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If you drive a sports car, then sports car insurance is a must. This type of car insurance will give you the coverage you need to stay safe behind the wheel of your premium vehicle. Learn more about how BrokerLink can help you find quality car insurance at a great rate below.
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Sports car insurance is like any other auto insurance policy, except it protects vehicles categorized as sports cars. While there is no universal definition of what constitutes a sports car in the insurance industry, cars with the following attributes tend to be classified as sports cars:
Yes, you absolutely need insurance for a sports car (or any car) in Canada—no exceptions. Whether you’re behind the wheel of a Mustang, Camaro, Jaguar, or anything else with serious horsepower, car insurance is a legal must in every province and territory. The minimum coverage might vary depending on where you live, but some form of insurance is required no matter what.
Driving without insurance is a serious offence in Canada and, if caught, could result in significant fines, a suspended driver's licence, and even jail time. If you own a sports car, contact BrokerLink today to help you find a valid policy that meets both your insurance needs and your province’s requirements.
While each province and territory has its own unique car insurance regulations, drivers all over Canada are generally required to purchase insurance that protects them against collisions, whether those collisions result in bodily injury, property damage, or both. We break down each type of mandatory and optional coverage for sports car insurance below.
Third party liability coverage
Direct compensation - property damage coverage
Accident benefits coverage
Uninsured automobile coverage
Collision coverage
Comprehensive coverage
Accident forgiveness coverage
Waiver of depreciation
Loss of use coverage
No matter what kind of car you drive, even a high-performance sports car, you’re legally required to carry third-party liability coverage in Canada. This protects you financially if you cause an accident that injures someone or damages their property. It can also cover legal costs if you get sued. While the legal minimum in most provinces is $200,000, many sports car drivers choose higher limits for extra peace of mind, especially given the higher risk and repair costs tied to performance vehicles.
[Not mandatory in Ontario] If you’re in an accident that isn’t your fault, DCPD helps cover damage to your sports car without having to go through the other driver’s insurance. Your own insurance company handles the repair process, making the whole process quicker and less stressful.
[Not mandatory in Newfoundland] If you or your passengers get hurt in a crash, accident benefits coverage helps pay for medical treatment and rehab, no matter who caused the accident. It’s a key part of your policy that ensures you're supported when health and recovery come first. That’s especially important if you're behind the wheel of a powerful car, where higher speeds could mean more serious injuries.
[Not mandatory in Alberta] Uninsured automobile coverage protects you and any passengers in your vehicle if you’re involved in an accident with an at-fault driver who is uninsured or underinsured. This mandatory coverage type may also protect against hit-and-runs.
If you're driving a sports car, collision coverage is definitely worth considering. It helps pay for repairs or replacement if you crash into another vehicle, hit an object like a guardrail, or if your car rolls over, regardless of who’s at fault. Given the higher repair costs for performance vehicles, this optional coverage can be a financial lifesaver.
Comprehensive coverage protects your sports car from non-collision events like theft, vandalism, fire, hail, flooding, or damage from falling objects. And if you live in an area with a higher rate of car theft or severe weather, this extra layer of protection can give you serious peace of mind.
One final type of optional car insurance coverage popular among sports car drivers is accident forgiveness. Accident forgiveness is additional coverage that can be added to your car insurance policy as an endorsement to protect your driving record and to help prevent your insurance premium from increasing if you have an at-fault accident claim.
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Sports cars can be some of the most expensive cars to insure. Want to pay less for sports car coverage? BrokerLink car insurance experts put together this list of money-saving tips below.
If you need to purchase additional insurance coverage, such as home insurance or tenant insurance, consider purchasing it at the same time as your sports car insurance. Bundling insurance policies is another way to save 15% on each policy.
If you have more than one vehicle in your household, why not insure them together? Doing so could save you between 15% and 20% on each policy.
Installing winter tires on your sports car could make you eligible for an insurance discount of up to 5%. Many insurance companies recognize that snow tires are safer and reduce the odds of getting into an accident over the winter months, and they will reward you accordingly.
While sports vehicles are not generally the top targets for car thieves in Canada, they can still be at risk, especially high-performance models or luxury variants. Installing anti-theft devices can not only help prevent your vehicle from being stolen, but it can also lead to a discount on your insurance.
Increase your deductible by $1,000 or even $500, and you could save on sports car insurance. Auto insurance companies often lower rates to policyholders who raise their car insurance deductibles, as this means they are less likely to have a claim and the insurance company will have to pay out less in the event of a loss.
Many auto insurance providers charge an administrative fee for each payment. Therefore, making a one-time payment each year as opposed to twelve monthly payments can save you money.
Insurance brokers like the ones at BrokerLink are car insurance experts. They know the ins and outs of the industry, which means they can get you the best possible deal on sports car insurance. They will unlock discounts you didn't even know you were eligible for and help you shop around and compare quotes to ensure you aren’t overspending on car insurance. Contact BrokerLink today for a free, no-obligation sports car insurance quote.
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:
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.
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.
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:
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 record plays a big role in determining your car insurance premium. It includes key details like:
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.
As we already mentioned, sports car premiums tend to be significantly higher due to factors like:
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:
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.
Finding quality sports car insurance couldn’t be easier thanks to BrokerLink! Follow the steps below to make sure you get the coverage you deserve:
The first step to finding the best coverage at an affordable rate is by contacting an insurance broker. BrokerLink has been matching Canadians with quality insurance policies since 1991. One of our insurance advisors will take the time to get to know you and understand your unique needs.
As soon as you get in touch with BrokerLink and give us the go-ahead, your dedicated insurance advisor will begin shopping around on your behalf. They will contact Canada’s top auto insurance companies to obtain quotes, compare policies, and unlock discounts to find the best rate.
The third and final step to purchasing sports car insurance is choosing the policy that suits your needs. Your dedicated BrokerLink insurance advisor will walk you through a few options, and then you can pick the one that’s best for you. It’s that easy.
Are you ready to save on sports car insurance? BrokerLink makes shopping for sports car insurance hassle-free. Sit back and relax while we find you the right car insurance policy in no time. You can reach us by phone, email, or in person at any one of our locations throughout Canada. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote for sports car insurance in minutes.
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