a car singly is not a determiner of a sports car. There are various other definitions insurance companies look for in a car and charge super insurance.

  1. Car with eight cylinders and more
  2. Small and compact in size than regular Sedan in the segment
  3. High horsepower and torque
  4. Manufacturers advertising a car in a sports segment

Notable factors that hike the insurance premiums of sports cars

  1. Expensive parts

An expensive car means expensive parts. If you are involved in accidents, getting the correct parts for your sports car will likely cost more. Thus the insurance becomes higher than a general car. The limited production of these parts worldwide makes it more costly to import and assemble.

  1. Make and model

Considering the insurance costs, the make and model of a car plays a significant role. Vehicles with high horsepower are eventually expensive to insure because the insurance company is likely to check the car’s specifications to determine the premiums. A sports car manufactured by ford surely costs more than their minivan.

What does the Car Make refer to?

A car’s make refers to the company that manufactures cars. For example, BMW, Ford, Ferrari, Honda are considered a make. To memorize the make of a car, simply refer to the company that makes a car.

What does the Car Model refer to?

Products manufactured by the automobile company are simply referred to as the car model. It’s the name we often hear in the advertisement. For example, Tesla advertises its model S series once in a while. Here, Model S is the model of a car while Tesla is the company.

  1. Year

The manufacturing year of a car is another factor affecting the insurance of a sports car. Insurance companies use VIN (Vehicle Identification Number) to check the year of a vehicle. Usually, newly manufactured cars are more expensive to insure than the old ones. On the other hand, every year’s base rate of a sports car depreciates, affecting the insurance cost. Some companies can offer an insurance discount as well.

  1. Vehicle’s height and weight

Most sports cars have two doors and double seats. There are exceptions where the sports cars like Porsche 911, Lexus LC, and Ford Mustang are heavy and have four doors and quad seats. These cars are classified to have high coverage thus have high premiums.

  1. Safety features

Sports car owners drive fast and restlessly. Manufacturers of these cars can’t compromise on the level of safety features. Owing to a sports car eventually costs high insurance bills even if you have a clean driving record. While billing for premiums, the insurance companies look after the safety features like airbags, Dash Cams, ABS, Anti-lock system, and many more. Some companies may offer a discount on car alarms and other theft safety features.

More the horsepower, more the insurance premiums. The sports car costs nowhere similar to an ordinary Sedan. A sports car has everything that can go anywhere from 400 to 500 km in an hour. Age can be another significant factor in increasing the insurance cost. Usually, youngsters below 21 have to pay massive expenses to insure their sports car. Before you admire buying a sports car, overview its overall cost.

Moreover, the definition of insurance costs in sports cars varies from one insurance company to another; make sure to compare every company to get the possible lower rates.

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