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Owning a sports car is a car lover's dream. Shopping for sports car auto insurance can be the nightmare. By making an effort to understand the assumptions insurance agencies make about your machine, you will better position yourself to negotiate favorable premiums by countering perceived negatives with verifiable positives. Some of this assumptions will include:

• Sports cars are more susceptible to theft.
• They are more expensive to repair.
• The necessary parts are hard to find.
• Their composite bodies can be damaged easily.
• Their obsessed owners will want every scratch repaired.
• They are consistently operated at high rates of speed.

Admit that each of these assumptions carry a degree of validity. Your goal is to be truthful, especially if any modifications have been made. Failure to do so can void your coverage in the event of a claim. However, counter each perceived negative with positives like:

• Evidence that the vehicle is securely stored in a monitored garage and is equipped with onboard anti-theft devices, preferably with active GPS tracking.
• Establish the presence of a second car for commuting and daily driving, thus lowering wear and tear on the sports car and mitigating some of the risk of a collision or other accident.
• Show proof of a spotless driving record. This is especially critical for drivers under age 30 who are automatically placed in a higher risk category. (If you have tickets or other blemishes on your record, consider taking a driving safety class before you talk to your insurance man.)

Additionally, because you are driving a more valuable machine, be conversant with insurance terminology to avoid falling for a coverage option that sounds good, but does not give you the degree of protection your high dollar drive requires. You do not want to opt for a "stated value" policy. Such coverage pays either the cost of the repair to the car or the car's stated value, whichever is less.

What most drivers don't realize is that the stated value is actually used to determine the premium level only. The insurer does not have to use that amount in the event of a settlement. "Agreed value" policies guarantee a set amount determined at the time the policy was written. They offer the best protection for owners of high-end vehicles. The car’s value is not depreciated and a benefit equal to its real value is guaranteed.

You may benefit from the fact that sports cars are collectible and attain “classic” status fairly quickly. A standard insurance company may not be your best option. Consider talking to a specialty insurer like Hagerty, Grundy, or American Collectors Insurance. They routinely cover unique cars and will take into account the high probability that your car’s value will actually appreciate over time. (Note that when you speak to a representative from any of these agencies, advanced documentation on your car’s history and performance may be required.)

Be realistic from the start. Your car will be more expensive to insure that your neighbor’s Honda Accord. You should not, however, be faced with astronomical premiums just because you choose to have a special machine for your own driving pleasure. Research the appropriate insurance instruments from both your regular insurer and specialty companies. Be prepared to provide documentation about your sports car, to negotiate, and to comparison shop. Don’t jump on the first policy you offered. Chances are good that you shopped lovingly for the sports car itself. Do the same for the policy that will protect it.




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