The Best Cheap Car Insurance for Sports Cars (2023)
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Driving a sports car comes with some unique benefits, but it can also mean high insurance costs. Sports car insurance rates are relatively high because these vehicles tend to have higher repair costs and are more prone to collisions.
Although sports car insurance is higher than a standard vehicle, some companies offer more affordable coverage options than others. Because personal factors like your location, credit score or how you store your vehicle also affect rates, it’s crucial that you compare quotes from several companies to find the best option for you.
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Key Takeaways
The cost of sports car insurance varies between providers. Taking the time to gather and compare quotes can result in savings worth several hundreds of dollars.
There is no single best company offering car insurance for sports cars. The provider with the best cheap sports car insurance for you depends on what type of vehicle you drive.
Although insurance for sports cars is undeniably more expensive than standard vehicles, utilizing discounts, raising your deductible or storing your vehicle when you aren’t driving it can reduce your premiums.
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The Cheapest Sports Cars to Insure
The cost of insurance for sports cars varies by vehicle. For example, if you have a BMW i8, your annual premium would be approximately $2,810. If you drive a Ford Mustang, you’ll pay $1,239 less for coverage, on average.
Excluding the Dodge Challenger SRT Hellcat, the average sports car insurance premium is $1,726 per year. The table below shows how much it takes to insure different models of sports cars.
Cheapest Sports Cars to Insure
Sports Car | Average Annual Cost of Insurance | |
|---|---|---|
1. | Porsche Taycan | $1,178 |
2. | Nissan 350Z | $1,197 |
3. | Ford Mustang EcoBoost | $1,359 |
4. | Subaru WRX | $1,442 |
5. | Chevrolet Camaro LS | $1,462 |
6. | Subaru BRZ | $1,495 |
7. | Chevrolet Camaro SS | $1,525 |
8. | Dodge Challenger R/T | $1,553 |
9. | Ford Mustang GT | $1,571 |
10. | Toyota 86 | $1,629 |
11. | Chevrolet Corvette | $1,680 |
12. | Ford Mustang Mach-E | $1,784 |
13. | Chevrolet Camaro ZL1 | $1,941 |
14. | Dodge Challenger SRT Hellcat | $2,512 |
15. | Nissan GT-R | $2,520 |
16. | BMW i8 | $2,810 |
The Best Cheap Sports Car Insurance by Vehicle
Finding the most affordable carrier for your vehicle is crucial because insurance costs can vary widely between different sports cars and providers. MoneyGeek compiled a list of some of the most popular sports cars and analyzed quotes from insurers to find the best cheap provider for each vehicle.
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Porsche Taycan
Best Cheap Sports Car Insurance Option: GEICO
First on our list is the Porsche Taycan. It’s one of the best sports cars in the market with cheap insurance rates.
MoneyGeek compared various carriers and found that GEICO offers the best cheap sports car insurance for the Porsche Taycan. With an average annual premium of $981, it has the most affordable insurance for this sports car. This rate is $551 less than that offered by the most expensive provider — Allstate — at $1,532 per year.
Our internal rating system looks beyond affordability and considers other factors, such as a provider’s financial strength. GEICO also received a perfect score in this area. It means they’ll have no problems reimbursing legitimate claims.
Porsche Taycan Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | GEICO | $981 |
2. | USAA | $1,029 |
3. | State Farm | $1,073 |
4. | Allied | $1,164 |
5. | Nationwide | $1,210 |
6. | Progressive | $1,249 |
7. | Allstate | $1,532 |
Nissan 350Z
Best Cheap Sports Car Insurance Option: GEICO
You can purchase the best cheap sports car insurance for the Nissan 350Z from GEICO. They rated high on affordability since their policy only costs $1,128 per year on average — that’s $466 less expensive than Allstate’s average rate of $1,431.
GEICO also had a perfect score in financial strength, which means the likelihood that they’ll still be operating when you file a claim is high — even if it happens years from now.
Another carrier offering cheap car insurance for this sports car is USAA, but their policies are only available to former and current military members and their families.
Nissan 350Z Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | USAA | $965 |
2. | GEICO | $1,128 |
3. | State Farm | $1,184 |
4. | Nationwide | $1,185 |
5. | Progressive | $1,253 |
6. | Allied | $1,273 |
7. | Allstate | $1,431 |
Ford Mustang EcoBoost
Best Cheap Sports Car Insurance Option: Progressive
MoneyGeek evaluated several carriers offering policies for the Ford Mustang EcoBoost. Our analysis showed Progressive has the best cheap insurance for this sports car. For $1,178 per year on average, Progressive’s high financial strength ratings can assure you that they'll process your claim efficiently and objectively. Of the various areas MoneyGeek used to evaluate providers, Progressive also scored high in complaints (meaning they received fewer than average) and affordability.
