“I Feel the Need, the Need for Speed”
Sports cars and other related “high performance” cars are more expensive to insure because according to statistics, they are more likely to be involved in an accident and the accident is more often serious.
You may be the safest driver in your city, but are you really going to drive your Corvette the same way you drive your Ford Taurus. Really? Of course not. You’re going to drive faster.
Speed is statistically the number one factor in the cause of accidents.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries, according to Wikipedia. (Yes, someone has a job more boring than you do.) Actuaries use many factors in determining the price of your auto insurance including your driving history, driving distance to work, where you live, credit score, marital status, and age among other things.
They study statics to determine what the likelihood is of someone with certain risk factors of having an accident and what is the likely payout. That then determines auto rates for insurance companies.
High performance equals high speeds and high auto insurance. You may be able to offset this factor by taking driver safety courses approved by you insurance company. And of course keep a squeaky clean driving record.
“Grand Theft Auto”
Everyone knows that sports cars are more likely to be stolen than many other “family” cars because they have a higher resale value overall. Installing premium anti-theft devices and tracking devices can not only lower your insurance rates but also protect your baby.
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Thieves look for easy targets. Where you park you car can also have a big impact. Although we are limited by where we live, using common sense can make a difference and improve the safety for you as well. Whenever possible, park in well –lit, heavily trafficked areas.
“You’re probably just having a mid-life crisis. Did you buy a Porsche yet?”
There are ways to lower your insurance. If you want a high performance car, wait until you are older. If you are under 30, be prepared to pay a lot for auto insurance. The older you get (within reason of course) the lower your premium is going to be.
So yes, it does pay to wait until mid-life to get that sports car. Tell everyone you’ve just been waiting for the auto insurance premium to drop. It’s not a mid-life crisis car after all.
If it’s a newer sports car you can also get discounts from advanced safety features. Safe driving courses always helps too.