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"Can't believe we were paying $430 more a year for the same coverage, thank you!"
Wilson Family - Austin, TX
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Sports Car Insurance?
The sleek red sports car in the lot of the local auto dealership is magnetic. The glint of the fender, the softness of the wheel, the ease with which you pull it out of its place and test drive it across the asphalt. But should you make that investment, and take this lovely little vehicle home with you? Sure, it's expensive already—but before you make any decisions, keep in mind the further price. The dollars you put into your car total much more than that down payment and monthly notes.
You already know that your gender and age, as well as your driving history, are factored in to the cost of your car insurance, but so is the type of car. Sports cars and SUVs cost more than other cars, have a greater potential for rollover, higher risk of property damage, and in the case of sports cars, a larger risk of reckless driving. How do insurance companies define "sports car?" It depends on the company, really, but most insurance companies factor in vehicle model, aftermarket modifications, number of doors (two or four), and, of course, horsepower. If you still want the car, you will have to pay a little bit more for your sports car insurance. There are a few ways you can save though.
First, remember that your car is not the only factor involved in your insurance rate. Your credit history often is, too: If you pay your bills promptly and maintain your credit history, you may get a chance of getting a lower rate. This isn't the only reason to maintain good credit history, but it certainly helps.
One of the main factors affecting your insurance premiums is the deductible. Request the highest deductible you can handle. You may be very pleasantly surprised at how much you can save by carrying a higher deductible. Tuck the extra money you didn’t spend on premiums into a savings account, and soon you’ll have enough to cover that deductible should you ever need it.
If you live in a rural or suburban area, your insurance rate should automatically go down because your car has less of a chance of being stolen, set on fire by carousing youths, or being otherwise vandalized. Such areas are also more likely to provide you with garages in which to keep your car—and as unlikely as it may seem—your car insurance rate can go down if you keep your car locked, covered and protected at night, away from the other wild drivers. And if you install an anti-theft device, usually a burglary alarm, you could get a discount—and an even bigger one if your alarm automatically arms itself when you take the key out of the ignition. Some vehicles are equipped with this type of system from the factory, which is usually less problematic in the long run.
Most people buy their cars so they can "drive" them, or at the very least showboat them to jealous neighbors. However, if you commute to work using public transportation or carpools, and head towards your vacation spots in a plane or train—or someone else's automobile—then you could be eligible for a drop in your insurance rate based on your low mileage, or “limited use.” If you’re a stay-at-home mom or work at home, make sure your insurance company knows it.
You already know how to drive, and you have a good record to prove it—a record which you should obtain a copy of to use for even further discounts. Taking a defensive driving class, whether you need it or not, can give up to a 10% discount in categories like bodily injury, personal injury protection, property damage, collision cove rage, and medical payments.
The easiest way to avoid paying higher insurance for your sports car is to buy a station wagon instead. But in lieu of that, it's best to temper the higher rate by lowering it in other ways.