Coverage with Progressive costs $694 less than it does with Allied, the most expensive provider for this vehicle.
USAA offers a lower annual premium at $1,076, but its policies are only available to former and current military members and their families.
Ford Mustang EcoBoost Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | USAA | $1,076 |
2. | Progressive | $1,178 |
3. | GEICO | $1,187 |
4. | State Farm | $1,342 |
5. | Nationwide | $1,571 |
6. | Allstate | $1,657 |
7. | Allied | $1,872 |
Subaru WRX
Best Cheap Sports Car Insurance Option: GEICO
You can find cheap sports car insurance from various companies. When it comes to the Subaru WRX, GEICO is your best bet.
In addition to offering the cheapest, widely available rates for this vehicle at $1,155 per year, GEICO also received a perfect score for financial stability. GEICO’s premium is significantly less expensive than Allied’s — the most costly provider for this vehicle at $1,995 per year.
If you come from a military background, USAA is another solid option. You can purchase a policy for an annual rate of $1,136.
Subaru WRX Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | USAA | $1,076 |
2. | Progressive | $1,178 |
3. | GEICO | $1,187 |
4. | State Farm | $1,342 |
5. | Nationwide | $1,571 |
6. | Allstate | $1,657 |
7. | Allied | $1,872 |
Chevrolet Camaro LS
Best Cheap Sports Car Insurance Option: GEICO
With a $1,339 average annual premium, GEICO is a solid choice if you’re looking for cheap sports car insurance for the Chevrolet Camaro LS. Compare this cost to that offered by Allstate — the most expensive provider for this car — at $1,789 per year. MoneyGeek’s analysis showed that GEICO scored high in two specific areas — affordability and financial stability.
Among the providers MoneyGeek evaluated, USAA also offers cheap sports car insurance. Their rate is lower than GEICO’s, but you can only purchase coverage with them if you have a military background.
Chevrolet Camaro LS Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | USAA | $1,139 |
2. | GEICO | $1,339 |
3. | Progressive | $1,355 |
4. | Nationwide | $1,495 |
5. | State Farm | $1,540 |
6. | Allied | $1,704 |
7. | Allstate | $1,789 |
Subaru BRZ
Best Cheap Sports Car Insurance Option: GEICO
On average, the cost of sports car insurance for the Subaru BRZ is $1,495 per year. MoneyGeek compared quotes from multiple providers and found several that offered policies with rates lower than that. GEICO offers the cheapest insurance coverage for this vehicle at $1,155 per year, on average.
The difference between GEICO’s coverage and Allied’s, the most expensive provider, was $937. This dramatic difference illustrates the importance of comparing rates and finding the cheapest coverage for you.
Subaru BRZ Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | GEICO | $1,155 |
2. | USAA | $1,172 |
3. | Progressive | $1,210 |
4. | State Farm | $1,609 |
5. | Nationwide | $1,645 |
6. | Allstate | $1,946 |
7. | Allied | $2,092 |
Chevrolet Camaro SS
Best Cheap Sports Car Insurance Option: GEICO
GEICO offers the most affordable insurance for the Chevrolet Camaro SS at an average rate of $1,396 per year. Allied, the most expensive insurer for this vehicle, charges $1,776 for the same coverage, meaning you could save $610 by purchasing insurance from GEICO.
Another option for cheap sports car insurance is USAA, with a policy costing $1,166. However, keep in mind that their insurance is only available to current and former military members and their families.
Chevrolet Camaro SS Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | USAA | $1,166 |
2. | GEICO | $1,396 |
3. | Progressive | $1,472 |
4. | Nationwide | $1,551 |
5. | State Farm | $1,682 |
6. | Allstate | $1,769 |
7. | Allied | $1,776 |
Dodge Challenger R/T
Best Cheap Sports Car Insurance Option: GEICO
MoneyGeek compared several policies from different providers and found GEICO to offer the best cheap sports car insurance for the Dodge Challenger R/T. With an annual average premium of $1,460, it’s no surprise that GEICO scored high in affordability. On average, a policy with GEICO is $393 less expensive than coverage with the most expensive insurer, Allstate.
USAA is the cheapest sports car insurance option for this vehicle, but their policies are only available to current and former military members.
