Top Tips - Insure Your Sports Car For Less
Having a sports car is a blast - until you get your insurance bill! While many drivers love the feel of the wind blowing in their hair, or the feel of flying around tight curves with umpteen amounts of horsepower, in the end you end up paying for the privilege. But that doesn't mean you can't save on car insurance in Canada for your vehicle. Here are the top tips for saving on insurance for your sports car:
Understand Your Insurance
The first step to saving on sports car insurance is to understand why your premiums on this vehicle are higher than on the average vehicle. It all has to do with risk. Sports cars are considered to be higher risk vehicles than regular cars. They are statistically at a higher risk for theft or accident, and the accidents are usually more severe due to the higher speeds they are operated at. The claim amounts are also generally higher, because the cost to repair and replace sports cars is often higher. All of these factors result in higher auto insurance premiums, so anything you can do to mitigate these factors can help you save.
Increase Anti-Theft Protection
Sports cars are more likely to be stolen than regular cars, and as a result, premiums are typically higher. However, if you make your car harder to steal, your insurance company may reward you with lower insurance premiums. Immobilizers, VIN-etching on windows, and alarm systems are a great way to protect your vehicle, while putting some extra gas money in your pocket.
Get a (Fast) Clunker
You like the speed, handling, and responsiveness of a sports car, but does that mean you need to drop $75,000 (or much, much more) on a new one? Consider finding a classic sports car with a lower replacement value, which usually merit a lower insurance premium.
Drop Collision and/or Comprehensive Coverage
This only works in tandem with the tip above - if your sports car isn't worth much, then stop paying for collision and/or comprehensive coverage and it could save you up to 40% a year. As long as you have liability coverage and own your car outright, you will continue to meet the legal requirements for insurance. The only caution: be prepared to pay out of pocket if you have an accident, vandalism or theft.
If you have a $2,000 claim, will you pay your $500 deductible and let your insurance company pay the rest? Or will you keep your premiums low by not claiming, and pay the full $2,000? If you would pay the repairs yourself, then a $500 deductible really isn't necessary. Raise your deductible to a higher amount and pocket the rest of the premiums for the day where you do need to make a repair.
Find out whether your insurance company offers discounts for any memberships, such as CAA, and inquire with your employer as to whether they have an affiliation with any insurance companies where you could get a discount for your profession or trade.
It pays to comparison shop - so take the time to approach at least 3 different insurance companies when it's time to renew. If you're looking for an easy solution that won't require numerous phone calls, consider an insurance quote engine, like InsuranceHotline.com and make sure you're getting the lowest rates.
Get a Family Discount
You can usually save up to 10% per vehicle when you combine policies.
In the same vein as the tip above, you can save when you insure your home and your car at the same time, with the same company.
Just because you have a sports car doesn't mean you have to race to the grocery store or lay rubber every chance you get. Remember that reckless driving will often lead to traffic tickets or accidents, so drive safely to maintain your cheap car insurance premiums and avoid getting hurt.