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Insurance for Sports Cars
What is insurance for sports cars?
As you may have guessed, it is insurance that covers sports cars in the case of personal injury or property damage due to a car accident or other covered event like a natural disaster or theft.
What you may not have guessed is that, unless you have an antique sports car or can somehow categorize your vehicle in some special category, there is no 'insurance for sports cars' per se. Sports cars are treated just like any car when it comes to auto insurance and all the factors that are normally taken into consideration by providers are taken into consideration for sports cars owners just the same.
Who needs insurance for sports cars?
Anyone who owns a sports car needs insurance for it. Whether you own a '67 Mustang or next year's Ferrari, you have to have insurance to protect you and your passengers as well as anyone you may hit.
How much insurance do you need for your sports car?
As much as you need for any other car. Start with the minimum requirements as dictated by your state and go from there. Make sure you have enough coverage to take care of you in the event of a natural disaster or serious accident, including yours and other passenger's medical expenses. It's better to have too much than too little, so err on the side of caution.
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Common Myth: Sports Cars are Spendy, Spendy,
Spendy.
True, they aren't cheap to buy, but when it comes
to insurance, they aren't as expensive to insure
as you might think. Even though most sports cars
would cost more for an insurance company to replace
completely than an economy car, they are not actually
the most expensive cars as far as insurance claims
go.
The most expensive cars when it comes to theft
claims don't include any sports cars on the list. According to a study conducted by the Highway Loss Data Institute (HLDI), the top 5 most stolen vehicles are SUVs and trucks, including the highly coveted Cadillac Escalade and the Dodge Ram 1500 Quad Cab.
For collision car insurance claims, the most expensive models include the Lexus IS 300 and some of the more inexpensive sedan models, including the Kia Spectra four door, Hyundai Tiburon, and the Mitsubishi Mirage. Not a sports car in the bunch!
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