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What is a sport car insurance?
Matt Hands, VP, Insurance
Most car insurance policies are written for standard vehicles: those driven to and from work, to run errands and to take your kids to school. And most cars can go fast – but not all cars were designed to go fast. Sports cars, however, were made to reach top speeds and push the limits of acceptable risk for auto insurers.
Sports cars may be thrilling to drive, their ability to accelerate quickly makes them more expensive to insure, which is why they get their own classification of auto insurance in Canada.
What do insurers consider a sports car?
There is no one industry-wide definition of a sports car. Still, in general, they tend to have the following attributes:
- Two doors
- Weigh less than a standard vehicle
- Low profile
- V8 engine (or faster) for high performance
A V6 may hit higher RPM's than a V8, but for insurance purposes, the concern is how fast the car can accelerate to its top speeds.
However, each insurance company will have its own precise definition, so inquire to see if your car qualifies.
How sport car insurance works in Canada
High peformance car insurance works the same as car insurance with the same basic coverages and add-ons available.
Third-party liability insurance
Accident benefits
Uninsured motorist
Collision insurance (optional)
Comprehensive insurance (optional)
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How much does sports car insurance cost?
The insurance industry, in general, is concerned with one thing: risk. When a company agrees to provide car insurance, they collect premiums from you in exchange for a promise to reimburse you should anything happen to you or your car. When setting premiums, insurance companies look at the car type and the likelihood that it will have any future claims.
Sports cars have several characteristics that make them riskier than the average vehicle:
- They are designed for speed. This increases the chances that they could be in an accident.
- They are lightweight. Lighter cars are not as safe as their heavier counterparts and tend to fare worse in a collision.
- They are more prone to theft. Because sports cars are often expensive, they are more likely to catch the eye of prospective thieves.
- They are expensive to repair. Replacement parts are costlier than those of an average car.
- They are often driven by young men, which is a well-known high-risk insurance demographic. (Men, in general, pay higher insurance premiums because statistically, they get in more accidents than women.)
As a result of these details and characteristics, insurance premiums are more expensive than premiums for standard everyday vehicles.
Cheap sports car insurance examples
Below is a list of the cheapest sports cars to insure broken down by age. To compare performance car quotes, we used a male with a clean driving record who lives in Toronto's downtown core. He only drives for pleasure, using transit to commute to work. He parks underground. We're using 2018 models, meaning the car is a few years old. You can see how insurance gets cheaper with a longer history of safe driving.