Fast cars are notorious for having higher than average auto insurance rates. According to ValuePenguin, the average annual cost for insuring a sports car with full coverage is $2,894. By contrast, drivers with a standard sedan pay an average of $1,674 per year for full coverage auto insurance, according to Bankrate statistics.
However, this doesn’t mean that drivers who love fast cars should give up the hope of getting cheap auto insurance rates. Drivers who take the time to research their insurance options can satisfy their need for speed while getting great insurance rates. Here is a list of some exciting cars that are still relatively affordable to insure.
Why Do Fast Cars Have Higher Insurance Rates?
Fast cars typically have higher auto insurance rates because these vehicles may be more likely to speed and get into collisions. Since many fast cars are also sports cars, these can be costlier to fix or purchase replacement parts for, leading many insurance providers to charge higher rates. Other factors that can drive up the prices of auto insurance policies for fast cars include:
- Engines with higher horsepower: An engine with greater horsepower can lead to more rapid acceleration speeds, which may boost insurance rates.
- Younger drivers: Statistically speaking, younger drivers may be more likely to buy fast cars. No matter the type of car that they drive, younger drivers usually have higher auto insurance rates.
- Risk of theft: People looking for cars to steal may be more likely to select cars that go fast or have an athletic appearance.
- Customizations: Many drivers who own fast cars perform modifications on their vehicles, such as customized body designs or headlights. These customizations can cause insurance providers to increase their policy rates.
Fast Cars With Cheap Insurance
Below is a list of fast cars with cheap insurance rates, based on the average annual insurance costs for owners of these vehicles. It’s important to remember that many other factors besides the type of car you drive can affect your insurance rate, so your individual quotes from insurance providers may vary from these numbers.
At an annual average insurance rate of $2,085 for a 2019 model, the Cadillac ATS Is one of the cheaper fast cars to insure. Even for young drivers, the Cadillac ATS tends to be cheaper to insure, with an average annual coverage rate of $2,625 per year compared to the national average of $3,635 for all young drivers with sports cars.
Cadillac produced the ATS model between 2012 through 2019. With its V-6 engine, this car can generate a powerful 321 horsepower and 274 pound-feet of torque. The performance-tuned ATS-V is ready for the track with a turbocharged V-6 engine that lays down an astonishing output of 464 horsepower and 445 pound-feet of torque.
The Porsche Boxster is another fast car that drivers looking for cheaper insurance options should consider. Not only can drivers choose between several configurations, including five engine options with an output of 300 horsepower or more, but average annual insurance rates are still very affordable at $1,580 (for a 2017-2018 model).
First released in 1966, the Chevrolet Camaro is a sports car that offers drivers both its decades-old reputation for reliability and a modern need for speed. This car boasts four available powertrains with a maximum possible horsepower of 650, not to mention a zero-to-sixty acceleration in 3.5 seconds flat. Experts estimate that the average insurance cost for the SS trim level of this model is $1,606 per year.
Dodge Challenger R/T
The Dodge Challenger R/T is a modern muscle car with retro styling that was good enoug to win Kelley Blue Book’s Best Car Styling Brand Award. Drivers can choose from several powerful engines including the Challenger Demon that packs a supercharged V-8 with up to 840 horsepower and 770 pound-feet of torque. On average, drivers of Dodge Challenger will pay an annual insurance rate of $1,757.
Fiat 124 Spider
At an astonishing average annual full coverage rate of $1,562, the Fiat 124 Spider is one of the best fast cars with a cheap insurance rate. Although no longer in production, you can still score a used vehicle at some local auto dealers if you want to race down the road in this Fiat vehicle. The 2020 models all possess a mighty four-cylinder turbocharged engine with horsepower between 160-164, depending on the exact trim level you choose.
BMW Z4 Roadster
Nothing says fashion and sportiness like a BMW, and if you opt for the Z4 Roadster, you can say you’re saving money on your insurance rates, too. On average, drivers of a BMW Z4 Roadster pay $1,561 annually for their auto insurance policy. Whether you opt for the strong 2.0-liter four-cylinder engine with 255 horsepower or the capable 3.0-liter six-cylinder with 382 horsepower, you’re sure to get where you need or want to go in no time at all.
How Can I Lower My Auto Insurance Rates For My Fast Car?
No matter which model or manufacturer you choose for your fast car, there are other ways that you can make the cost of your auto insurance cheaper. Strategies for lowering your auto insurance rate for your fast car might include:
- Get a safe car: Before purchasing a fast car, check to see if it has a good safety rating from the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS). You can also look for fast cars with advanced safety features, such as adaptive cruise control or parking sensors, to get potentially lower coverage rates.
- Take a defensive driving class: Depending on your auto insurance provider, you might be able to take a defensive driving course to reduce your auto coverage rate.
- Maintain an excellent driving record: Having a driving record with no or minimal violations is one of the best ways to keep your insurance rates low.
Having a fast car doesn’t have to mean paying a fortune in insurance rates. Drivers who do their research on fast cars that typically have cheap insurance rates can stay on their budgets while enjoying the drive of their dreams.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.