Minus/plus icon
ResourcesExplore the full ACKO experience and make the most of your plan

Home / Car Insurance / Articles / 6 Things to Know Before Buying Insurance for A Sports Car

6 Things to Know Before Buying Insurance for A Sports Car

Team AckoJan 17, 2024

Sports cars are in a different league. Their charm is non-comparable. They score high on the style quotient as well as on the comfort meter. But all this comes at a price – and a huge one at that. Sports cars can leave a big dent on your bank balance. This is not just at the time of purchasing, maintaining a sports car is also an expensive affair, for example, buying insurance for a sports car.




Its spare parts are costly and basic servicing is also tough on the wallet. Thus, buying a sports car is a trade-off. You get to roam about in an engineering marvel but you have to pay the price for it. There are some high costs that you just have to incur while buying a sports car. This article is about one such cost – car insurance.

Nowadays, the car insurance industry has become simple. However, that might not be the case in case of a sports car, as insuring a sports car is usually more complicated than insuring a regular hatchback. Read ahead to acquaint yourself with the nuances of insuring a sports car.

6 Must-Know Things Regarding Sports Car Insurance:

Listed below are the top six points you should know so that you can have a smooth ride when it comes to insuring your sports car.

1) Compulsion to Buy:

The law stays the same for everyone. And like everyone, buying car insurance is mandatory for a sports car owner as well. You have to purchase at least a Third-party car insurance plan as per The Motor Vehicles Act, 1988 to insure your vehicle. However, it is suggested to opt for a Comprehensive Plan for all-round coverage.

A car insurance policy is time-bound. It stays valid for a specified period and then it expires. You, as a car owner, need to make sure that you renew your car insurance policy before the expiry date. This is crucial because a lapsed policy is of no use. It will not offer you any sort of insurance coverage. Therefore, just as buying car insurance is mandatory, renewing it is also essential.

2) Expensive Than Average:

There is no easier way to say it – car insurance premium for a sports car is expensive! This is because the sports car has a higher value as compared to an average car. In technical terms, the sports car’s Insured Declared Value (IDV) is on the higher side. Therefore, its insurance premium is also more than average.

Just as you cannot compare the performance of a sports car with an ordinary car, you cannot compare car insurance premium for both vehicles as well. Focus on Comprehensive coverage rather than a less-costly plan.

3) Onus on Coverage:

Apart from being a compulsion, insurance is a great way of securing your finances. This holds true especially for a sports car. Imagine a scenario where your sports car gets damaged due to flood and you have no Comprehensive insurance/Own-damage cover. You will have to pay the repair bill from your pocket. However, with insurance, the insurer will lend financial support in such challenging circumstances.

Also, consider buying suitable Add-on covers such a Zero Depreciation, Return to Invoice cover, etc. for your sports car for wide-ranging coverage. Note that these Add-ons come at a price. You will have to spend extra insurance premium to avail the benefits of these Add-ons. Thus, it is suggested to pick only those Add-ons that will prove beneficial to you. For example, it won’t be productive to buy a Passenger Cover if you are someone who prefers to drive your sports car on your own and travels alone most of the time in it.

4) Indirect Buying:

All insurance companies might not offer a Comprehensive coverage for your sports car. The best way to find a policy is to visit the website of your preferred insurance company and browse. If you do not find your sports car in the purchase journey of the website, chances are bright that they might not be offering such a cover. However, that cannot be conclusive.

If you cannot find your sports car on the insurance company’s website, you can call-up the company and ask if they are willing to insure your sports car. They might ask for details such as the make, model, variant and age of the vehicle. Also, they might want to inspect your sports car before insuring it. This inspection is carried out to ascertain the condition of the sports car and its IDV so that an appropriate premium can be charged to cover the vehicle.

5) Anti-theft Devices:

Secure your sports car with Automotive Research Association of India (ARAI) certified anti-theft devices. They will not only protect your car but also come in handy to reduce the car insurance premium.

This is because insurance companies view this act as a measure undertaken to prevent car theft. Ultimately, if a car is not stolen, no theft claim will be raised, which works in favour of the insurance company. Therefore, they offer a discount on insurance premium for anti-theft devices to encourage car owners to protect their vehicle.

6) Car Insurance Comparison:

Do not miss the step of car insurance comparison while purchasing new car insurance or renewing your old one. If you are unable to find options on aggregator websites, you can speak with old and new car insurance companies and opt for manual car insurance comparison. Feel free to ask them your doubts and concerns regarding inclusions and exclusions, and terms and conditions of the car insurance policy.

You can make a list of which car insurance plans are suitable for you. Later, you can speak with family and friends to choose from the shortlisted options.

Also, read: Tips To Get Discounts On Car Insurance

Drive Responsibly:

You cannot zoom away from rules and regulations in your sports car. You have to follow the law of the land and drive responsibly. Remember, if driving a sports car feels powerful, with more power comes more responsibility.

Frequently Asked Questions:

Is it better to purchase a Third-party Liability policy or a Comprehensive plan for a sports car?


It is suggested to buy a Comprehensive car insurance policy for a sports car as it offers Own Damage cover. If a sports car is damaged, it will take a huge amount of money to repair it. This is where a Comprehensive car insurance policy will be helpful.

What if I do not find my sports car listed on the insurance company’s website?


You can contact your preferred insurance provider via call or email to enquire about your sports car’s insurance policy if it is not featured on their website.

Can I renew a car insurance policy online instead of going through my car dealer’s insurance agent?


Yes, you have the option of renewing a car insurance policy online instead of your car dealer’s insurance agent.

How can I reduce the premium of my sports car’s Comprehensive insurance policy?


Here are some ways in which you can reduce your sports car’s insurance premium.> Install certified anti-theft devices> Buy online from a digital insurance company               > Increase the Voluntary Deductible component> Pick only relevant Add-ons> Go for long-term insurance

What happens if I am caught driving my sports car without valid insurance?


Driving a car without a valid insurance policy is a punishable offence and you will have to pay a monetary fine for it. It can also lead to imprisonment and legal hassles.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.


Want to post any comments?


Upto 85% off on Car Insurance!

Buy or Renew Car Insurance in 2 Minutes ⚡

Car number

Looking to insure brand new car?

Zero commissions, big savings

quote icon

Get Quote

quote icon