The term “sports car” refers to vehicles that have slightly different characteristics than regular cars that are used on a daily basis. They are way faster, look way cooler, and more often than not are less roomy. Above all, however, they are more expensive.
These cars are not only pricier, the cost of their maintenance is considerably higher as well. One of the expenses you must prepare yourself for as an owner of one of these high-performance beasts is sports car insurance, which for reasons we will explain, comes at a higher price than insurance for other cars.
If you drive a sports car or are intending to buy one, stay with us on this Lookinsure mag guide as we have brought you the ultimate guide for sports car insurance, including tips to get it at a lower price.
Frequently Answered Questions
1: Why is sports car insurance more expensive?
The reason sports car insurance is more expensive than regular cars is that a) they are more valuable, b) are more dangerous to drive and c) are more likely to be stolen.
2: Can I get discounts on sports car insurance?
Yes, it is possible to get discounts for buying car insurance for sports cars by either by joining a sports car club, using a low-mileage discount or using your NCB or no claim bonus if you have spent the entire term of your previous policy without filing any claim.
3: How can I find the cheapest sports car insurance?
Here is what to do to find the cheapest sports car insurance: Seek out specialist insurers, Leverage track-day coverage, Agree to a higher deductible for track-only coverage, Use discounts for automobile club memberships, Install advanced security systems, Buy “laid-up” insurance for off-seasons instead of yearly policies
4: Do modifications affect my sports car insurance?
Yes, sometimes modifications that help enhance performance or require more maintenance can bring about an increase in your premium cost.
5: Is it necessary to insure my sports car year-round?
Not necessarily. If you only used your sports car during certain times you just have to insure it for the month you use it, which is possible by buying “laid-up” coverage.
What is Sports Car Insurance?
Like any other vehicle, sports cars must be insured to be considered road-legal. Car insurance for sports cars is naturally more expensive than regular vehicles because:
- They generally come at a higher sale price and premium costs are determined by a car’s value
- Car parts and routine checks for high-performance vehicles are also more expensive
- Since these cars are meant to be driven at a higher speed, they are considered high-risk vehicles which always means higher premium prices.
Sports Car Insurance vs Regular Car Insurance
Here are the main differences between car insurance for sports cars and regular ones:
1. Premium Costs
The most important difference between regular cars and sports car insurance is the price of the premium, which is the total price of your insurance policy. The premium cost for performance or sports cars is usually between 2 to 3 times higher than regular cars.
2. Coverage Options
Depending on the type of your sports car and your use, you might require additional coverage than those offered to regular cars. For instance, if your vehicle has gone through various modification projects or has added custom parts of high value, you might want to consider buying add-ons that cover damages to those parts as well.
3. Risk Factors
High Risk of Accident
One of the reasons why car insurance for sports cars is more expensive is the higher risk involved in driving them, considering their speed. And since the cost of repair is also high with these cars insurance companies usually feel the need to increase the premium cost.
Popular for Car Thieves
Because of their value, sports cars can sometimes be ideal targets for theft which is another reason why insurance companies charge more for insuring these cars.
4. Deductibles
Because of the high cost of repairs and spare parts for performance cars, owners of such vehicles might be required to agree on higher deductibles to reduce the premium cost to a more reasonable price. A deductible is the money you agree to pay out of your pocket in the event of an accident.
5. Valuation
It is common knowledge that sports cars are considerably more expensive than regular cars and this is one of the reasons they cost more to insure. However, what a lot of people don’t know is that their value is not always affected by time the same way as other vehicles and that is why there is a special type of policy called “Agreed Value Policy” designed especially for these cars.
Agreed Value Policies
Another thing you need to know about sports car insurance is agreed values policy, which is a type of policy in which the owner and the insurer come to an agreement on the value of the car, which will be paid by the insurance company in case of total loss of a car.
When a regular car is stolen, the insurance company reimburses the owner for the price of the car at the time of theft and not the time of purchase. However, with this policy which is only applicable for high value vehicles such as classic cars and expensive supercars, deprecation of value over time will not be factored in.
