Driving a sports car can be exhilarating. But insuring a sports car can be draining on your wallet. Do not just sit back and assume that there is no choice but to pay the excessively high premiums insurance companies put on covering sports cars. There are several ways you can save money on insuring a sports car. Following are some examples of how to save money on sports car insurance in New Jersey.
Avoid red flags
In the world of insurance, not all sports cars are created equal. According to recent studies, the two major reasons premiums on sports cars are so high is the frequency of accidents due to speeding and a high likelihood of a sports car being stolen. Before you buy your high-performance sports car, compare rates for some different makes and models. Cars that have a track record of theft and speeding tickets tend to have higher premiums. If you want to save money on your sports car insurance, opt for a sports car that does not have these red flags attached to it.
Finding the best rates on sports car insurance takes a little leg work. Rates from different companies can vary greatly. Take advantage of all the resources you have available to you and research several different insurance companies. An insurance broker can search around and compare rates, which could save you time and money.
Install safety features
Cars that have safety features are viewed favorably in the eyes of insurance companies. Sports cars are no exception to this rule. If you want to save money on your insurance premiums, pick a sports car that has some factory-installed safety features such as anti-lock brakes and airbags. You can also install some aftermarket features such as an anti-theft security system.
Change your driving habits
Making a few small changes to your driving habits can help you save money on the insurance for your sports car.
- Insurance companies look favorably on drivers who take defensive driving classes. A class of this nature is especially helpful for someone who drives a high-performance sports car.
- Reducing the number of miles you drive your sports car reduces the risk of costly accidents you could potentially have with it. Since insurance companies appreciate a lower risk of accidents, driving fewer miles may result in lower insurance premiums for your car.
Improve your credit score
A higher credit score generally results in lower insurance premiums. Be sure to check your credit score regularly. If it is not high, make some changes to increase it. Pay off your credit cards and eliminate any unneeded debt. Getting your finances in order can go a long way to saving money on your sports car insurance.
Pay your annual insurance premium in one payment
If you can afford to, make just one payment a year for your insurance premium. Insurance companies will save time and money by not having to process monthly, quarterly, or semi-annual payments. Insurance companies pass their savings on to their customers who pay annually. You can save as much as 5% on your annual insurance premium simply by reducing the number of payments you make to the insurance company every year.
Use just one insurance company for all your needs
Insurance companies offer discounts for customers who purchase more than one type of insurance with them. You need insurance for your house as well as your car, so it makes sense to use the same company for both. The insurance company will give you a discount, and it will simplify your bookkeeping as well. If you have other items that need to be insured, such as a boat or jewelry, do not forget to insure them with the same company as well.
Change your coverage
Take a close look at the coverage you are paying for with your sports car insurance coverage. Changing some of the coverage parameters can help you save money.
- Raising your deductible is one of the simplest ways to save money on the premium for your sports car. The more you pay out if you need to make a claim, the less the overall premium will cost.
- Reduce your coverage if your sports car is not your primary car. There is no need to pay high premiums for a car you only take out on weekends when the weather is favorable.
Insuring the sports car of your dreams does not have to break the bank. Making a few wise decisions can help you get superior coverage at a reasonable price.
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