What do insurance companies consider a sports car?  

Insurance companies use no universal definition to define what are and aren't sports cars.

However, the general understanding is that sports cars share the following characteristics that distinguish them from everyday cars:

• Doors: Sports cars have two instead of four and have fold-flat seats.
• Power: Sports cars have powerful engines that help them reach high speeds quickly.
• Body type: Sports cars are usually lower to the ground and made from lighter materials (to help them go faster).
• Price: In a different price bracket than passenger vehicles.

Insurance companies may differ in terms of which makes are considered sports cars, which makes shopping around for car insurance quotes even more critical. For example, some models of Mini Coopers are considered sports cars.

Is insurance for a sports car expensive? 

It's generally thought that sports cars cost more than average to insure. They require special labour and parts, and they're also capable of reaching high speeds, increasing the chance of a collision. Sports cars are also attractive to thieves and are expensive to replace.

However, there are several subclasses of sports cars, and the difference in cost rises dramatically the more upscale you go.

• Sports car: Has more power than a typical car. Made of "traditional materials" for cost-effectiveness and manufactured on an assembly line. Cabins are designed for comfort and can be used for daily commuting.
• High-performance sports cars: More powerful than a sports car. They are made of the same materials as a sports car but are generally lighter. They are also made on an assembly line. They can be used for day-to-day use but are often a complement to drivers' primary passenger vehicles. These cars be driven on a track.
• Supercars: Most often are limited to track use. They are race cars. They are partially assembled by machine, partially handmade and made of technologically advanced materials to fashion an even lighter frame. Less emphasis on comfort and more on handling and speed. Not for everyday use. They are priced in the hundreds of thousands.
• Hypercars: Boast even higher speeds and acceleration than a supercar. Usually entirely handmade and in limited quantities. They are designed for racing. Prices run in the millions.

Since sports cars are more at risk of getting into a collision or being stolen, purchasing optional insurance products like collision and comprehensive insurance may be worthwhile. The former helps pay for damage caused to your car. The latter provides compensation if your vehicle is damaged by something other than a collision with another car (animals, falling objects, severe weather, for instance).

Adding optional insurance products to your insurance policy will increase your bill exponentially if you insure a sports car.

What car insurance discounts are available for sports cars? 

The same discounts for commuter, all-purpose vehicles apply to sports cars.

Buying home and auto insurance from the same company will reduce your premiums.

Investing in anti-theft devices could lower your car insurance rate. Options include:

• A steering wheel and brake locks.
• Alarm systems.
• A Farraday box for your car keys.
• Security cameras for your home (make sure they're visible to outsiders for extra effectiveness).

Parking your car in a garage can also detract thieves. Private garages are the gold standard, but apartment dwellers are better off using their building's lot than street parking.

Delaying purchasing a sports car until middle age or later — all the while building a claim and conviction-free insurance history — will also produce a discount. Insurance rates for people 50 and over are much lower, especially for sports cars.

Sports car insurance rates  

We ran sample quotes for various types of sports cars to see how they measure up. We ran quotes for different ages since it's a significant risk indicator for insurance companies.

The Mini Cooper and Chevrolet Camaro fit more in the first rung of sports cars. Thanks to the ‘sport mode’ feature, they can switch between being an everyday car and a sports car with the touch of a button.

The Chevrolet Stingray belongs in the next tier. A high-performance car, it boasts a powerful 6.2-litre, eight-cylinder engine (most car engines are four-cylinders). While the first two models are more commonly seen on the road (especially the Mini), the Stingray is a rarer sight, with many owners bringing it out on weekends or special occasions.

The quote data shows that while these sports cars cost several thousands of dollars to insure when you’re under 20, insurance for a sports car isn’t always prohibitively expensive. Choosing a passenger vehicle that transforms into something sportier with sport mode may be the more economical option from a financing and insurance perspective.

However, these premiums are based on a male driver who owns his car, lives in Ontario, has a full license and a clean driving record, and drives 10,000 km/year.

If you don’t fit this profile, your mileage may vary. If your insurance history includes at-fault collisions, it will adversely affect your rate as this vehicle class costs more than average to repair.