Dodge Challenger R/T Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | USAA | $1,218 |
2. | GEICO | $1,460 |
3. | Nationwide | $1,511 |
4. | Progressive | $1,564 |
5. | State Farm | $1,612 |
6. | Allied | $1,715 |
7. | Allstate | $1,853 |
Ford Mustang GT
Best Cheap Sports Car Insurance Option: GEICO
If you’re looking for the company that offers the best cheap sports car insurance for a Ford Mustang GT, MoneyGeek’s study determined that GEICO is the top choice.
With a policy costing $1,359 per year on average, coverage with GEICO costs $568 less on average than Allstate, this vehicle’s most expensive insurer.
USAA is another option for cheap sports car insurance. Their policy is more affordable than GEICO’s, costing an annual rate of $1,298. If you belong to a military family, this may be a good choice for you.
Ford Mustang GT Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | USAA | $1,298 |
2. | GEICO | $1,359 |
3. | Progressive | $1,529 |
4. | State Farm | $1,582 |
5. | Nationwide | $1,601 |
6. | Allied | $1,894 |
7. | Allstate | $1,927 |
Toyota 86
Best Cheap Sports Car Insurance Option: GEICO
GEICO has the best cheap insurance among providers, offering policies for the Toyota 86 at $1,261 per year. We found that Allstate is the most expensive carrier for this vehicle, charging an average of $2,251 annually for the same coverage.
If you come from a military family, USAA is another solid, inexpensive option. Their policy has an annual premium of $1,184 but isn’t widely available.
Toyota 86 Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | USAA | $1,184 |
2. | GEICO | $1,261 |
3. | Progressive | $1,445 |
4. | Nationwide | $1,685 |
5. | State Farm | $1,703 |
6. | Allied | $2,178 |
7. | Allstate | $2,251 |
Chevrolet Corvette
Best Cheap Sports Car Insurance Option: Nationwide
Based on MoneyGeek’s internal rating system, Nationwide offers the best cheap car insurance policy for a Chevrolet Corvette at $1,127 annually, on average. Of the four areas considered, Nationwide scores high in complaints and stability. It also received a perfect score for affordability. This policy is $961 cheaper than the most expensive insurance option — Allstate — which costs $2,088 per year.
Chevrolet Corvette Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | Nationwide | $1,127 |
2. | Allied | $1,354 |
3. | USAA | $1,504 |
4. | Progressive | $1,598 |
5. | GEICO | $1,680 |
6. | State Farm | $1,887 |
7. | Allstate | $2,088 |
Ford Mustang Mach-E
Best Cheap Sports Car Insurance Option: Progressive
If you’re driving a Ford Mustang Mach-E, your best option for affordable insurance is likely offered by Progressive. A policy for this vehicle costs $1,554 per year on average — that’s $1,134 less expensive than coverage from Allstate, the most costly provider for this car.
Progressive boasts of high scores in complaints, affordability and stability. It indicates that most users don’t express dissatisfaction with how their claims are processed — so you can expect the same experience. It’s currently one of the strongest national insurers, which reflects in its stability rating.
The only carrier with a lower rate is USAA. Their policy costs $1,295 annually but isn’t widely available. You can only purchase their insurance if you have a military background.
Ford Mustang Mach-E Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | USAA | $1,295 |
2. | Progressive | $1,554 |
3. | State Farm | $1,564 |
4. | GEICO | $1,583 |
5. | Nationwide | $1,676 |
6. | Allied | $2,341 |
7. | Allstate | $2,688 |
Chevrolet Camaro ZL1
Best Cheap Sports Car Insurance Option: Progressive
Progressive is a solid choice if you have a Chevrolet Camaro ZL1. Among the providers MoneyGeek evaluated, it offers the best widely available, cheap sports car insurance policy for this vehicle at $1,640 per year.
Although Progressive offers cheap sports car insurance for the Chevrolet ZL1, USAA’s rate is $95 less. If you belong to a military family and qualify for coverage with this insurer, this may be a good option for you.
Chevrolet Camaro ZL1 Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | USAA | $1,545 |
2. | Progressive | $1,640 |
3. | Nationwide | $1,655 |
4. | State Farm | $1,877 |
5. | GEICO | $1,895 |
6. | Allied | $2,354 |
7. | Allstate | $2,635 |
Dodge Challenger SRT Hellcat
Best Cheap Sports Car Insurance Option: Nationwide
The Dodge Challenger SRT Hellcat is one of the most popular sports cars available in the market. If you’re driving one and looking for where to purchase the best cheap insurance for this sports car, MoneyGeek’s analysis shows Nationwide is your best bet. A policy for this vehicle from Nationwide will cost you $1,773 per year, on average. That’s $1,253 cheaper than the most expensive carrier, Allstate.
