Car insurance providers generally classify sports cars as lightweight, high-performance vehicles with luxury car price tags. Sports car insurance rates are 58% higher than the average, but you can save money by comparing quotes.
Sports car insurance costs about $228 per month
According to Jerry’s data, the average auto insurance rate for a sports car is $228 per month or $2,736 a year—almost 60% higher than the national average for car insurance. Despite the premium price, sports car sales are projected to climb by about 1% every year until 2028.1
The best-selling sports cars in the US in 2023 show an appetite for tech, power, and luxury, with an average price tag of $51,000. Not to mention a fondness for domestic manufacturing—the three most popular models are certified American icons.
Our experts analyzed thousands of real car insurance policies purchased by Jerry users to determine what real drivers pay for sports car insurance. Here’s the average monthly cost of coverage for the 10 most popular sports cars in the US:
| Model | Average monthly cost of insurance |
|---|---|
| Ford Mustang | $205 |
| Chevrolet Corvette | $209 |
| Dodge Challenger | $243 |
| Chevrolet Camaro | $213 |
| Porsche 911 | $250 |
| BMW 2-Series (230i and M240i) | $235 |
| Mazda MX-5 Miata | $167 |
| BMW 8-Series (840i) | $201 |
| Toyota GR86 | $302 |
| Audi A5 | $250 |
Some major car insurance companies won’t insure a car valued at over $150,000. If you’re a high-value collector or hobbyist, look into a specialized insurance company for products like classic car insurance.
You can find the cheapest sports car insurance by shopping around, and the best insurance companies by comparing customer reviews. Jerry’s experts analyzed real customer reviews plus the cost of minimum liability and full coverage car insurance policies for sports cars to help narrow down the best sports car insurance providers in the country:
| Insurance company | Average cost of coverage | Jerry rating |
|---|---|---|
| AAA | $233 | 4.2 |
| Allstate | $221 | 4.1 |
| Bristol West | $384 | 4.5 |
| Clearcover | $150 | 4.6 |
| Founders | $131 | 4.6 |
| MAPFRE | $193 | 4.1 |
| National General | $179 | 4.3 |
| Nationwide | $185 | 4.2 |
| Progressive | $168 | 4.2 |
| Safe Auto | $170 | 4.0 |
| State Auto | $183 | 4.4 |
| Travelers | $151 | 4.5 |
High-end cars need full insurance coverage
Most state car insurance laws require drivers to carry liability insurance. They may also require additional coverages like uninsured motorist coverage and personal injury protection. But sports car owners should note a minimum coverage auto insurance policy won’t reimburse them for repairs or a total loss—only bodily injuries or property damages to others after an at-fault accident.
The average cost of repairing a sports car after a collision is $17,390, while the average cost of replacing one is $53,180.2Unless your car insurance policy includes collision or comprehensive coverage, you’ll have to pay the bills out of pocket.
Add the average cost of car crash injuries (between $24,000 and $155,000) and you have several compelling reasons to consider a full coverage policy with high liability limits.3 Your auto loan may also oblige you to purchase full coverage or gap insurance.
“A general rule that I recommend is to carry enough coverage to protect your current and future assets – at least $100,000/$300,000 of liability coverage is recommended, but you may need more coverage depending on your financial situation.”
Why are sports cars so expensive to insure?
Jerry’s research shows sports car owners pay higher insurance premiums because:
- Performance car owners are more likely to get into crashes. Sports cars accelerate quickly, and while that’s part of the fun, it may also make you more likely to crash. A study by the Insurance Institute for Highway Safety (IIHS) found that as a vehicle’s horsepower went up, drivers were as much as 38% more likely to go 10 mph or more over the speed limit.
