Sports Car Insurance

Factors that affect sports car insurance costs

In Canada, those who drive sports cars tend to pay higher insurance premiums than those who drive standard vehicles (sometimes as much as 25% to 150% more) due to factors like:

• Higher repair costs
• Fewer safety features
• Performance capabilities
• Claims history

This means that if you live in Ontario, for example, where the FSRA reported that the average annual premium was $2,006 in October 2024, the average annual rates for a sports car are around $2,507.50 to $5,016. But while this is the average, your rates could still vary significantly based on your own personal factors. Here are some factors that can affect the cost of your sports car insurance rates.

Your age, gender, and marital status

Generally, older drivers tend to have fewer accidents than younger, less experienced drivers, especially teenagers, who are statistically more likely to take risks or be involved in collisions. That’s why insurance premiums are typically higher for young drivers and begin to drop more noticeably in their mid-20s, when driving habits tend to improve.

Insurance companies also consider other personal factors, like gender and marital status, when assessing your risk. For example, married drivers and females are often seen as lower-risk, which can translate to lower premiums.

Your location

Auto insurance rates can differ significantly from one province to another due to varying regulations, coverage requirements, and regional risk factors. In general, premiums tend to be higher in urban areas where there’s:

• More traffic
• A greater chance of accidents
• Higher rates of car theft

Locations prone to severe weather, like hail, flooding, or icy roads, can also see higher insurance costs as the likelihood of vehicle damage increases.

Your driving history

Your driving record plays a big role in determining your car insurance premium. It includes key details like:

• How long you’ve held a valid driver’s licence
• Past accidents
• Speeding tickets or other driving convictions

Insurance companies use this information to assess your level of risk. A clean driving record helps you save more. In fact, drivers with a strong history of safe driving typically enjoy lower insurance rates and better policy options.

The vehicle itself

As we already mentioned, sports car premiums tend to be significantly higher due to factors like:

• Higher repair costs
• Fewer safety features
• Performance capabilities
• Claims history

Let's use the Subaru WRX as an example, as it's currently one of Canada's best-selling sports cars. According to the latest edition of the Insurance Bureau of Canada (IBC)'s "How Cars Measure Up," which ranks claims data for the most popular types of insured cars, passenger vans, SUVs, trucks and wagons in Canada, a 2019 Subaru WRX comes in at:

• 43% higher than average for collision claims
• 39% higher than average for DCPD claims
• 30% higher than average for accident benefits claims

This means if you apply for a quote for a 2019 Subaru WRX, car insurance companies will likely use this data to determine higher premiums because it shows there is a higher likelihood of you submitting future insurance claims for this car.