What is a sports/exotic car?
A sports car is generally smaller and weighs less than a standard sedan. They’ll often have only two seats, a soft back and an engine built for competitive racing.
Exotic cars, however, aren’t subject to such a rigid definition. Calling a car “exotic” just means it has distinct, out-of-the-ordinary features. They’re often limited, exclusive, customized or concept cars—and not necessarily built for racing.
Most insurance companies will classify your sports or exotic car by its make, model, horsepower, number of cylinders, size, and weight.
How insurers determine your rate on a sports/exotic car
As a general rule, the more horsepower a car boasts, the easier it is to speed…which leads to more accidents and higher insurance rates. However, since a sports car is often a second or recreational vehicle, how you use it and how often you drive it will go a long way in determining your rate. For example, if you drive your sports car only on weekends and less than 5,000 miles annually, you’ll generally pay less for insurance than someone using their sports car to commute to and from work. But even if you rarely drive your sports car and have a perfect driving record, you may pay a substantial amount for auto insurance because of your vehicle’s race-quality performance.
Why it costs more to insure your sports or exotic car
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- Higher risk of theft: Sports and exotic cars are envied and more likely to be stolen (especially convertibles, since they’re easier to enter).
- Parts are more difficult to replace: Typically, parts are not mass produced. So if your sports or exotic car is damaged in an accident, this means a larger expense for your insurer.
- Greater horsepower means a higher risk of damage: Traveling at faster speeds can directly affect the severity of damage that occurs when in an accident.
- Less safe: Advanced safety features aren’t as prevalent in sports cars, especially in older models.
Are there insurance restrictions on sports and exotic cars?
It will vary by insurance company. We’re likely to cover your sports car, but any vehicle valued over $150,000 cannot be insured at Progressive. If your ride is worth more than that, you may want to consider a specialty insurer.
Many insurers, including Progressive, will require both comprehensive and collision coverage on certain sports cars even if the car is paid in full.