Dodge Challenger SRT Hellcat Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | Nationwide | $1,773 |
2. | State Farm | $2,150 |
3. | GEICO | $2,494 |
4. | Allied | $2,499 |
5. | USAA | $2,603 |
6. | Progressive | $2,689 |
7. | Allstate | $3,026 |
Nissan GT-R
Best Cheap Sports Car Insurance Option: Nationwide
The company with the best cheap sports car insurance for the Nissan GT-R is Nationwide at $1,967 per year. Nationwide’s policy is $1,601 cheaper than Allstate, the most expensive provider for this vehicle, on average.
Nissan GT-R Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | Nationwide | $1,967 |
2. | State Farm | $2,135 |
3. | Progressive | $2,214 |
4. | GEICO | $2,318 |
5. | USAA | $2,504 |
6. | Allied | $2,655 |
7. | Allstate | $3,568 |
BMW i8
Best Cheap Sports Car Insurance Option: Progressive
Last on our list is the BMW i8. You can purchase coverage from several carriers, but the best cheap insurance for this sports car comes from Progressive at $1,750 per year, on average. Coverage from Allstate, the most expensive provider for this vehicle, costs an astounding $2,191 more.
BMW i8 Insurance Rates
Insurer | Average Annual Cost | |
|---|---|---|
1. | Progressive | $1,750 |
2. | GEICO | $2,166 |
3. | State Farm | $2,525 |
4. | Nationwide | $2,667 |
5. | Allied | $2,948 |
6. | USAA | $3,459 |
7. | Allstate | $3,941 |
Sport Cars Topics you may be interested in:
How to Save on the Cost of Sports Car Insurance
Insurance coverage tends to be more expensive for sports cards. Fortunately, there are several measures you can take to reduce your annual premium.
Shop around for the best insurance rates.
Insurance rates for your sports car will vary between providers. It isn’t unusual to see a difference of several hundreds of dollars between policies from two carriers. Shopping around for quotes gives you a better idea of the price range and can help you choose the best policy for your budget.
Take advantage of bundling your policies.
Most insurance agencies offer discounts if you purchase multiple policies with the same provider. If you already have homeowners insurance, see if your provider can give you a lower rate if you also get an auto insurance policy from them.
Ask about discounts you may qualify for.
Check what discount programs your insurance provider offers — you’d be surprised to see which ones apply to you. Carriers offer money off your premium for various reasons. Sometimes, you may be eligible for discounts based on individual characteristics, such as being a safe driver or a good student. Other times, companies provide money off for safety features, like having an anti-theft device installed in your car. One of the most significant discounts comes if you insure multiple vehicles with the same policy provider.
Use an insurance comparison tool.
Requesting quotes online is an efficient way of checking rates for different companies. You can shorten the process further by using an insurance comparison tool. Although it won’t show you other premium-reduction opportunities (such as discounts), it can help you narrow down your search for the best cheap sports car insurance company.
Raise your deductible.
After you file a claim, your deductible is the amount of money you pay out of pocket before your car insurance provider begins helping with costs: the higher your deductible, the lower your annual premium. However, be sure to purchase a deductible that you could reasonably pay if you got into an accident.
Consider pay-per-mile coverage.
A traditional car insurance policy usually uses statistics to determine premium prices. Some insurers use a different system known as pay-as-you-drive or pay-per-mile coverage, where your premium changes based on how many miles you drive. The less you drive, the less you pay. If you don’t take your sports car on the road frequently, this might be an ideal, low-cost insurance option.
Opt for vehicle storage in the off-season.
Consider your driving habits and see if there are certain months or times of year you don’t drive your car. Some auto insurance companies allow you to drop collision and liability insurance if you’re storing your vehicle for an extended period (typically 30 days or more). Temporarily dropping these coverages usually results in a lower premium since you’re only paying for comprehensive coverage. However, if you’re still making payments on your car, this option may not be available to you.
Sports Car Insurance Frequently Asked Questions
If you own a sports car, you may have some questions about how to find affordable coverage. These commonly asked questions can provide you with more information about sports car insurance.
About Mark Fitzpatrick
sources
- State Farm. "Long-term Car Storage: Is Your Car Prepped and Insured?." Accessed October 22, 2021.