- Big engines, rare parts, and lightweight body panels cost a lot to repair. In 2023, the average collision claim for a small to midsize sports car was over $18,000—more than twice as much as for a standard vehicle of the same size.4
- Sports cars cost $30,000-$300,000 to replace.5If you file a claim for the theft or total loss of your sports car, it’s likely to exceed the price of a standard car, which falls just under $48,000.6
- Seven of the 10 most frequently stolen cars in 2023 were high-end, luxury vehicles.7Data from the HLDI suggests thieves take every opportunity to grab expensive, high-performance cars. The Dodge Charger SRT Hellcat had a 600% higher risk of being stolen than all other passenger vehicles in 2023.
Other ways to save on sports car insurance
Providers calculate your insurance premiums using your vehicle and driver profile, including your age, credit score, driving history, and ZIP code. The formula changes depending on the provider, meaning there’s no cheapest car insurance company for every sports car and driver.
Here are some tips to help you save even more money on your car insurance:
- Become a safer driver by tracking your driving. With the Jerry app, you can track your driving to learn more about your habits behind the wheel. You can even earn points that you can use for rewards from Doordash, Goodyear, AMC, and more.
- Bundle policies. Multi-car policies and auto and homeowners insurance bundles can help you save money on multiple insurance products.
- Look for discounts. Some providers will reduce your car insurance rates if you install an anti-theft device or complete a defensive driving course.
- Consider pay-as-you-go or pay-per-mile insurance. Drive less than 10,000 miles per year and you could save money with a pay-per-mile plan from Allstate, Nationwide, Metromile, or Mile Auto.
- Pick a cheaper car to insure. If you’re still in the shopping stage, why not check out how much money you could save on a car with better safety features?
- Raise your deductible or dropping coverage. Choosing a new deductible or reducing your liability coverage limits is a last resort—the short-term savings could have long-term consequences.
FAQ
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Is sports car insurance expensive?
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What’s the best insurance for a sports car?
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What’s a sports car to insurance companies?
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Why is sports car insurance so expensive?
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What’s the difference between a regular car, a sports car, and a supercar?
Sources
- https://www.nasdaq.com/articles/10-best-selling-sports-cars-of-2023 ↩︎
- https://www.iihs.org/media/c1cb9ff8-8e04-423d-8088-3cc508330640/x-BdZQ/HLDI%20Research/Insurance%20reports/hldi_theft_WT-22.pdf ↩︎
- https://injuryfacts.nsc.org/all-injuries/costs/guide-to-calculating-costs/data-details/ ↩︎
- https://www.iihs.org/media/c4bc9079-3c48-4f7f-ad15-662f94157a8b/10ocxw/HLDI%20Research/Insurance%20reports/hldi_collision_r23.pdf ↩︎
- https://www.kbb.com/car-advice/sports-car-buying-guide/ ↩︎
- https://www.kbb.com/car-news/new-car-prices-rose-0-3-last-month/ ↩︎
- https://www.iihs.org/media/c1cb9ff8-8e04-423d-8088-3cc508330640/x-BdZQ/HLDI%20Research/Insurance%20reports/hldi_theft_WT-22.pdf ↩︎
Liz Jenson is an insurance writer who specializes in general automotive and insurance topics. Liz’s mission is to produce informative and useful content to help car owners make smart choices when buying cars and car insurance. Since joining Jerry in 2021, Liz has written nearly 4,000 long- and short-form articles on topics including state-specific insurance recommendations, common car insurance questions, and deep dives into vehicle model details. Before they came to Jerry, Liz was a full-time student at Indiana University, Bloomington working on a double major in English and French.
Brice Regling is a licensed insurance professional with 7+ years of industry experience. A former claims agent, subrogation agent, and sales representative at GEICO, Brice joined Jerry’s editorial team in 2023 to provide expert insight on key topics related to insurance and has reviewed 50+ top-ranking articles for accuracy and usefulness. During his time at GEICO, Brice gained experience in claim handling, claim subrogation, underwriting, and insurance sales. He maintained property and casualty adjuster licenses as well as producer licenses. Brice was ranked top subrogation adjuster in the country for GEICO, handling complex claims while earning the highest levels of customer satisfaction.