6. Modifications
Another thing that might affect the premium cost when it comes to insuring high-performance cars is the modifications that are very common among sports car drivers. These modifications which often mean more rigorous maintenance usually equal higher premium costs.
7. Usage-Based Factors
Although there are a lot of things about sports cars that turn them into higher-risk vehicles and in turn make insuring them more expensive, there are some features that might have a more favorable impact on your premium rate.
For instance, one of the factors that is also important in estimating the price of your policy is your usage. Since sports cars are often used with less frequency than regular vehicles, they can be eligible for low-mileage discounts.
Documents for High-Performance Car Insurance in the UAE
Here is a list of documents you need when purchasing insurance for a sports car:
| Document | Description |
| Driver ID | Emirates ID or passport if you are not a citizen. |
| Vehicle Registration Documents | Includes proof of purchase if it is a used car. |
| Insurance Certificate | A document containing your insurance history. Obtainable from your previous insurer. |
| Performance Modification Documents | Lists of modifications made to your vehicle; are important for assessing your car’s value and risk level. |
| Annual Mileage Estimate | Document needed to avail yourself of low-mileage discount. |
| Additional Safety Features Documents | Documents proving the installation of advanced security systems for better insurance deals. |
| Financial Information | Bank statement and proof of financial capability, especially for insuring high-value automobiles. |
| Valuation Document | Provided by certified appraisers to determine the true value of unique vehicles. |
Finding Affordable Sports Car Insurance
Although car insurance for sports cars is usually quite an expensive buy, there are ways you can use it to make sure you get the best price. Here are some tips for finding cheap performance car insurance:
Seek Out Specialist Insurers
There are some insurance companies who only cater to the insurance needs of sports or luxury car owners. These companies not only offer a more flexible price range, they also provide a more specialized coverage for your special cars, including coverage for added custom parts and modifications.
Leverage Track Day Coverage
Track day coverage which is both available as an add-on and a standalone policy is what insures your cars against damages suffered on the track. Since driving on tracks is considered a highly risky activity, by purchasing this type of coverage you can convince your insurer that they won’t have to worry about your possible track racing accidents.
Higher Deductible for Track-Only Coverage
As we just mentioned, since track driving constitutes a much higher risk level and in car insurance high risk always means higher premiums. One of the ways you can prevent track driving from affecting the cost of your premium is by agreeing to a higher deductible for track-only coverage, which means you will take a larger responsibility for the cost of damages caused on a track.
Exploit Discounts for Car Club Memberships
Some insurance companies offer special discounts to drivers who belong to certain clubs such as sports car clubs or similar associations, so you might want to try your luck joining a club. However, make sure to do your research before choosing your club.
Install Advanced Security Systems
Advanced security systems that can significantly reduce the risk of theft can help you convince your insurer that even though your vehicle might be a popular target for car robbers and thieves, as are all high-performance vehicles, yours is much safer than they think, and therefore poses a lower risk.
“Laid-Up” Insurance for Off-Seasons
A lot of sports car owners only drive their cars at specific times which makes buying yearly insurance policies a waste of money. For these drivers, a lot of insurance companies offer laid-up insurance which only covers your vehicle for the period you drive it. This way, you will pay considerably less than you would if you insured your car for the whole year.
Best Insurance Plans for Sports Cars in the UAE
Since sports cars are usually quite expensive, it is natural that their owners would want the best insurance for their cars which is usually a comprehensive policy since the alternative, third-party liability insurance does not cover damages to your car.
