Can I Get Liability Insurance on a Sports Car?
- Insurance for sports cars is typically more expensive than for trucks and family sedans. This is because, statistically, the added power and performance of sports cars poses a greater risk for accidents. Instead of purchasing the first policy you find, shop for rates to find the best coverage for your money. Most large insurance companies have websites where you can obtain quotes based on your location, age, gender and car type.
- Independent agents and brokers can help save you time, because they can typically obtain quotes from multiple companies at once. An independent agent can find companies willing to insure sports cars and can provide a comparison of coverages and rates to ensure that you do not pay more than necessary for liability coverage. Contacting an independent agent also provides a contact person if you ever need to file a claim. This can save you hours of trying to contact your insurance company.
- Most states require drivers to carry a minimum amount of liability insurance. However, the minimum limits are typically insufficient to protect you against financial loss. For example, Ohio law only requires a total of $7,500 for property damage and $25,000 for injuries to all occupants of other vehicles involved in an accident. If another driver's injuries or property damage costs exceed your limits, the driver may sue you for the remainder. Consider purchasing higher liability limits; most auto insurance companies offer limits of up to $300,000 for injuries and $100,000 for property damage.
- If you are under 25 years old, you may find it particularly difficult to obtain liability insurance for your sports car. Young drivers, especially males, are statistically more likely to cause accidents than older drivers. Couple this with the added power of a sports car, and the risk becomes even higher. If you cannot find liability insurance through standard auto insurance carriers, you may need to contact a "high risk" company that specializes in providing coverage for hard-to-insure drivers and vehicles.
