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Sports car insurance

Get personalized sports car insurance quotes from Canada's top providers, as fast your hands can type.

What is sport car insurance?

Most car insurance policies are written for standard vehicles: those driven to and from work, to run errands and to take your kids to school. And most cars can go fast – but not all cars were designed to go fast. Sports cars, however, were made to reach top speeds. And while they may be thrilling to drive, their ability to accelerate quickly makes them more expensive to insure.

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What do insurers consider a sports car?

There is no one industry-wide definition of a sports car. Still, in general, they tend to have the following attributes:

  • Two doors
  • Weigh less than a standard vehicle
  • Low profile
  • V8 engine (or faster) for high performance

A V6 may hit higher RPM's than a V8, but for insurance purposes, the concern is how fast the car can accelerate to its top speeds. 

However, each insurance company will have its own precise definition, so inquire to see if your car qualifies.

How sport car insurance works in Canada

High peformance car insurance works the same as car insurance with the same basic coverages and add-ons available. 

Third-party liability insurance

Accident benefits

Uninsured motorist

Collision insurance (optional)

Comprehensive insurance (optional)

Do sports cars have higher insurance?

The insurance industry, in general, is concerned with one thing: risk. When a company agrees to provide car insurance, they collect premiums from you in exchange for a promise to reimburse you should anything happen to you or your car. When setting premiums, insurance companies look at the car type and the likelihood that it will have any future claims.

Sports cars have several characteristics that make them riskier than the average vehicle:

  • They are designed for speed. This increases the chances that they could be in an accident.
  • They are lightweight. Lighter cars are not as safe as their heavier counterparts and tend to fare worse in a collision.
  • They are more prone to theft. Because sports cars are often expensive, they are more likely to catch the eye of prospective thieves.
  • They are expensive to repair. Replacement parts are costlier than those of an average car.
  • They are often driven by young men, which is a well-known high-risk insurance demographic. (Men, in general, pay higher insurance premiums because statistically, they get in more accidents than women.)

As a result of these details and characteristics, insurance premiums are more expensive than premiums for standard everyday vehicles.

 

Compare sports car insurance quotes

Do you feel the need for speed? In under 5 minutes you can compare personalized quotes from multiple providers, for free.

Sports cars with low insurance

Below is a list of the cheapest sports cars to insure broken down by age. To compare performance car quotes, we used a male with a clean driving record who lives in Toronto's downtown core. He only drives for pleasure, using transit to commute to work. He parks underground. We're using 2018 models, meaning the car is a few years old. You can see how insurance gets cheaper with a longer history of safe driving. 

 

Sports car typeCheapest Insurance for 21-year-oldCheapest Insurance for 25-year-oldCheapest Insurance for 40-year-old
Nissan 370z 2DR$361$225$147
Subaru WRX STI Sport$363$238$145
Ford Mustang GT 2DR$314$220$148
Chevrolet Camaro LS 2DR$272$166$144
Audi TT Quattro 2DR Coupe$437$268$187
Porsche Boxster Convertible$280$189$130
Chevrolet Corvette Stingray 2DR Coupe$262$168$125
Fiat 124 Abarth Spider$220$139$108

FAQ about sports car insurance

How to save money on sports car insurance

Who offers sports car insurance?

Author Bio

Matt Hands, Business Director of Insurance

Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.

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