11 Mistakes You Can Make When Buying Insurance for Your Sports Car

11 Mistakes You Can Make When Buying Insurance for Your Sports Car

Sports cars are expensive, and insuring them can be even more expensive if you make mistakes when shopping around. There are common mistakes that many people make when buying insurance for their sports car. In this blog post, we will discuss 11 mistakes you can make when buying insurance for your sports car.

1. Not shopping around and not getting at least three quotes.

Mistake: Not shopping around and not getting at least three quotes, whether online or with an agent. This is the most important step in finding affordable car insurance for your sports car. You can easily find a number of different online insurance providers that will offer you plans for your sports car with various coverage. By shopping around, you are ensuring that you are getting the best deals, and these deals will greatly vary between insurance providers.

2. Assuming your sports car requires full coverage or more expensive plans with high limits.

Mistake: Assuming your sports car requires full coverage or more expensive plans with high limits because it is a sports car. On average, sports cars are considered any car with a V6 engine; however, there are many different types of sports cars. Cars like the Mazda Miata or the Mitsubishi Eclipse can be very inexpensive to insure because they do not require excessively high limits and coverages.

3. Assuming your plan is for full coverage when it’s not.

Mistake: Assuming your plan is for full coverage when it’s not, and then switching plans later on. Make sure that you know what kind of coverage plan you currently have before shopping around to find a new one. You might be under-insured if your current plan is only liability insurance and you want collision and comprehensive coverages; this would be like shopping for home insurance after already having a house fire.

4. Assuming your sports car requires high limits in order to have low rates.

Mistake: Assuming your sports car requires high limits in order to have low rates, when in fact you can find cheap auto insurance for almost any vehicle type with the right coverage plan and provider. This is a very common mistake people make, and many of them tend to go for the highest limits they can find; however, there are providers out there that offer good coverage at affordable rates.

5. Assuming you need high limits if your car is new or expensive.

Mistake: Assuming you need high limits if your car is new or expensive, and assuming you can’t find affordable insurance for a new sports car. There are actually many providers that offer cheap car insurance for new sports cars with low limits. Also, there are certain types of coverages that could be dropped from your plan to save you money on premiums, such as comprehensive coverage if you have a loan on your car.

6. Assuming your sports car is at least seven years old, and therefore has a lower value than it did when you bought it.

Mistake: Assuming your sports car is at least seven years old, and therefore has a lower value than it did when you bought it, which means you need less coverage or may not need any at all. A lot of people believe that their car is worth less after the first few years of having it, but this is not always true. If your sports car has gained in value since you bought it, then you will need to have at least as much coverage on it as when you first purchased it.

7. Assuming that low rates mean low coverage.

Mistake: Assuming that low rates mean low coverage, which could end up costing you a lot more if an accident happens and everything is not covered. When shopping around for car insurance for your sports car, make sure to find providers that offer the lowest rates while also offering affordable coverages; this way, if something does happen, you won’t find yourself in any difficult situations.

8. Assuming that your sports car is a muscle car, and therefore will require high limits.

Mistake: Assuming that your sports car is a muscle car, and therefore will require high limits for full coverage. Most people assume that all types of muscle cars have very expensive parts to them, but are very often surprised to find that this is not the case. There are providers out there that offer cheap insurance for muscle cars, or any type of sports car, because they do not have expensive parts in them.

9. Assuming your sports car requires high premiums due to its performance.

Mistake: Assuming your sports car requires high premiums due to its performance, but really it’s because of where you live or what type of sports car you have. If your new sports car is very exclusive and hard to find, this can raise the rates on your insurance plan without raising the coverage limits. These types of cars are rare even in highly populated areas, so if you live where there are less people, the rates will be even higher due to the fact that there are far less of them on the road.

10. Assuming that high coverage limits are required by your sports car insurance company if you have a newer, more expensive car.

Mistake: Assuming that high coverage limits are required by your sports car insurance company if you have a newer, more expensive car. Most providers will offer low limits on expensive sports cars to cut down on the cost of premiums, but if you are insuring an antique or classic car then you may need higher limits.

11. Assuming that your sports car is used for racing purposes, which would call for lower rates even though it’s insured for regular driving.

Mistake: Assuming that your sports car is used for racing purposes, which would call for lower rates even though it’s insured for regular driving; this can actually get you in trouble with insurance providers and cause them to raise the rates on your policy. If people find out that your car is being driven like a race car, your rates can go up or you could be dropped entirely from a provider who offers insurance for racing vehicles.

I am not at least 25 years old, why should I get minimum coverage on my sports car?

If you are not at least 25 years old, insurance providers will probably offer you very low limits for your sports car because it is considered to be a higher risk. However, even if you fall into this category, make sure to always have the minimum coverage on your car because you never know when an accident will occur.

I am already paying for my sports car insurance, why should I get umbrella coverage?

Even if you are already paying for your sports car insurance, it’s important to know that umbrella coverage is very inexpensive and could be the best type of protection you can buy. If you have a significant amount of assets in your name, it’s a good idea to add umbrella coverage so that you are protected in the case of a lawsuit.

I currently have my sports car insured with one provider, but it costs way too much; can I switch to another company?

Yes, you are able to switch your sports car insurance at any time; just make sure that you will still be getting the same coverage limits and it’s with a company that offers policies for cars like yours. A lot of people choose to drive their sports car more than they originally planned, which can cause their rates to go up; changing your insurance company can help combat this.

I recently moved to another state, will my rates change?

It really depends on how far away you are moving; the further you go, the higher the rates will be because there are less people in your area to help pay for insurance. However, if you move to another city or state where you aren’t that far away from home, then your rates should not change much at all.

Will I need higher limits for my sports car if it’s not me driving it every day?

It really depends on who is driving your sports car; whether it is a spouse, friend or another family member who does not live in the same household. Even if your sports car is a more expensive model, it can still be surprisingly cheap to insure for someone who doesn’t live with you every day.

In The Main

Comment below and let us know how you feel about the mistakes that can happen when buying insurance for your sports car. Did any of these seem like something you’ve experienced before? What are some things that would help to avoid these problems in the future? We’re looking forward to hearing from our readers!

Scroll to Top