Below you will find a list of some of the best insurance companies in the UAE along with some information about their comprehensive policies:
| Company Name | Comprehensive Insurance Info |
| GIG Gulf Insurance | Full Vehicle Protection: Shield against loss or damage. Third-Party Liability: Covering bodily injury and property damage up to AED 5 million. Complete Environmental & Criminal Protection: Fire, theft, storm, flood, riot, and strike coverage. Personal Injury Coverage: Up to AED 20,000. Emergency Medical Support: Up to AED 6,000. Personal Belongings Protection: Up to AED 4,000. Wider Coverage Options: Including Oman and off-road car insurance coverage. Guaranteed Repairs & Agency Repair: Peace of mind for up to 5 years. Total Loss Benefit: Invoice value protected for up to 24 months from first registration. Comprehensive Benefits & Services: From windscreen damage waivers to 24-hour accident recovery, GCC coverage, and convenient pick-up and drop-off services. |
| Abu Dhabi National Takaful Co. | In addition to the standard Comprehensive Motor Insurance, they offer: Agency Repair conditions can extend up to 3 years subject to conditions. Coverage for 13 months without extra premium. Availability of No Claim Discounts. Free Emergency Roadside Assist. Free Accident Towing Service. Free Mechanical breakdown in towing service. Free battery boosting. Free Flat tire Fixing. Free Look-out Service. Free Rent-A-Car for 24 hours in conjunction with accident. Free Roadside Assistance. Free car Registration — once a year. Emergency Medical Expenses. Protection for clothing and personal effects in the car against fire. |
| Salama Takaful Insurance | Loss or damage to the insured vehicle. Third-party liability (bodily injury). Third-party property damage. Fire and theft cover. Windscreen damage. Oman cover – own damage. Third-Party for Oman. Off-road cover for SUV 4×4 only. Medical emergency cover. Personal Belongings. Ambulance cost. Third-party liability to family members. Natural perils. Personal accident benefits for drivers. Personal accident benefits for passengers. Complimentary car registration/renewal service. Replacement of locks. Free roadside services. |
| Orient Insurance | Repairs at dealer/agency workshop in the first 3 years of the vehicle. Protection against natural disasters. Protection against riots and strikes. Protection for clothing and personal effects against fire and theft up to AED 1000. Emergency medical expenses due to an accident up to Dhs 500/- per person. No excess payable on windscreen claims. Roadside assistance. Off Road cover for 4WD’s. Geographical Extension to Sultanate of Oman. Free Life Insurance Cover for individuals insured for AED 100,000. Legal Liability to immediate family members. |
| Sukoon Insurance Company | Their Premier Cover policy which is custom-designed for luxury vehicles offers: Unlimited agency repairs. An impressive list of covers with very high limits. Comprehensive roadside assistance service. Dedicated claims and repairs teams are available through a unique contact number. Exciting options like European Cover and Track Day Cover for select clients. High third-party property damage cover with a limit of AED 5 million. Luxury courtesy vehicle replacement facility. All subsequent vehicles insured with Privilege Club offered the same plan at a discounted rate. |
| Oriental Insurance | Comprehensive Insurance covers Loss and damage to your car, its accessories, and spare parts due to: Accident or accidental collision or overturning. Fire, external explosion, self-ignition, lightning, or thunderbolt. Burglary or theft. Malicious act of any third party. Whilst in transit (including the process of loading and unloading incidental to such transit) by road, rail, inland waterway, lift, or elevator, relating to the said transportation. |
For better flood car insurance coverage, check out the add-ons that deal with this issue specifically.
Discover Competitive Sports Car Insurance with Lookinsure
Considering the myriad of options and add-ons for sports car insurance in the UAE, the search for the best price and coverage is a tiresome one. If you want to find the best quotes without having to read through the fine print of deals by all the providers, Lookinsure’s online comparison tool is the most efficient solution. Log in, enter your plate number and a few personal details, and get a list of UAE’s top insurance providers for sports vehicle insurance.
Conclusion
For a variety of reasons, including their high value, high risk due to their speed and also their being popular targets for car theft, sports car insurance costs more than insuring a regular car. However there are ways you can reduce the cost of your premium and get a better deal. In this blog we have tried to provide you with everything you need to know for getting the best insurance for sports cars.
