Have you ever wondered why it costs more to insure a sports car than other types of car, even when the purchase price of the sports car is less expensive? If so, the following are the main reasons why this is the case.
Auto insurance group categories
While many of the factors that determine the composition of auto insurance quotes are unknown, what is known is that insurance companies “group” certain types of cars into categories. For these purposes, insurance companies have groups ranging from 1 to 20. Group 1 is the least expensive type of car to insure. Group 20 is the most expensive type of car to insure. Therefore, if you buy a Fiat Panda, you will be classified as a Group 1 car driver. Buy a sports car, any sports car, and you are considering being classified as a Group 15 or higher driver. Buy a high-performance sports car, like a Porsche 911, and you will definitely be the driver of Group 20!
Stole
Over 2 million because crime occurs in the UK every year. Aside from popular car models, like Ford, the biggest crime category is sports cars. Have a soft top convertible sports car and the chances of it being stolen are hot! So even if you live in the country with no one else around for miles, you will still be seen driving an extremely high risk car when it comes to car theft. With higher risk comes a higher premium!
Accident
Insurance companies are not charities, they are in business to make money. As such, they retain a large amount of data and some of that data tells them that if you drive a sports car, there is a greater risk of being in an accident and that the accident will be more serious (and expensive) than if you were driving a normal car. As such, the premium charge will be higher.
Less than 30?
Unless you just won the Lottery, if you are under 30, there are no attractive factors when it comes to insuring a sports car. Not only does the insurance company consider the car you drive to be a high risk car to insure, but you, as the driver, are also much riskier to insure. Consequently, car insurance premiums for those under 30 who drive sports cars is probably the highest of all types of car insurance available in the UK today.