What are the best sports car insurance companies around?
The fact that you plunge across the road at breakneck speed on a sports car is really exciting. When that really powerful engine starts to roar, it’ll have more than a few heads looking right at you, making the car worth every dollar you’ve spent on it.
However, getting insurance for your favorite car can be a bit complicated as most sports cars are really expensive and fast-moving. So if you own sports car(s) or you’re about to have one, then it’s time to look at the existing top sports car insurance companies and the types of insurance they offer.
What is Sports Car Insurance?
For those wondering what sports car insurance is, break it down for you. Like regular auto insurance, sports car insurance is an agreement between the owner of a sports car and an insurance company to insure him or her from financial expenses when an accident occurs.
But the problem is that some well-known names in the insurance business may not be willing to provide insurance for more expensive sports cars with really big horsepower engines. Other insurers may not be willing to ins take insurance for a particular brand or a strange car, so you may need to have a special type of insurance.
Another important point to note is the fact that in addition to some exceptions, all cars are discounted. A new car loses up to 25% – 30% as soon as they are taken out of the agent. After 5 years, the car may not even be worth 45% of the price you paid at the dealers when the car was new. The same applies to your coverage; the insurance you get for a new car also diminishes over time.
As stated earlier, there are some exceptions that some classic or foreign cars can retain or even increase their value. This becomes a real problem because the insurance you have paid may not include the actual value of the car, which is why sports car insurance is essential.
Covered sports cars
Sports cars come in a variety of categories, including supercars such as Koenigsegg, Bentley, Lamborghini, McLaren, and Bugatti. These cars are usually in the mid-six-figure level, some of them even have a seven-figure price tag. For supercars like this, insurers are often very hesitant to insidious them. And for obvious reasons, in the event of an accident, the claims are always huge. The risk is much less for regular cars and family small trucks, so most insurers always stay away from these really expensive cars.
For luxury but cheaper cars like the Ford Mustang RTR, Dodge Viper, Dodge Challenger SRT Demon, and Nisan GT-R it is also quite difficult to get an insurance company willing to offer insurance. But more regular sports cars are covered easily enough, especially for skilled drivers with clean records.
Types of sports car insurance
Sports Cars Insurance works exactly the same way as regular auto insurance and other types of insurance including
Comprehensive
Comprehensive coverage for non-chariot-related damages such as theft, flooding, fallen branches and debris, glass damage, and other risks.
Collision
This type of insurance is for damage caused by collisions with other vehicles, overturned vehicles, trees, and other standing objects
Liability for physical injury
This insurance takes care of injuries for others including medical bills, lost wages, and some other things.
Personal Injury Protection (PIP)
This policy pays for medical expenses for injuries that occur when you are hit by a car. The options for this insurance vary from state to state, but if you already have health insurance, it can be used for co-insurance and health insurance deductions.
Protection of uninsured drivers
This includes damage to your vehicle caused by another driver who may not have insurance or sufficient insurance.
Property damage liability
This insurance pays for damages to other people’s property while driving your car
For exotic sports cars, getting the right collision insurance can be a problem because the depreciation rules don’t really match those cars, so you should find an insurance company willing to offer special insurance or you ask them to provide a fixed amount.
Sports Car Insurance Costs
Since sports cars cost from tens of thousands to millions of DOLLARS, the cost of insurance for sports cars also varies. In other words, the cost of insuring your sports car largely depends on the type of sports car you have.
Unlike regular minivans and sedans, even sports cars with almost the same specifications can still have large disparities in insurance costs.
Things to consider when receiving sports car policy
Insurers look at a lot of data before the premium rate. Some insurers focus heavily on certain factors, while some may use other data points to determine their rates. That’s why there aren’t any fixed premiums and one insurer’s rate may be higher or lower than the other.
Well, it seems like a great idea to find the least expensive insurance company, but you also need to see the insurance company’s track record. Is the insurer reliable? Are they really capable of handling feasible claims? And they have enough power to save and the appropriate coverage. With controlled Insurance companies at the state level, the type of option that may be available in Utah may differ from the one in Vegas. However, you still have to consider some points before choosing an insurance company.
Important points to consider before choosing an insurance company.
Financial strength
Studying the financial strength of your insurer is very important; After all, if the insurer is insured, it is almost impossible to provide insurance. Most Insurers have their ratings on their website, but it’s not harmful to use external sources like Standard & Poor’s or A.M Best’s ratings to be sure.
