How do insurance companies classify sports cars?
I plan on buying a scion tc, but I want to know if state farm considers this a sports car. and if so, how much will more will insurance cost? I am a teenager, so i know it will be high to begin with, but will having a sports car make it much higher?
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Yes, it will cost you more. No insurance company will even ask the color of a car, so the answer that says red is more is wrong.
All insurance companies price their product on the basis of what’s called “actuarial tables”.
The word “actuarial” refers to “actual” loss experience involving either that particular car, or cars like it.
Check around. Don’t forget to check even the premium companies because one company may have gotten hammered by sports cars and their rates are going to be way high, but another company may not have had such a bad experience with your particular class of car, so their rates may not be as bad.
The reason I said to check the top shelf companies is because if they appeal to high-end customers, they may not insure many youth-appeal cars, and their loss experience with them might not be so bad.
State Farm is the largest insurer in the US, so their prices are going to be as middle of the stream as you can get. Smaller companies are going to be one side or the other of them. Find one on your side of the stream.
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basically anything that is a two door is considered a sports car. you being a teenager the insurance will be about 2000-2500 a year. probably a little higher for a sports car.