Sports Cars: How to Race Past High Insurance Rates

A sleek, sexy sports car carries with it more than just hot lines and strong horsepower—it establishes you as a power player who can afford the finer things in life. You work hard, play harder, and enjoy living life to the fullest.

A high-class performance sports car says all that and more.

But, to insurance companies, a sports car says something very different: Your car will be expensive to fix after an accident, expensive to replace if stolen, and a magnet for speeding tickets.

How can you avoid the huge insurance rates?

First, here are some things to know: The price tag on your new vehicle will definitely factor into the price of your coverage. Think less Porsche, Maserati or Ferrari, and more Mercedes, BMW, Lexus. These latter models are luxury brands with sophisticated car choices, but safer and consist of less expensive car parts.

If you’re making a plan to buy an expensive sports car soon, evaluate your driving record, call multiple insurance companies for quotes, and avoid speeding tickets at all cost.

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It also helps to alter the impression your insurance company has of stereotypical sports car owners. Not all of them are young males with the need for speed. If you have many years of driving experience with a clean record to back you up, this will go a long way toward convincing your insurance carrier you’re lower risk.

Serious muscle car drivers like to make certain modifications to their sports cars to amp up the power—Tricking out the alloy wheels, tinting the windows black, and pushing the horsepower. Don’t do this! Making any enhancements to your vehicle will result in a further increase in your policy.

Have a good health insurance plan? Consider dropping your personal injury protection (PIP) coverage. It will decrease your premium significantly. While this isn’t an option for everyone, it’s worth looking into to see if you’re spending more on coverage than you need to be.

Finally, if you’re below the age of 30, wait on your dream car.  Adults over 30 are considered less of a risk because it’s assumed they have at least 12 years driving experience. So, surpassing this age bracket could lower your annual premium to a much more affordable rate.

But, the best advice for low rates is this: Keep your driving record accident and citation free, follow the tips above, and you could be sitting in that cool sports car at any moment—without the high insurance rates.