If you’re a Michigan driver, you likely already know the pain of high auto insurance rates. Michigan is ranked the second most expensive state in the US for auto insurance. If you have a vehicle that qualifies as a “sports car” in the eyes of the insurance companies, you’ll likely be paying even more. It may be a challenge to find cheap sports car insurance in Michigan. So exactly how much will you be paying to insure your sports car, and what can you do to bring those premiums down?
What We Will Cover
Why Do Sports Cars Cost More to Insure?
There’s a common conception that insurance companies will charge more if your car is red. While that’s not necessarily true, insurers look at several criteria when assessing the risk of an auto insurance claim, and sports cars often cost more to insure, for reasons you might expect.
First of all, insurance companies place sports cars in a higher risk bracket because they’re capable of much higher speeds than your average vehicle. Higher speeds, statistically, lead to a greater chance of an accident, and as far as insurers are concerned, someone behind the wheel of a sports car likely has every intention of driving fast.
Also, accidents involving sports cars, particularly high-speed collisions, cost insurance companies a lot more when a claim is filed. Not only the cost of repairing or replacing a high-end vehicle much steeper than it would be for a run-of-the-mill sedan, but high-speed collisions tend to incur more damage to drivers and passengers as well — meaning potentially expensive medical bills.
What Types of Vehicles are Considered Sports Cars?
What types of vehicles do insurers consider sports cars? Auto insurance companies go off a variety of criteria when determining just what defines a sports car, but the major qualifications include:
- High horsepower
- Two seats
- A smaller size than the average sedan
Of course, make and model play a major factor as well. No one is going to question whether a Ferrari 812 GTS is a sports car or not. Well-known models such as the Mustang, Challenger, and Corvette are also commonly considered sports cars. Luxury vehicles don’t necessarily qualify as sports cars, but sports cars are often considered luxury vehicles.
However, even certain less exotic models, such as cars from Honda, Subaru, or Toyota, might be considered low-end sports cars, at least in terms of how much you’re likely to be paying for car insurance.
Specific Car Insurance for Sports Cars
A typical low-end or mid-level sports car might be sufficiently covered by your everyday car insurance policy — but if you have a high-end sports car, such as a Lamborghini or Porsche, you may want to look into more specialized coverage. There are high-end insurers who offer premium insurance coverage for particularly expensive luxury vehicles. Naturally, you’ll end up paying a great deal more in premiums than the national average (especially if you’re in Michigan!), but your vehicle is more likely to be fully covered in case of an accident.
Another factor to consider when it comes to specialized sports car insurance is the slower depreciation rate of a sports car. Typically, high-end sports cars are turned out in relatively limited numbers compared to more common vehicles, meaning they hold their value longer. Sports car insurance accounts for this slower depreciation, where a regular car insurance policy may not.
Bringing Your Auto Insurance Premiums Down
Whether you’re in the market for a sports car, or already own one and are looking for ways to bring down your auto insurance premiums a little, here are a few common strategies you can use to try to lower your rates (sports car or not).
First, shop around and compare insurance quotes to try to find the best cheap car insurance in Michigan. There are free online tools available to help you comparison shop and find the right fit for you. For example, according to data from Ross Martin at The Zebra, the cheapest car insurance companies in Michigan include GEICO, USAA, and Progressive.
Choosing a sports car with added safety features, or doing some after-market modification to install new safety equipment, may qualify you for lower rates by decreasing your risk factor.
Keep your sports car in the garage during the winter months, to minimize the possibility of damage from winter storms or other extreme weather events.
If you have more than one vehicle, consider taking out a multi-vehicle policy. Your insurer might offer you a lower rate if you combine your everyday vehicle with your sports car under the same policy. Also, if you’re a homeowner, consider bundling your auto and home insurance together as well for a further discount.
Finally, don’t forget to ask your insurance company about possible discounts, such as senior/veteran discounts, good driver discounts, and even discounts for belonging to a sports car club. You might be surprised at what you can qualify for.
Final Thoughts About Cheap Sports Car Insurance In Michigan
With the right information and proactive strategies, it’s entirely possible to find cheap sports car insurance in Michigan. By shopping around, capitalizing on discounts, and considering specialized coverage, you can mitigate costs and enjoy the ride – without worrying about the financial aftermath of unforeseen incidents.