Have you ever wondered why sports cars are more expensive to insure than other kinds of cars, even though they cost less to buy? If so, here are some of the main reasons why this is so.
Types of Car Insurance Groups
Even though we don't know a lot about what goes into car insurance quotes, we do know that insurance companies put certain types of cars into categories. Insurance companies have groups that range from 1 to 20 for this reason. Group 1 cars are the ones that cost the least to insure. Insurance costs the most for cars in Group 20. So if you buy a Fiat Panda, you will be considered a driver of a Group 1 car. If you buy a sports car, any sports car, you are likely to be put in Group 15 or higher. If you buy a fast sports car like a Porsche 911, you'll definitely be in Group 20.
Theft
Every year, more than 2 million car crimes happen in the UK. Aside from popular cars like Fords, the most common type of car crime is with sports cars. If you have a soft-top convertible sports car, it is very likely to be stolen. So, even if you live in the middle of nowhere and there's no one else around for miles, thieves will still think you drive a very high-risk car. When the risk goes up, so does the premium!
Accidents
Insurance companies are not charities; they are in business to make money. As a result, they keep a lot of information, and some of it tells them that if you drive a sports car, you're more likely to get into an accident, and if you do, it will be worse (and more expensive) than if you were driving a regular car. Because of this, the premium will be higher.
Under 30?
If you are under 30, there are no good reasons to insure a sports car, unless you just won the lottery. Not only does your insurance company think that your car is a high risk to insure, but they also think that you are a much higher risk as a driver. So, the premiums for car insurance for people under 30 who drive sports cars are probably the highest of all types of car insurance in the UK today.