High Demand Satisfaction
The main purpose of insurance is to protect your finances in the event of a problem. You don’t just spend that much money on your beautiful sports car just to save it or make someone overtake you. However, if that happens and you make a claim with an insurance company, it must be an insurance company with a high level of claim satisfaction. To do this, you can use publications such as J.D. Power’s Claim Satisfaction Study and the BBB website to read reviews and learn more about insurer claims satisfaction rates.
Manage Online Policy
Most Insurers use their websites and mobile apps to make it easy for you to access your policies, with some even discounting online payments, electronic receipts, and policy documents.
Red flag
If you’re only provided with a short analysis of your policy, you probably won’t be provided with the full details of your policy. You need to take some time to ask important questions and take a look at everything that the policy includes a sparse tooth comb.
As discussed earlier, if you think you have found an insurance company cheaper with the same policy, you must fully understand what this policy requires before taking part in order not to shoot yourself in the leg by spending more than necessary when you have requested it.
You should also be aware of how roadside assistance is covered in the policy and the actual amount of roadside assistance you are eligible for. Excessive use of roadside assistance may cause your policy to be canceled or cause your future premium rate to increase significantly.
The best sports car insurance companies.
Once you’ve covered everything you need to know about sports car insurance, it’s time to consider the leading sports car insurers in the business.
State farms
State Farm is known as the largest auto insurer in North America with huge financial power providing personalized services nationwide. They offer big discounts when you make multiple contracts or insurance for more than one car. You can manage your policies with their mobile app right from your phone. This insurer is a great choice for mid-end sports cars.
Allstate
You may not get a policy for your all-new foreign sports car, but you won’t have a problem getting policies for mid-end sports cars and almost any other vehicle. They have a nationwide network of people they call captive agents, experts on all policies in the industry.
Like State Farm, they also give significant discounts on multiple policies or when you insure multiple vehicles. You can save some money and manage your policies right from a mobile app or through their agents.
Hagerty
For those with classic and exotic sports cars that don’t lose price, Hagerty is one of the best insurance companies for your sports car. With Hagerty’s Guaranteed Value policy, you’ll be guaranteed full value for your exotic sports cars without depreciation.
They have a team dedicated to supplying hard-to-find parts for classic cars to help you not have to worry about having to do it yourself when you need it. They also have an online platform to help access and manage your account, with a nationwide network of agents to help with policy constraints and other questions.
Chubb
Chubb is also a major insurer for million-dollar supercars as well as very rare classic cars thanks to their agreed value policy. So if your car is stolen or damaged, you will be paid the agreed value for the vehicle without depreciation. They also cover the cost of repairing and replacing parts to help maintain the value of your exotic cars.
With Chubb, you don’t have to worry about car rental insurance, they have the best car rental policy in the insurance industry.
Radical
Progressive insurance is another option worth considering, although it can be difficult to get a guaranteed value policy for your exotic sports cars. But they have some very driver-friendly policies that can benefit you. They cover all 50 states and also have thousands of agents nationwide.
They also offer a variety of discounts and savings to help pay for your next deductions, and you can manage your account right from your phone.
GEICO
You may also have difficulty getting the ideal policy for Supercars like McLaren’s Speedtail or even Lamborghini. But you will definitely have no problems warranty of any Mustang, Porsche, Mercedes AMG Dodge, or BMW M.
They have offices across 50 states and their mobile app platform is one of the best. The best thing about GEICO is that their additional coverage with specific insurance is called Mechanical Incident Insurance, which works almost the same way as the extended warranty.
They offer generous discounts and you’ll save even more money by combining housing and car contracts with the same insurance company.
Liberty Mutual
Liberty Mutual is the oldest insurer on our list. Their financial strength is also one of the best there, and they operate in 17 other countries. In terms of auto insurance, Liberty Mutual is definitely one of the best products. Getting the right policy for your exotic sports car can also be hard but not impossible if you have a good driving record. But for other mid-tier sports cars, there are huge discounts, even for new drivers who don’t have a driving record.
They also give you package options; If you are willing to make a policy for your house along with your sports car, it also comes with a large discount. Their offices are located in every state.
Get sports car insurance?
For those who own exotic sports cars rarely, buying the right type of insurance is not a walk in the park, even for the best auto insurers. Even a slight error on your driving record, such as being stabbed in the back for no reason, is enough reason for the insurer not to offer you an insurance policy. However, it is not impossible; and you can always try another insurance company.
Premiums are determined at the state level, so your premium in Miami, Florida, may not be the same as Los Angeles premiums even if it’s the same insurance company.
