What makes a car a sports car, for insurance purposes?

Insurance companies generally consider a sports car to have high horsepower and be smaller and lighter than a standard sedan. Sports cars also often have only two seats and a soft back, and they're built for competitive racing.

How insurance companies define exotic cars

Most insurance companies will classify an exotic car by its make, model, horsepower, number of cylinders, size, and weight, but exotic and high-end cars aren't subject to rigid definition. Calling a car "exotic" simply means it has distinct, out-of-the-ordinary features. They're often limited, exclusive, customized, or concept cars — and not necessarily built for racing. The high cost and performance of luxury and exotic cars can lead to higher theft risks, crash rates, and repair costs, increasing their risk to insurers.

Are there restrictions on insurance for luxury cars and sports cars?

Sports car restrictions vary by insurer, and not all insurance companies insure all high-end vehicles. At Progressive, we'll likely cover your luxury or sports car, but we don't insure cars valued over $150,000. If your ride is worth more than that, you may want to consider a specialty insurer.

Having trouble getting standard auto insurance for your luxury vehicle? If it's a classic car or collectible and you don't use it as your primary vehicle, you might be able to get coverage through classic car insurance.

How do insurers determine insurance rates for sports cars?

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. As a general rule, the more horsepower a car boasts, the easier it is to speed, which can lead to more accidents and a higher insurance rate.

But suppose you drive your sports car only on weekends and less than 5,000 miles per year. You'll generally pay less for insurance than someone using their sports car to commute to and from work. However, even if you rarely drive your sports car and have a perfect driving record, you may pay substantially more for auto insurance because of your vehicle's race-quality performance.

Why would my insurance be higher if I own a sports car?

With their high prices, exclusive parts, and fast engines, sports cars are considered a higher risk to insurance companies. Your sports car's insurance premium may be higher because:

  • Sports cars may have a higher risk of theft. Sports and exotic cars are envied and could be more likely to be stolen (especially convertibles, since they're easier to enter).
  • Their parts are more difficult to replace. Sports and luxury car parts aren't typically mass-produced, making damages more difficult and expensive to repair.
  • Greater horsepower means a higher risk of damage. Traveling at faster speeds can directly affect the severity of an accident.

How to get insurance for your sports car

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