Cars are always divided and specified into several categories. Individuals prefer a single category over the others and this is why there is something for everyone. If you prefer smaller and more fuel-efficient cars, there are plenty of options to choose from. Also, if you prefer new and more powerful cars, there is something for you too. There are even classic cars that only specific people know how to properly enjoy. That is why in this article, we are going to answer the following question; what do car insurance companies consider a sports car? Insurance rates are always going to be different and there are many factors that affect this.
So, sports cars are beloved by many people due to their power and speed. People simply enjoy being around these cars. However, they are a lot more expensive than regular daily drives and this is something that makes sense. In fact, some of these models are fairly rare and only the luckiest of people can own them. Moreover, they have additional quirks and features that many cars do not. Consequently, not only you are going to expect a higher price of the car but also the insurance rate is going to be significantly higher. This is why it is important to know how insurance companies classify a sports car.
A sports car is considered any car that is purposefully designed and manufactured to have higher horsepower, only a couple of seats, and smaller overall size. Though this is the broad definition and this rule may apply to other cars, this is usually how insurance companies classify any sports car. But even this does not have to be true because specific insurance companies may choose to classify a sports car whatever they like. This is one of the downsides and this is exactly why you should expect higher insurance rates for faster cars.
Your car does not necessarily have to be a classic sports car, the insurance company is going to quote you with a higher insurance rate due to its power. More powerful cars are usually driven much faster, thus the chance of being involved in an accident is significantly higher. This is how they calculate more expensive insurance rates. Compare this to a typical daily drive that people only use to get to and from work. Though you are out there on the road throughout the day, the chance of being involved in an accident is much lower. Next, we are going to take a look at some of the facts about sports cars and insurance rates.
Most of the car accidents with fatal consequences are done with sports cars. Moreover, insurance companies consider these cars as cars likelier to get tickets and/or to be involved in accidents. The average insurance rate of a sports car is going to range from $1,500 all the way up to $3,800. As you can see, there is a significant difference in price. This difference in the price is mostly due to the year of production. Newer sports cars are going to have significantly higher insurance rates, whereas older sports cars are going to have lower rates. Now you know a lot more about sports cars insurance rates.