Have you ever wondered why insurance for sports cars is more expensive than for other cars, even if the former is cheaper to buy? If so, the following are the main reasons why this is the case.

The Car Insurance Group Categories

Insurance companies categorize cars to determine the quotes. For this purposes, insurance companies have groups ranging from 1 through to 20. Group 1 is the least expensive type of car to insure. Group 20 is the most expensive type of car to insure. So, if you buy a Fiat Panda, you’ll be classed a Group 1 car driver. Buy a sports car, any sports car, and you are looking at being classed a Group 15 and above driver. Buy a performance sports car, such as a Porsche 911, and you’ll definitely be Group 20 driver!

Robbing

In the UK, there are more than 2 million car crimes annually. Stolen car favourites include sports cars and popular model cars. Thieves would love your car if you’ve got a soft-top convertible sports car! So even if you live in a very isolated area with no near neighbours, your car would still be considered high risk. With increased risk, comes an increased premium.

Accidents

Insurance companies are not charities they’re in the business to make money. According to the data that car insurance companies keep, sports cars would have an increased risk should there be an accident, and therefore more serious. Therefore, premium charges will increase.

Are you still under 30?

It’s not so ideal to insure a sports car when you’re still under 30 years of age. Not only do the insurance company see the car you drive as being a high risk car to insure, but you as the driver are far more risky to insure as well. You should know that those under 30 years of age who insure sports cars are paying the highest type of car insurance.

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